1 Timothy 5:8 “But if anyone does not provide for his own, and especially for those of his household, he has denied the faith and is worse than an unbeliever.”
Keeping track of all the expenses involved in raising children can be a challenging exercise. Looking at your family’s expenses and figuring out what to prioritise can help you spend less on recurring purchases and save more for times of financial uncertainty. Whether your family’s finances were affected by the pandemic or you’re simply looking for new ways to save, here are some useful strategies to manage your family’s spending.
- Use what you already have, and only buy what you use.
Whether it’s food, clothes, or other items your family needs, try to take inventory of what you have so you’re not wasting money buying multiples of things. De-clutter your home and get rid of anything that your family doesn’t actually use.
- Meal preparation to save money on groceries.
Food costs are usually a big portion of a family’s budget. Preparing meals in advance can help you save money and trips to the supermarket. First, check what food items you have at home before going to the supermarket, and plan the upcoming week’s menu around finishing what you already have.
Additionally, buy groceries in bulk whenever possible. Buying items in bulk at a supermarket or wholesale is a great way to stretch your dollar and save money on items that you purchase more frequently.
- Cut back on unnecessary daily expenses.
Small, everyday expenses might seem harmless in the moment, but they add up and make a big impact on your wallet. Think about at the supermarket all those little sweets at the checkout line, cable subscriptions, and fast food, to name a few. All these costs add up on a monthly basis and can leave a serious hole in your budget.
- Budget for occasions such as birthdays, travel, and holiday shopping to avoid overspending.
Planning for occasions and events that you need to spend money on will keep you from spending too much at the last minute. It is suggested that you allocate funds early on for birthdays, any family trips coming up, and the holidays so you aren’t “scrambling to save in the eleventh hour.”
- Involve your children in family finances.
Get your children involved in household finances. Depending on how old your children are, it is suggested that you engage them in age-appropriate finance chores, such as writing a grocery list based on your family’s budget or showing them how you pay bills. The sooner you get your entire family involved, the better they’ll understand how you spend and save as a family. This will help your children build good money habits and keep your family on the same page when it comes to saving money.