Money saving tips for families on a budget

 

Saving sure is hard work, especially if you don’t have much money to go on in the first place. However, good saving habits can be taught. With a bit of self-discipline and lots of determination, you can increase your savings every month.

Since we live in consumer driven society, we strongly believe that goods are the key to happiness. It’s time to take a stand and leave the consumer behavior behind.

 

Here are five sure ways to save more money each month.

1. Save on groceries

– Stick to a budget for food expenses.

– Always go grocery shopping with a list and a plan. Don’t go accompanied by your children, or you’re likely to overspend.

– Don’t go to the supermarket on an empty stomach, or when bored or upset.

– Plan your meals ahead of time and only go grocery shopping once a week. The more times you enter the supermarket, the more you will spend on groceries.

– Buy non-perishable items in bulk, especially when you find sales.

2. Pay yourself first

If you don’t pay yourself first, you’re likely to have no money left to save at the end of the month.

Paying yourself first means setting aside a certain amount in savings at the beginning of the month, before you have the chance to spend that money on anything else. This way, you won’t even feel the money is missing. You can also try automatic withdrawals to your savings account to speed things up and simplify the process.

3. Pay down your credit card debt and avoid getting any more debt

If you want to stay on top of your finances and leave debt behind for good, then make an effort to pay down your credit card, starting with the one with the highest interest rate. Needless to say, you should refrain from getting into more consumer debt, especially if money is tight.

4. Track your spending

If you can’t understand why you are left with nothing at the end of the month, then it’s time to do some research. Track your spending for a couple of months and find out exactly where your money is going. Track every expense, even the ones you deem insignificant.

5. Reduce expenses

Even small changes can make a big difference in your budget. Change one small habit at a time and you won’t even feel the difference.

For instance, instead of buying gourmet coffee every morning on your way to work, make your own coffee at home. Or instead of going out three times a week, go out only once.