The one thing people don’t really want to skimp on is the family and their happiness. It has to happen though. Sometimes the purse strings have to be tightened a little so that you can function as a family. But where to cut back? It can be a pretty hard decision to make. It can be easier than you think though.
Cut Back On Family Spending
The problem is, each family is different, with separate priorities and budgets. Some may need to save money asap, whereas others can afford to make the savings overtime. It’s why you need to try and apply financial advice to your own situation instead of taking it as gospel. Here are some tips to get you started.
Stop Spending Big On Food
The food bill can often run into astronomical figures. But sometimes you can make what you’re buying. Buy the raw ingredients and make it yourself. It’s always cheaper, and you’ll likely have more ingredients too to use in other dishes.
You can make some great dishes that don’t take much time like quick and easy pad thai noodles or some great pasta dishes with your own sauce. Sure, there’s a time trade-off here, however, the more you do it the less time it will take.
On the same note, how much food do you throw out? Especially produce? If you can utilize more food instead of throwing it away, you’re bound to save some money.
Cut Back On Subscriptions
They do tend to pile up pretty fast and it can get quite expensive. Do an audit. Ask everyone what you subscribed to or just check your bill. Some things you might find useful and want to keep.
You might shop Amazon brands quite often so keep prime, or the kids might love Netflix. But do you really need Netflix, Disney Plus, Amazon Video, Hulu, and cable? Can you cut some of these out so that what you’re paying for is actually getting used?
You might have some pushback off family members, but unless they can justify the subscription, it might be time to cancel it. It doesn’t sound like much, but over the year, and if you cancel more than one, the cost will quickly add up.
Reassess Any Investments
Some people invest quite often. Usually on payday or the day after. It’s a great way to look after your future and your pension. However, you can get to the point when you’re investing too much. Especially if you’re throwing extra money at cryptocurrency investment.
Sometimes, using more money to live for the present is the wiser option. It’s about getting that balance right between living a good life and planning for retirement. Reassess what you’ve got going into pension plans and retirement pots.
Calculate how you’ll do when it comes to your retirement and consider what wiggle room there is. Do this between the two of you and you may end up with some extra cash each month. This can even be a short term burst of cash if you need it. Just be careful you don’t take too much out or you’ll regret it down the line.