One of the major issues that every family has to face is money. That’s why budgeting is essential. From pregnancy and childbirth to daily expenses like school fees and requirements to hospitalization, money talks. As a parent, you have to be a good role model for your children when it comes to budgeting.
Practicing proper budgeting techniques will help you save up for the future while meeting your basic needs and satisfying your wants in practical ways.
Here are some tips that every parent should know when it comes to budgeting:
- Affordable Family Bonding
You can bond with your family outside by finding some affordable places to eat. It’s a memorable experience to create memories while savoring delicious foods or if you don’t want to go out, there are many food delivery options online to choose from, like Snack Nation. Some other tips that are enjoyable but won’t hurt your budget include:
- Cooking food at home and having a picnic in a park
- Family cruise
- Holding a weekend barbecue party
- Simple art craft or woodworking with kids
- Gardening or planting trees
biking for an active outdoor adventure
- Don’t Splurge on Toys
Children love to play, especially toys. However, it can be expensive. Be resourceful, creative, and think out of the box so your kids can enjoy their childhood without relying on toys too much.
Save money for their college education by setting a huge percentage of your hard-earned money instead of expensive toys. Instead of splurging your kids with toys, encourage active play, nature adventures, and sports such as:
- Teaching your kids how to play basketball
- Invest in coloring and other art materials and have fun creating artworks with your children
- Teach your children to save up in a piggy bank instead of buying expensive toys and travel as a family
- Create your push and pull toys using recyclable materials and teach the value of resourcefulness
- Make song and dance games, nursery rhyme contests, and mini quizzes
- Make a Grocery List
It is easy to think that you need those products you see on the stand, most especially if the packaging is appealing with special deals or discounts. In the end, you’ll end up purchasing beyond your set budget. The most practical and safe way to keep within your budget is to make a grocery list. While you can, buy only one or two items. Avoid buying items that are not on the list, more than two or above 5% of your grocery budget.
- Take Advantage of Local Town Options
Government services are free. Why not take advantage and benefit from the taxes you pay by availing government services instead of going to private companies or professionals. Here are some good local town options:
- Free legal advice if you’re dealing with some legal issues whether at work, family matters, or a criminal case
- Free counseling for children and married couples
- Free medicines, first-aid kit, and medical services
- Free dental checkup
- Free local government social services
- Compare Prices and Shop for the Best Providers
Salespeople on the phone and even dealers you speak face-to-face offer great deals and packages. However, you might not need all the products or services included on the package, and end up paying more on the things you don’t need.
Here are some tips for you when choosing a service provider:
- Before speaking to a salesperson, know your needs first, review your existing plans, research online, compare prices, and check the best providers.
- Check the companies offering competitive rates, fewer fees, and better services.
- Don’t hesitate to switch providers because it’s now made easier with the technology we have today, and some even offer to pay your early termination fee to change your services and avail a particular company’s services.
- Don’t Postpone Paying Your Debts
Late fees and other charges pile up quickly if you keep paying the current balance. Practice paying your monthly car amortization, payday loan, or mortgage debt in full to avoid facing a major problem in the future.
For credit cards, choose one with a $0 application fee and low-interest rate. Stay on top of your home loan repayments to support your financial goals better in the long run.
- Watch Out for Holiday Deals, Specials, and Promos
When buying gifts for the holiday, you can use your discount coupons to get the best value for your money. During holidays, there are special deals that online stores are giving out. Just ensure you make a list of the people you’ll be giving gifts and set an appropriate budget to avoid overspending even though the items are on sale. Promotions are also strategies for sellers to convince more buyers to purchase more.
Budgeting is a crucial role of parents today. Families undergoing financial distress usually have disrupted relationships, most especially between spouses. Keep the happiness, security, and the future of your family intact by practicing accurate budgeting.