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Family finances: Easy Ways to Save Money
Annually, when the new year comes up on the calendar, everyone seems to scurry to make resolutions for the year ahead. This year, include a realistic financial resolution. Find out easy ways to save money for your family this year.
Every year it is important to set family goals. This is a great way to ensure that you are improving each year.
One of the areas of focus for families is finance. There are many ways that families can save and budget during 2019 to improve their financial standing.
Let’s discuss some of the simple ways to save money so your family can give their bank account a boost this year!
Create A Budget
One of the first ways to save money is to create a budget.
Families may have a complicated budget which could include a variety of things like clothing, food, the cost of children’s activities, mortgage, car payment,
Break down your expenses into groups, and see if there are any areas that you can cut down on.
For example, you can often cut back on costs by buying non-perishable items in bulk. You can also save by having the entire family on one health insurance if possible. That way both adults are not having that expense taken from their paycheck; you just have to weigh out your options!
You can find more about building a family budget here.
The next step is to save.
Beyond cutting back on expenses within your set budget, it is important to set up emergency savings.
It is recommended that you have 3-6 months worth of expenses saved up.
Luckily, there are companies that offer an automated savings feature which makes it simple to set aside money each month to go towards an emergency savings account.
I’m sure this is one of the easiest set it and forget it ways to save money.
These savings could also be used to pay for a large expense like a family vacation if you already have an emergency fund built up!
Another way your family can get in better financial standing is to invest.
It is an excellent way to create a better future for your family and one of the best ways to save money.
Investments can be used for a child’s college fund, or go towards your retirement. Be sure to do your research before deciding where to invest your money.
This article shares some great tips for novice investors.
More Ways To Save Money
Check out the graphic below for some additional tips on how you and your family can save this year!
Make Savings a Priority
Now that you have some extremely easy ways to save money for your family, you just need to make it happen. Write it on your calendar to ensure you remember.
If you need more guidance, consider enrolling in Family Money School. It provides financial lessons that walk you through each aspect of personal finance and outlines how to teach your children about money management right alongside you so you can learn together. Lessons use real life and engaging activities to keep your children focussed and to maximize learning.
What is your best tip for saving money? Let me know in the comments below.