Being frugal these days is very important. With the skyrocketing prices of everything and the worsening inflation, saving money and spending wisely are vital to be able to live comfortably. It is not easy to be frugal and save money when you have a family that splurges and squanders. Being frugal is a family affair. It should be exercised by each member of the family or else the money that you save by your frugal ways will just be wasted by another member of the family on something that is not essential.
Inform The Whole Family About Your Plans
Tell them about your intentions of wanting to save. Cooperation is an important key to successful budgeting. You have to include even your kids in the discussion, and it’s good to teach them early about the value of saving and spending wisely.
Examine Your Budget and Look For Loopholes
Loopholes are those unnecessary expenses that are a waste of funds. Examine your groceries if there are items that you do not actually need. Plug those loopholes buy buying only those things that you truly need and use. Eliminate from your grocery list the “can-do-withouts”
After examining and controlling your urge to buy the things you do not need, use the necessities wisely. Avoid wasting energy, water, gas, food and the like. You can save money too by doing things together. For example, if your individual activities require illumination or light, you can stay together in one room and turn-off the lights in other parts of the house.
Tone Down Your Entertainment Expenses
Spending quality time with your family doesn’t have to be expensive. Limit eating out and the activities that are outside your budget such as expensive movies and far away vacations. If you want to take some vacation time with the family, choose a location that is affordable. During weekends and family days, you can set-up some fun activities at home to lessen the expenses. You can rent a movie, turn-off the lights, grab a bowl of popcorn, and enjoy it with the family. It is not the location that matters but the company.
Practice Wise Spending
You can do this by surveying for places with lower prices. Patronize stores and establishments that sell cheap and quality items.
When people go to the grocery store, some of them have the discipline to buy just what they need, and they can avoid buying the things that are just luxuries or on the bottom of their lists. They tend to buy just the stuff they need. Yet, some of these individuals overbuy the things that they need. Buying in bulk does not mean buying more than the amount you need. This can cause wastage, and this can be a loophole in your budget as well. This is specifically applicable to perishable items. Food items like fresh produce or food items that expire easily should not be bought in bulk or you will find them thrown into the trash before they can be consumed. The unused or unconsumed items thrown in the trash equals money down the drain.
Creating a Budget is Easy. Sticking With it is The Hard Part.
It is important that every member of the family participate in practicing frugality. It will be hard if only one member squanders or wastes resources. Frugality may be hard at first but over time, it can become a habit. The positive effects of this good practice will be enjoyed by not just you but by every member of the family. If you scrimp and save together, you will reap the rewards together.
What kind of loopholes exist in your family budget? What steps can you take to prevent wasted expenses?