Endless lists of groceries, monthly car payments, yearly mortgages, and the non-stop need to buy clothes for the kids. Today, there are over 4.3 million single-income families in the U.S. Many of which are struggling to find ways to budget their already-tight monthly income.
According to a recent Pew report, the ranks of stay-at-home moms continue to rise, while stay-at-home dads have nearly doubled since the 80s.
But if the source of funds within the family is very scarce, it can get very challenging to stay within the budget and live comfortably. This is especially true if you are raising children under the age of 5, at home.
Practice Smart Shopping
Shopping for necessities like food and other grocery items can take up most of your family’s budget. But you can still cut off your expenses by using smart strategies before you make any purchases. One of which is using coupon apps to get discounts for your daily groceries.
Based on the poll commissioned by consumer marketing company Valassis Communications, 92 percent of the respondents always use coupons and discounts when shopping. Not to mention, families can also get cash backs and rewards every time they shop with their credit cards.
Keep a shopping list
Other ways to save when shopping and planning your monthly budget is to create a list of items that you need to buy before heading to the store.
With this, you can determine the amount that you need and stay mindful of how much you will spend. Just be sure that to stick to the allocated budget to avoid overspending.
Plan Meals In Advance
Most families commit the common mistake of blowing their budget when they have to head towards the nearest fast-food chain.
This normally happens whenever they cannot think of what to serve for dinner or find themselves in a rush. But if you make an effort in planning for family meals, you will no longer have to deal with which fast-food chain to ahead to next.
Most home-cooked meals may cost $2 or less, and they are a lot healthier compared to quick-serve options. This will make not only ensure that you’re feeding your family a healthy meal but also help stay within your budget.
Consider Thrift Shops
While buying pre-owned items can be a little risky, you can still find plenty of great stuff that you and your family will benefit from at home.
Some of these items include old books, furniture, and even clothes when necessary. Not only are thrift shops a great way to save a few bucks, but you can also turn it into a side hustle if you know how to bargain.
Stretching the family’s budget doesn’t have to be a tedious task.
All it takes is patience and motivation to practice simple methods to make a major difference in your family’s finances. With these useful methods, you can maximize your limited funds and maximize your family budget.