Money Saving Tips For Families On A Budget

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Money-saving tips for families on a budget are so vital now. Saving sure is hard work, especially if you don’t have much money to go on in the first place. However, good saving habits can be taught. 

With a bit of self-discipline and lots of determination, you can increase your savings every month.

Since we live in a consumer-driven society, we firmly believe that goods are the key to happiness. It’s time to take a stand and leave consumer behaviour behind.

 

Here are five sure ways to save more money each month.

1. Save on groceries

– Stick to a budget for food expenses.

– Always go grocery shopping with a list and a plan. Don’t go accompanied by your children, or you’re likely to overspend.

– Don’t go to the supermarket on an empty stomach or when bored or upset.

– Plan your meals ahead of time and only go grocery shopping once a week. The more times you enter the supermarket, the more you will spend on groceries.

– Buy non-perishable items in bulk, especially when you find sales.

2. Pay yourself first

If you don’t pay yourself first, you’re likely to have no money left to save at the end of the month.

Paying yourself first means setting aside a certain amount in savings at the beginning of the month before you have the chance to spend that money on anything else. This way, you won’t even feel the money is missing. You can also try automatic withdrawals to your savings account to speed things up and simplify the process.

3. Pay down your credit card debt and avoid getting any more debt

If you want to stay on top of your finances and leave debt behind for good, then make an effort to pay down your credit card, starting with the one with the highest interest rate. You should refrain from getting into more consumer debt, especially if money is tight.

4. Track your spending

If you can’t understand why you are left with nothing at the end of the month, then it’s time to do some research. Track your spending for a couple of months and find out exactly where your money is going. Track every expense, even the ones you deem insignificant.

5. Reduce expenses

Even small changes can make a big difference in your budget. Change one small habit at a time, and you won’t even feel the difference.

For instance, instead of buying gourmet coffee every morning on your way to work, make your coffee at home. Or instead of going out three times a week, go out only once.

 

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Click Here To Read More Articles On Budgeting

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https://blog.blog.liferetreat.co.za/its-time-to-stop-saving-and-start-investing/

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Comments

3 responses to “Money Saving Tips For Families On A Budget”

  1. JLM Property Avatar
    JLM Property

    Great money saving tips to get you through this pandemic. It was a nice read.

    1. Trish Avatar

      Thanks so much for reading our Blog and giving us great feedback

  2. Trish Avatar

    JOIN OUR ONLINE COURSE & THINK & GROWN RICH: https://life-retreat-studio.teachable.com/p/think-grow-rich-home-study-course/?preview=logged_out

    Now you can learn the secrets of some of the world’s most successful minds in a week-by-week exploration of the most-sold and highly acclaimed money psychology book of all time: THINK & GROW RICH

    Each week we unwrap the gifts of how to use your untapped mental potential to manifest the ultimate success – starting with money, and then an abundance of health, love, joy, and whatever your heart desires.

    Based on the best-selling wealth book of all time (published nearly 100 years ago) now you too can THINK AND GROW RICH!

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