Managing finances is one of the important things that families need to do. It will affect almost every aspect of your family life, including family intimacy. Therefore, you need to wisely manage your finances so that you do not exceed the budget you should when spending money.

One of the costs that quite a lot goes out in the family is the weekly or monthly family shopping expenses. It is easy to put some groceries in when you are at the supermarket. Usually, we tend to stop weighing expensive or cheap items when we are in supermarkets.

There are six ways that can help you cut your family expenses. Even if it is difficult, your determination to apply the methods given may help in cutting into your family budget.

  1. Monitoring Family Expenses

If you do not monitor your family’s expenses, it is easy to lose track of the money going away. If you want to stick to a budget that suits your family’s income, keep an eye on your expenses. You can do this by drawing a simple spreadsheet on the computer or you can make a book of your expenses and record it every day.

To start monitoring family shopping expenses, you can start trying it by filling the sections below:

Items – what is purchased?

Amount – how much money was paid?

Reason – was the purchase a need or a want?

You can record your family’s shopping and sort what you need and do not need to buy. By keeping track of expenses, it is easier for you to know what is coming out of your account every day of the month and to see again which ones are family needs.

  1. Creating a Monthly Expense Post

Make a list of expenses with your partner every month. There are several expense items that usually need to be budgeted for in the family budget, such as:

  • Housing needs: electricity and water bills, annual PBB, emergency funds to repair damaged parts of the house
  • Household needs: weekly/ monthly expenses
  • Transportation: fuel costs or public transportation costs
  • Insurance
  • Savings and emergency funds
  • Entertainment (if possible)

You must make sure all the expenses you have recorded. This will make it easier for you to see which expenses are mandatory every month and which can be trimmed or eliminated.

  1. Creating Financial Goals

When you are struggling from month to month just to pay the bills, saving money can seem very difficult to do. Whether you want to save for your child’s college tuition or want to set aside money for retirement, setting financial goals is an important step in protecting your family’s future.

Therefore, no matter how difficult it is, you must start making financial goals and strive to follow those goals. You can achieve your financial goals by saving or increasing your income in various ways, for example, a side business or investment. Your financial goals also make you more aware of making savings in family expenses.

  1. Saving Electricity

Saving electricity is also an alternative that you can do to save money. Almost all household appliances require electricity, such as lamps, washing machines, refrigerators, TVs, rice cookers, air conditioners, fans, and so on. If you and your family cannot properly regulate electricity usage, such as not pulling out plugs that are not in use, your electricity bill will increase. It makes your family expenses increase every month.

  1. Limiting Snacks from Outside Home

Apart from health reasons, limiting outside snacks also helps you save on your family budget. Eating or buying food from outside is a budget that is not really a need every month. Unless it is an emergency or it is planned for a family event, you can occasionally invite your family to eat outside.

  1. Avoiding Debt Habits

Usually, families who are accustomed to debt tend to feel that it is okay to get into debt for several things. However, debt can be a boomerang for your family. Having debt for certain things is not a problem, for example, debt to pay home installments, transportation, etc.

However, sometimes debt becomes a habit in the family for various needs and even wants. The riskiest impact is that you owe only for consumptive desires, such as mutually changing cellphones, clothes, luxury items, etc. Therefore, it would be better if you avoid debt habits to avoid excessive consumptive behavior.

May 10, 2021

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Check out other Versions of this Article!
Find 4 ways in this article that you can do as a parent to monitor your child without making extreme boundaries that can make your relationship with your child unfavorable.
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