Tuesday, May 22, 2012

4 Tips for Saving on Your Family Budget

In today’s economy times families are looking to cut back on their spending in a drastic way. And while these cutbacks are made out of necessity, they do present learning opportunities for every family as they re-evaluate their spending habits. Being forced to do more with less forces people to become creative as well as resourceful.
Let’s take a look at three things today’s family can do to have a positive impact on their budget.

Clip Coupons

Whether they are found in the local newspaper or in the sales paper of the neighbourhood grocery store, coupons are a great way to save money on items a family buys often. Always be on the lookout for coupons and keep them organized and ready to be used. Many families are good at clipping coupons but fail in making sure they have them on hand to be used when shopping is done.

Start a Garden

Gardening is a great way to bring the family together to participate in an activity that can bring them nourishment along with opportunities to bond with one another. Imagine the savings that will be reaped by growing organic vegetables in the backyard of the family home rather than purchasing them at the grocery store. Vegetables can also be blanched and stored in the freezer to be used out of season and they will be much better than buying store bought frozen vegetables.

Find Free Activities

Going to the movies can be described as a fun activity for a family to participate in, but so can going to a free concert at a local park. The point is that with a little research and creativity, a family can come up with a million different things to do that don’t involve spending money. Check your local paper for free events that might be happening around town. Many outdoor events will permit people to bring their own coolers too, which is another good way to save on money by not needing to purchase food while there.

Skip the Market this Week

Most families visit the grocery store at least once per week to purchase items. The problems is that most families end up wasting a lot of food by allowing items to sit for longer than they should leaving a lot of it wasted. The challenge is to be creative and use what is already in the home to invent meals; and for at least one week out of the month commit to not buying any groceries. A family can rack up a tremendous amount of savings on their grocery bill as they become less frivolous with food purchases.
These are three ideas that can get a family on the road to being more budget conscious and spending less. The more costs that can be cut, the more money the family will be able to put away in their savings. The savings can provide a bigger financial cushion in the event of emergencies.

Victor is a Professor of Accounting in Sydney, Australia. He often provides tips for some high profile Western Sydney accountants on how their clients can potentially save money. Victor is currently writing his second book and it will be in stores later this year.



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