Looking after your family’s money is a little bit different than keeping your own finances in order, with it comes added pressure as there is usually no room for mistakes. Get it right from the beginning with our quick guide and avoid accumulating unnecessary debt and stress.
Monitor your Monthly Spending
Understanding your finances means knowing exactly what you spend your money on so if you don’t know – find out. Creating a spending diary is a very effective way of finding out where every single penny is spent and it’s easy to do. At the end of the month, analyze your spending and identify areas you can make savings, be it skipping your morning coffee or walking to work.
Only buy what you need
When preparing to have a baby it can be all too easy to go a little crazy and buy everything you come across. It’s like an addiction and if you let it, it will leave you penniliess. There are some really nice baby products out there but are they completely necessary? The answer is usually no, so instead, get a clear idea of exactly what you need and stick to it and if you are unsure then invest in a good baby book, they usually contain handy checklists.
Always accept Donations
It would have been very nice to have brand new things for my first child but it would have most certainly left me homeless! Most likely, you will get offered all kinds of wonderful things from your friends and family, anything from clothes to cribs and you should accept them with open arms so long as they aren’t completely worn.
Save for the future
Saving for your children’s future should be seen as a necessary expense rather than an optional “ill think about it later” cost. If you leave it too late, you run the risk of needing to lend to get your kids through college, something you could do without as you enter your twilight years!
Buy in Bulk
If you have the money available and a bit of extra space, buy your essentials in bulk. Diapers, food, wipes and the like can all be bought in one effort and will make you a nice saving.
Staying in control of your finances and trying to raise a family is not easy and is something to be quite proud of if you’re doing it right. Think about every purchase decision carefully, review your spending regularly and save as much as possible and you should have everything firmly under control.
For more information visit:
Debt Advisers Direct