A big family can often mean big expenses. Even families with a consistent high income can struggle to meet the needs of many children. Here are some tips that you can use to help you to limit the amount of money wasted so that you can keep on top of your expenses, rather than letting them get the best of you.
Use Meal Planning Guides
Purchasing food can be a monumental task when you have several mouths to feed, especially when dealing with picky eaters or specialized dietary needs. Planning your meals ahead of time can help you know exactly what is being eaten, what isn’t, and what you need to have a supply of every week. Finding sites that offer coupons and other types of discounts can also help you to stock your pantry. While snacks can be handy to have, make sure you’re sticking to what you need and what will actually be eaten rather than splurging on things that will go bad in the fridge. Stick to staple items when it comes to buying in bulk. This includes items like potatoes, rice, and grains that tend to be cheaper. Purchasing seasonal fruits and vegetables will also help keep your expenses down, and it will keep your snack material varied and therefore more appealing to your children. Avoid processed items as much as possible, the more processing and packaging the higher the price. For instance, dried beans cost a fraction of the price of canned beans (but take longer to prepare so you need to plan better). On the other hand sometimes frozen vegetables cost less than fresh vegetables because they can be processed in bulk while in season and have much less waste in transportation.
Purchase Gently Used Items
Brand new clothing, books, and backpacks may be appealing to give your children, but when money is tight, gently used items can easily be purchased for less than you’d normally spend on groceries. Visit a local consignment store, a donation center, or even garage sales so that you can purchase these types of items at a fraction of their resale price. There are lots of good options beyond spending +$45 on your daughter’s blouse, especially when children grow out of their clothing so quickly. Books, as well,don’t need to be new to be read, and shouldn’t be bought new unless they’re special copies you want to have signed.
Limit Expectations
With the fast approaching holidays, you may be experiencing that feeling that you need to purchase a bunch of gifts for your family. This time honored tradition of commercialism is contributing to your financial difficulties. Manage expectations by setting limits on the type and number of presents that will be distributed. Pricier gifts aren’t always better, and a new board game can be appreciated even more than yet another Build-A-Bear. If you want to keep the wow factor, go for buying many smaller gifts under $5 each rather than one or two $200 gifts. The holidays are supposed to be about spending time with your family, so aim for things that the children can share.
If you have several kids they don’t all have to buy each sibling a gift. You can have a drawing where each child randomly selects the name of one or two others and buys a gift for their selected person.
Manage Your Finances
Managing your budget with regular checkups and planning meetings can help ensure that your money is going where you want it to. Professional financial advisors can be consulted to make the most effective budgeting strategies, and even help you find ways to increase your income every month with passive income strategies. Wealth management in NJ says, “Wise decisions require wise advice”. It can be difficult to navigate wealth strategies on your own and a professional will be especially helpful if you want to grow your income for retirement or college funds. Research websites like rmrwealth.com to help you with your financial planning needs and to find the right financial planner for you.
It can be a struggle to take care of your family on a budget. Use these tips so that you can better handle your financial situation and ensure that you have the money you need to pay for what cannot be negotiated. Practice financial responsibility so that you can continue to sustainably provide for your family.
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