Helpful Financial Tips for Families on a Budget

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It’s the same story over and over again: prices are rising but wages are staying the same. Families across the country are feeling the strain as their finances are stretched ever tighter. If you are feeling the pinch right now, rest assured that you are not alone. However, budgeting can be difficult, especially if you are not used to it.

mom and baby 300x199 Helpful Financial Tips for Families on a Budget
Increasing your income can be difficult, but if you are looking for some spare cash you might be able to reduce your outgoings. Lots of families lead very busy lives and don’t have the time – or inclination – to budget effectively. However, just a few hours a month could save you a great deal of money. Try it and see. Here are a few simple tips to help you better manage your finances.

1. Assess Your Situation
It is all too simple to wilfully ignore your financial situation, especially if it is not looking too good. But if you are wondering where all your cash has gone at the end of the month, here is your chance to find out. Next time you stuff another bank statement into a drawer or immediately throw out your credit card bill, stop and reassess. It’s not going away just because you are not looking at it. Instead, take stock of your finances and look at what you owe. If it’s a lot, at least it might curb any unnecessary spending.

2. Check You Are Receiving All You Are Entitled To
If your income is low you could be missing out on certain benefits, depending on your personal circumstances. Use the Income Support contact number to find out whether you are receiving everything you should. By calling the Income Support contact number you can discuss, in confidence, your personal financial situation to assess whether there is any help available to help alleviate the strain.

3. Set Alerts on Your Bank Accounts
If you are frequently being charged for going overdrawn it is time to make some changes. Bank charges are a leading source of spiralling debt because every time you are charged a fee you are sent deeper into the hole. Most banks will now allow you to set alerts via the internet or telephone banking that will let you know if you get to a point that is dangerously close to your overdraft limit.

4. Shop Online
Lots of people get carried away during the supermarket shop and this is incredibly damaging to their bank balances. It is easy to go overboard as you are drawn in by the special offers, with no clue about how much you are spending until you reach the checkout. You can combat this by doing your shopping online and ensuring you stick to your budget rigidly. Yes, there will be a charge for delivery for your online grocery shop, but you can mitigate this by choosing the cheapest option or going for a wider time-frame for delivery if possible. You can guarantee that the couple of pounds spent on delivery charges won’t amount to more than you would have spent in the supermarket.

 

Image courtesy of:David Castillo Dominici FreeDigitalPhotos.net

Source: https://www.moneyadviceservice.org.uk/en/categories/managing-your-money

 

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