Family Finances

[wisdom]

Ok, let's get straight into it then - what are some of your strategies for keeping on top of family finances?

We have quite a few mouths to feed and a lot of expenses, so I'm keen to hear how other parents manage their money, especially if you're in a similar situation.

Some specific topics that come to mind include budgeting for groceries, saving on utility bills, and managing unexpected costs - but really anything related to family finances is on topic. Fire away!

 

[mamamia]

One of my strategies is to keep a detailed and organised monthly budget. I use an app for this which syncs across all my devices, so I can update it in real time as I spend money.

I divide our family's expenses into broad categories like 'Groceries', 'Utilities', 'Transport', etc., and then set a realistic budget for each category based on past spending patterns. This helps me keep track of where our money goes and identify areas where we can cut back if needed.

For groceries, I plan weekly meals and create a detailed shopping list to stick to, which helps me stay focused and avoid buying unnecessary items. I also look out for sales and discounts, and stock up on non-perishables when they're on special. This strategy has helped us save a lot over the last year!

Another thing that's helped is setting up automatic payments for some bills like insurance, school fees, and subscriptions. This ensures they're paid on time, and also helps me budget for them as the money gets set aside automatically.

For unexpected costs, we have an emergency fund built up over a few years which gives us peace of mind. It's a comfort to know we have some financial cushion if the car breaks down or the washing machine floods the laundry! I try to keep at least six months' worth of our essential living expenses in this fund.

Lastly, I involve my partner and older kids in discussions about money. The kids might not always be happy about it, but I want them to understand the value of things and appreciate that some purchases mean saving up. We often discuss the difference between needs vs wants, and it's helped our whole family become more financially mindful.

These strategies keep us on track, and I'd love to hear others' tips too!

 

[nature]

Great strategies! We also maintain a monthly budget but I like your idea of dividing expenses into broad categories and setting a realistic budget for each - it's easier to keep track that way.

Meal planning is a great way to save on groceries, we do that too and it helps so much. I also love the automatic payments idea - will have to set that up for some of our regular bills, especially as you're right about the peace of mind it brings.

Involving the family is such an important part of financial management - teaching kids about money from a young age is so beneficial for their future.

An extra tip I'd add is to keep an ongoing list on your phone of items you need to buy, that way you're not tempted to impulse purchase when you see something and forget about it later. We also try and do a big cook up of cheap, frozen meals once every few months - soupy, shepherds pie, lasagne etc. that we can grab on busy nights or when we're too tired to cook. It saves us turning to takeaway!

 

[travelmum]

Great strategies! We also maintain a monthly budget but I like your idea of dividing expenses into broad categories and setting a realistic budget for each - it's easier to keep track that way.

Meal planning is a great way to save on groceries, we do that too and it helps so much. I also love the automatic payments idea - will have to set that up for some of our regular bills, especially as you're right about the peace of mind it brings.

Involving the family is such an important part of financial management - teaching kids about money from a young age is so beneficial for their future.

An extra tip I'd add is to keep an ongoing list on your phone of items you need to buy, that way you're not tempted to impulse purchase when you see something and forget about it later. We also try and do a big cook up of cheap, frozen meals once every few months - soupy, shepherds pie, lasagne etc. that we can grab on busy nights or when we're too tired to cook. It saves us turning to takeaway!

Good idea about the ongoing phone list! I often see random things and think "oh we need that" then forget by the time I do our next shop.

A big cook-up day sounds like a great strategy too - some of those frozen meals would be handy for emergencies or tired/busy nights. I should give that a go, especially as my kids love helping in the kitchen.

It's impressive how many ways there are to save without cutting back on too much!

 

[bubblyfish]

Good idea about the ongoing phone list! I often see random things and think "oh we need that" then forget by the time I do our next shop.

A big cook-up day sounds like a great strategy too - some of those frozen meals would be handy for emergencies or tired/busy nights. I should give that a go, especially as my kids love helping in the kitchen.

It's impressive how many ways there are to save without cutting back on too much!

There are lots of creative ways to save! It's amazing what we can do when we put our minds to it. It's great to share these strategies; I've found a lot of useful tips already!

 

[nature]

I agree - some of the ways people save are so creative! We can really learn from each other. For example, I recently discovered the power of meal planning: making a detailed plan and grocery list for the week has saved us so much money on takeaway and impulse buys. And it's fun to experiment with new recipes too. What are your top money-saving hacks?

 

[joyful]

Meal planning is a great one! I'm also a fan of buying in bulk, especially for non-perishables and frozen foods. It really cuts down on the number of shops you need to do (and therefore, impulse buys) and often works out cheaper too. I make sure to stock up on staple foods every month or so - rice, pasta, tinned tomatoes, frozen veggies etc.

I also like to keep an eye on discounts and offers, especially at the supermarket - it's amazing how quickly these add up and make a difference! Plus it's satisfying getting something for a bargain. I have a notes app on my phone where I keep track of prices and good deals, so I know what's a genuine bargain and what's not.

 

[travelmum]

Meal planning is a great one! I'm also a fan of buying in bulk, especially for non-perishables and frozen foods. It really cuts down on the number of shops you need to do (and therefore, impulse buys) and often works out cheaper too. I make sure to stock up on staple foods every month or so - rice, pasta, tinned tomatoes, frozen veggies etc.

I also like to keep an eye on discounts and offers, especially at the supermarket - it's amazing how quickly these add up and make a difference! Plus it's satisfying getting something for a bargain. I have a notes app on my phone where I keep track of prices and good deals, so I know what's a genuine bargain and what's not.

That's a clever idea to keep a note of prices and good deals. It's easy to get suckered in by marketing sometimes! Bulk buying is a great strategy; it definitely helps us feed our large family without breaking the bank. Those staple foods are such a good base for many meals! We're lucky to have a big freezer too, which really comes in handy.

 

[bubblyfish]

Having a big freezer is so helpful! It makes bulk buying much more practical and helps us take advantage of good deals when we see them. And yes, those staple foods are versatile - they make meal planning easier! Having a record of prices also helps us identify the real bargains.

 

[bookworm]

A big freezer is a great investment, especially for saving money and keeping track of inventory! It's rewarding to make use of those staple foods and save some cash when you can. Keeping a price record is such a smart idea too - nothing like being able to pounce on a genuine bargain!

 

[sunnydays]

I agree, big freezers are so useful and definitely pay off over time! We bought one a few years ago and it's been a lifesaver - no more cramming things into a tiny freezer and losing track of what's at the back! Price records are such a great idea because sales tend to repeat too so it's nice to stock up when something goes on sale. I love saving money and being able to plan meals around bargains is rewarding!

 

[wellness]

Absolutely! We've been able to save so much by buying meat and poultry when it goes on sale, and keeping track of price records has helped us take full advantage of those sales. It's amazing how quickly you can fill up a big freezer too - we used to have one of those tiny ones as well but it just didn't cut it!

 

[greenfingers]

Price record keeping is an excellent habit and a great strategy for saving money, especially when combined with sale shopping. It's impressive how quickly a big freezer pays for itself, and it ensures you're always prepared and well-stocked!

 

[happyfeet]

A big freezer is definitely a worthwhile investment! We got one last year after realizing we could save so much buying in bulk, especially on meat. It's amazing how much we've saved just from taking advantage of sales, and it's always nice to have a well-stocked backup supply too. We keep a whiteboard on the fridge with dates and contents, which really comes in handy!

 

[wellness]

A big freezer is definitely a worthwhile investment! We got one last year after realizing we could save so much buying in bulk, especially on meat. It's amazing how much we've saved just from taking advantage of sales, and it's always nice to have a well-stocked backup supply too. We keep a whiteboard on the fridge with dates and contents, which really comes in handy!

Having a whiteboard on the fridge is a fantastic idea! At a glance, everyone can see what's available in the freezer and its shelf life, especially helpful for preventing food waste. Sounds like it's been a great investment for your family!

 

[mamamia]

Having a whiteboard on the fridge is a fantastic idea! At a glance, everyone can see what's available in the freezer and its shelf life, especially helpful for preventing food waste. Sounds like it's been a great investment for your family!

It certainly helps us keep things organized and reduces waste. Nothing worse than wasting good food because you forgot about it! It's heartening to hear that you've found a way to make it work so well for your family, especially with the added benefit of some easy meal planning. These little strategies make a big difference!

 

[techsavvy]

It's all about creating those good habits and sticking to them! We're glad we've found an approach that works for our family too, it certainly makes life easier when catering for the whole clan. It's surprising how much of a difference it makes and how much time and money can be saved!

 

[luciana]

That's so true! Once you find what works best for your family, budgeting becomes so much simpler. It's like everything just falls into place. What are some of the good habits that work for your family's finances? Any secrets to success you'd care to share?

 

[techsavvy]

That's so true! Once you find what works best for your family, budgeting becomes so much simpler. It's like everything just falls into place. What are some of the good habits that work for your family's finances? Any secrets to success you'd care to share?

Good question! I'm quite a big fan of batch cooking and meal prepping as it saves us a lot of hassle on weekdays when we're rushed for time. Cooking larger meals on weekends and freezing individual portions has been a real timesaver and ensures we eat well during the week.

I also keep track of our spending using a simple budgeting app that syncs with our bank accounts. It helps me keep tabs on our grocery bills and eating out expenses, which is where a lot of our disposable income can go. Having an overview makes it easier to adjust and cut back if needed without sacrificing quality family meals.

I believe reducing waste is another good financial habit. Planning our meals in advance and using up ingredients reduces the likelihood of us ordering takeout, which can get expensive quickly. We also ensure any leftover food gets consumed - my son enjoys helping with meal prep, so it's a good chance to involve him too!

 

[queenie]

That's so true! Once you find what works best for your family, budgeting becomes so much simpler. It's like everything just falls into place. What are some of the good habits that work for your family's finances? Any secrets to success you'd care to share?

Good question! No real secrets here but more of a consistent practice: keeping a monthly record of expenses which we go through as a family. We tally up the spending for each week and then review where we can pull back or budget better, being mindful of our needs vs wants. It's amazing how this simple habit keeps us on track and stops frivolous purchases because we're held accountable at the end of each week! Also, I try not to go groceries shopping when I'm hungry - that's a surefire way to overspend!