Be ruthless with your expense analysis and honest about where your money goes. Use apps, spreadsheets, or pen and paper to track expenses over a month - it's eye-opening to see patterns and essential costs.
Prioritise essentials and cut back on discretionary spending that gives low value for money. Eating out is often a big expense that can be reduced by eating in; cooking with friends makes it more enjoyable. Review subscriptions, memberships & insurance for anything you don't use enough to justify the cost, then cancel them. Make a meal plan around budget grocery shopping - batch cook and freeze leftovers.
However, don't skimp on experiences that bring real joy - allocate some money each month for fun stuff too, or look for cheaper alternatives. Instead of eating out, try hosting a dinner party; instead of the cinema, opt for a park picnic. There's plenty of free entertainment options like this if you get creative.
Look at ways to boost income: sell unwanted items online or via local groups, review your skills and see if anyone would pay for them (you'd be surprised what some people offer as services), or pick up a part-time job if you can manage it around your family life. Rent out spare rooms/your driveway, recycle old mobile phones/laptops for cash etc.
Cut down on non-essential buying - a shopping habit can quickly erode funds. Try the 24hr rule: if you see something you 'need' online, wait 24 hours before buying it - chances are, you'll realise you can live without it. For big purchases especially, give it some serious thought and do lots of research first to ensure it's a considered decision, not an impulsive one.
Good luck! MFP
