Keeping your family’s budget on track is already a huge challenge on its own. Compound it with a global pandemic and a strong desire to keep everything orderly and organized, the challenge turns into a true uphill climb. Luckily, with a few tried and tested tips, you can get a grip on your family’s finances and continue saving for your future. Whether you’re saving to send your kids to college, to renovate the house, or to buy a much-needed new car, with the right tools at hand, you’ll be ready for anything.
Separate the “Wants” from the “Needs”
If you’re trying to save money and budget wisely, you need to first figure out if you’re over-spending – especially on luxury items your family might not really need. Firstly, you will need to get home, car, and life insurance but this doesn’t mean you should break the bank paying for them. There are policies out there that offer great deals and perks. For example, this guide goes over the life insurance policies that come with a free gift. This not only ensures your family is financially protected should anything happen to you, but it also means you get a great deal! Next, decide what your wants are. Is there any spending habit that, if removed, would actually not affect your overall happiness? Could you skip the morning latte, and instead bring coffee from home in a travel mug? Could you live without the name brands at the grocery store and try some of the less expensive generic brands? Do you need streaming subscriptions to Netflix, Disney+, Amazon, and Hulu or could you cut back somewhere? Have you ever considered the option where you can refinance student loans to private services, in case you have taken one for your child’s education! Well, if you can take a minute and think of all these questions you might probably be able to distinguish between your wants and needs.
Only Borrow Money from Transparent Lenders
Everyone needs to borrow money. Lines of Credit can help you renovate your home to increase its value, car loans allow you to buy a car when you need it, with a reasonable interest rate, even payday loans can help with a temporary emergency cost that needs to be covered right away. But it pays to know the terms and conditions of any financial relationship. If you need money quickly, a payday loan gives you the cash you need without the hurdles and hoops that come with personal loans from a bank or traditional lender. But your lender should provide you with the tools and information about borrowing that you need to stay informed. Always know what the
terms of your loan are.
Look to the Experts
There is only so much headway you can make on your own, and if your confidence or determination starts to lag, there are always experts out there who can help you stay on track. Consider one of these gurus of personal finance.
Farnoosh Torabi is a podcaster whose personal anecdotes first-person accounts of financial foibles and feats give you not only inspiration but some entertainment along the way. A Forbes favorite, she always has insights to offer and her guests include other major thinkers like author Seth Godin and self-help legend Tony Robbins.
Canna Campbell is a famous YouTuber who helps viewers adopt a minimalist mindset to help them save. Her ideas, which were eventually catalogued in her e-book, The $1000 Project, give a great perspective on how to pave your way and be proud of what you accomplish.
Cait Flanders is a Twitter star and budgeting pro who loves to share her insights and passion with her followers. You might even want to pick up her book, The Year of Less which documents her twelve-month journey of climbing out of debt by purchasing only groceries, toiletries, and gas for her car. She’s always happy to share ideas on Twitter and keep her followers in the know regarding any new tips she’s come across.
If you want to keep your personal and family finances from running away from you this year, consider these strategies. They’ll motivate and inform you so that you can set realistic goals and achieve them.