Budgeting Techniques – Feeding a Family of 6 and More

Budgeting Techniques – Feeding a Family of 6 and More
0 comments, 16/12/2014, by , in Budget, Personal Finance

Raising four or more kids is challenging, especially when there’s only one parent or adult earning money. However, sound budgeting will totally work and improve a large family’s lifestyle if they follow it.

Work Out a Budget Plan

If you’re struggling with your family finances, chances are there are things that need to be corrected in your budgeting and spending habits. Work out a budget plan that comprises all of your earnings and expenses, as well as payables. A comprehensive plan would paint a picture of how bad you’re spending has been (if income is lower than expenses).

Make a detailed list of your payables, and check which needs prompt attention. You’re going to focus resolving those debts first.

Straighten Your Finances

If you’ve been spending more than you’re earning, you’re definitely bound to bankruptcy. Address the issues at hand starting with paying off debts. If you can’t afford it, don’t go into debt just to have it. The consequences of debt are devastating and chronic, unless you make significant changes in your lifestyle. As you go about resolving your debts, don’t borrow anymore so you can get out of the rat trap.

Buy Needs Not Wants

Labeling things as need or want may be subjective. However, to understand if it’s a need or want, take a look at your disposable income. Some expenses like cable TV and Internet might sound necessary in the modern age, but there are less expensive options to entertainment and an Internet at home can only be important when used for home-based work or study. Otherwise, you need to sacrifice these conveniences just to keep your finances afloat.

Buy Slightly Used Stuff

There’s no shame in using pre-loved items. In fact, used stuff is trendy because it’s eco-friendly. Just make sure that the used items you buy are really functional and useful. If they need repair, the cost mustn’t be so high you’re better off buying new. Visit flea markets and garage sales for things you need. Discuss with your kids about hand-me-downs and why it’s necessary (for now).

Engage in Do-It-Yourself

Build it yourself from scratch or repair it yourself. You save money when you skip paying for labor. Also, when you get so skilled at DIY, you can actually earn a living from it.

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