They say that money makes the world go around, and it’s true, it does. Money is at the center of everything that we do, from where we shop to the vacations that we take, money impacts almost every part of life. The problem with this is that often, we don’t have as much money as we need to get by. This is especially true when you’ve got a young family to take care of. Parenthood comes with many challenges, with managing your finances being one of the most difficult ones.
However, the good news is that family life doesn’t have to be a financial struggle. Believe it or not, it’s just a case of learning how to lead a more budget-friendly life and make your paycheck stretch that little bit further. With a few simple changes, you can ensure that your monthly paycheck goes as far as you need it to. All you need to do is follow the steps below.
Step 1: Download a budgeting app
If you want to make your paycheck stretch that little bit further, downloading a budgeting app is crucial. There are various apps to choose from, the one that you opt for will depend on what it is that you’re after. Some of the best apps for managing your family’s finances are HomeBudget With Sync, Spendbook, and BillGuard. Do your research, read up, and see which app seems like the best fit for you and your family. By using an app to keep track of your spending, you can ensure that you only spend on essential things. This will help to prevent you wasting money on non-essential buys.
Step 2: Be savvy about your weekly food shop
One of the most expensive parts of having a family has to be buying the weekly food shop. Food – especially healthy, wholesome food – can be seriously expensive. To keep costs low, it’s a good idea to plan meals before going food shopping, to ensure that you only buy what you need. It’s also worth looking for any coupons or vouchers and discount codes that you could use to keep the cost of your food shopping low. By being savvy about how you shop, as well as what you buy, you can help to stretch your paycheck that little bit further.
Step 3: Get the best prices on your bills
Don’t just take the price of your bills at face value, delve a little deeper and see what it is that you’re paying for. For instance, most internet companies don’t only charge you for usage of wi-fi but also for line rental. However, there are companies that are now offering internet use without line rental costs. So if you were to opt to use one of those companies, you could cut the cost of your monthly internet bill. Or, take your energy prices, for instance, do you know for sure that your plan is the cheapest option? If the answer is no, call your power provider and ask them what plan you’re on and whether there’s a more budget-friendly alternative. If there's not a more budget-friendly option, use a comparison site to compare the plans on offer from different companies. This will allow you to see if another provider could give you a better deal and save you money each month.
Parenthood is hard work, especially when it comes to your finances. You can no longer lead a carefree, go-with-the-flow lifestyle. You have to be responsible and budget your money effectively. Hopefully, the advice above will help you to do that, and also, to ensure that your paycheck stretches that little bit further each month.