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Last Updated on March 30, 2022
If you are among the many households who want to take control of their finances, your best starting point is to explore budgeting. Creating a budget is great for households that want to track their outgoings, incomes, and spending habits. It also helps to cultivate good financial habits. However, it can also be time-consuming and the last thing that a busy family wants to think about each month. The portrait that a modern family paints today is one of constantly being on the go and always being in a rush. As a result, it comes as no surprise that families are looking for tips to simplify their hectic daily lives- whether you choose to explore instant pot recipes for quick homemade weeknight dinner or incorporate useful tips to make budgeting work for you and your busy household.
Get Everyone On Board From The Beginning- And Check-In
Here’s the thing: a busy household can create opportunities for deviation. For a household budget to work, communication and regular check-in are key. Everyone needs to be working towards the same financial goal. Understandably this can be increasingly difficult when you have packed time schedules and after-school activities. A good suggestion is to get everyone involved from the start, including your kids. Schedule a time to sit with your partner and go through your finances. Plan for family events, birthdays, trips, and childcare expenses. Work out your base monthly expenses and the split between you and your partner. Another suggestion when drafting your household budget is to ensure it resonates with everyone. Creating a budget that aligns with your goals makes it easier for you to stick to your financial goals.
Draft A Safety Net Into Your Family Budget
Surprise expenses always tend to pop up. In a busy household, there are also higher chances that you may overlook something or forget to schedule a payment. This makes the presence of an emergency fund even more important. If you do not have an emergency fund as yet, try to set aside a small amount every month to build it up. Aim for at least 6 months worth of your monthly expenses. It is also recommended that you include it as a standard bill in your household budget to ensure you stay on track. You can also automate your savings monthly with the help of apps that help you tuck money away and streamline finances including automated transfers on your banking app, cashback apps, and comparison shopping tools.
Make Use Of Technological Aids To Keep Your Budgeting On Track
Having a busy schedule often means you are left with too little time to juggle financial planning, meal planning, and other household tasks. The good news is that technology has come a long way in recent years in helping you buy back time and efficiency with your daily life. For your finances, use tools to organize your money like Mint and You Need A Budget (YNAB). Most of these are mobile-friendly so you can track your budget at any time that is convenient for you. In the kitchen, you can use Freshly and Vestro for meal prepping which cuts down on food waste and reduces your food bill. To help with scheduling and synchronizing your calendars in a busy household, utilize technological tools like Calendly. This can help you plan for joint expenditures to include in your budget when doing the initial draft of your household budget with your family.
As a final tip, capitalize on the use of bulk buying and special offers- particularly if you have a large household. Including things like pantry staples, annual subscription bills, and even your car insurance as a lump sum payment means you are less likely to forget about including them when drawing up your budget each month. Alternatively, look for ways you can automate your stable monthly outgoings. For instance, switching your car insurance to a monthly direct debit and setting the date a few days after you have been paid gives you time to ensure the money is there. However, you do not need to worry about making the payment as it is automated.
Last but certainly not least, aim to get the basics right. If you can perfect the basics principles of budgeting like tracking your income before outgoings, you can maintain a very successful household budget- even if you lead busy lives.