It can be tricky when you think about how to budget your money, especially when you have a family to support. We’ve gathered the best money saving tips so you can learn the best ways of managing your money.
How to Budget Your Money & Save
One of the best money saving tips is to create a family budget and stick to it. It’s actually a lot easier than you might think –here’s how:
- Track your spending for a month. Don’t just keep track in your head; write down all the purchases you make, including card payments.
- Split your spending into categories at the end of the month. Create categories like utilities, entertainment, food, travel and so on. This way, you can identify the areas you spend on the most, and you’ll be able to cut back accordingly.
- Compare your total spending to your monthly income. This is a good tip to make sure that you aren’t living beyond your means. It’s important to remember that not all months are necessarily equal– some are more expensive than others due to things like traveling plans or school fees.
- List your annual expenses. On a piece of paper, write down the months of the year along with the dates and amounts of annual payments, especially for periods of heavy expenditure like Eid or Ramadan.
- Calculate how much you should be saving every month. Divide the large payments by 12 and you’ll know the average amount of extra money you should be saving on a monthly basis. Remember to anticipate any future payments, such as buying school uniforms or summer holiday plans.
Money Saving Tips – Sticking to Your Budget
When thinking about how to budget your money, remember to make your goals realistic and attainable. Here are some helpful suggestions and tips on managing your money when you’re budgeting for the entire family.
- Round up all the figures. When you’re planning how to budget your money, round up the figures to the nearest ten– this way you’ll be giving yourself a little safety net without even knowing it.