Mummy says…. There are so many daily struggles for families today. They may feel they do not have enough money and also have too many financial commitments to buy toys, food and clothes or that expensive new TV they love. The list of essentials and luxuries for families presents the problem which can only get worse if no thought for managing finances is considered. We have some great advice to help you juggle stress free family finances.
Each family is so different from another. Most families will have arguments and bicker about not having holidays abroad, or the children not being active enough or not having the money for all their needs. The head of the household (if their is one) needs to manage the family finances well so as to no go into debt. The first lesson is to promote positivity and make it easier to manage their lifestyle. Although money is a worry it cannot be allowed to ruin family life. This foundation of fulfilling lifestyle and healthy financial management will make it simple to cope with the various money dilemmas.
When families invest in their futures this can promote wellbeing and ease stress. With the knowledge that money is not going to be a problem they can focus on each other, make plans and enjoy day day life rather than worrying that they could not pay the bills.
Parents and children can do more to manage finances as a family. Some changes cost nothing.
Family walking in parks or cycling to work or school instead of driving, avoiding going on the internet and buying lots of needless things, cutting down on beer and wine, less cinema trips and more nights in with a Dvd.
Clothes and toys can be passed down in big families which is cost effective.
These investments are non-financial investments but rather time and energy investments which help the family manage its finances whilst spending more time together as a family.
If your children are set on the new high-tech gaming console, why not give it as a joint birthday and Christmas present, rather than giving in.
Creating a savings account and actually putting aside some money might seem hard but this is just one example of investment which can pay dividends in the long run. To do this, some luxuries must be sacrificed for instance no more take-away meals for a month.
The important thing to remember is every small amount put aside will help in the long-term if the family is prepared to see it through.
It definitely benefits families to emphasise small changes in their monthly expenses; trying something different and making these changes to make a huge difference.
The family centric approach to managing your finances can be effective. Why not involve the kids in your plan to balance the family budget. Kids enjoy activities in which they feel they are creative and it can be good for their self-development to be involved. Let them help to set up a car boot sale or selling offer a grass cutting service to the neighbours. This can be used for pocket money and little treats to save the family funds.
The family can get together at the end of each month to talk about what was earned / saved / spent, what worked for everyone and what didn’t.
Feeling you are in control is a big step towards stress free family finance planning. Trying some of our ideas will help your wellbeing too. It might not happen overnight but stick at it as your family are investing in its future together, and with your finances secure you will feel better on every other level too.
Have you any tips for stress free family finances?