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Money management 101: the family budget

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This is a collaboration.

Making sure that you stay in the black come the end of every month is challenging especially when you have an ever growing brood in tow. You have grocery bills, home loan repayments, credit card debt, and going out spends that you need to account for. Sticking to a budget can be difficult but it’s not unmanageable. It takes effort and commitment. When you have debt to repay, it’s all too easy to bury your head in the sand and try to forget about it. Rather than plodding along, why not take control of your finances and get yourself back in the black where you belong?

Debt repayment

If you have a raft of credit cards, it’s time to look into low cost balance transfers. By transferring your capital to a credit card that charges zero per cent interest, your payment every month will be clearing the capital in its entirety. This means that you won’t have to worry about clearing the bare minimum of interest. You’ll also end up clearing your debt faster. Every month that you see your balance decrease will motivate you to continue with your debt repayments. 

If you have lots of different debts such as loans, store cards, credit cards and finance, you could consider consolidating all of this into one monthly loan repayment. This can help with budgeting as you won’t have to concern yourself with lots of small payments coming out of your account at different times during the month. One monthly repayment can also give you a clear time frame in which to pay off your debt. One year or three years – it doesn’t matter. Once you are on the right track, your debt will clear faster than you think.

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Essentials

As a young family with a brood in tow, you need certain big ticket items. If you need to get yourself a new car to ferry the kids to school, complete the commute every day and visit friends and family at the weekend, consider schemes like Vauxhall Hire Purchase Financing to help you secure a car without forking out for the recommended purchase price. Hire purchase is effectively renting the car over two or three years, paying a monthly fee before having the opportunity to buy it outright at the end of your lease. This can be freeing and allow you to have a decent set of wheels on the driveway. All you have to do is pay for your insurance, any MOTs needed and keep the motor in a decent and roadworthy condition.

Other shopping bills like groceries and kids essentials need to be budgeted. Consider the peak months in the year that might be more costly. When the kids are at home during the summer holidays, you may be spending more on food, clothes and days out. When September rolls around, costly school uniforms might need paying for. Try to budget throughout the year and put aside some cash into your savings for the more expensive months.

Always look for deals where you can. Buy one get one free offers are great in supermarkets and can help save you money weekly. Consider vouchers online and those TopCashback style sites that give you money back on card purchases. 

Follow this guide and you can manage your money more effectively.

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