Lifestyle

5 family budgeting tips from the experts

The cost of living seems to be constantly rising and the family budget is feeling tight. How can you keep up with regular bills while still having fun with your family? We asked our favorite financial experts to give us insider news on how to keep your family budget last. From shopping online to spending the weekend for no money, they’ve given us tips to make your budget last longer in every way.

5 tips to create a solid budget

Boxer Matt is the founder of GPA Financial Planning. He has over 10 years of experience helping couples and families around Brisbane sort through their money. Here’s his advice for setting a budget:

“A budget is not a list of your bills. A budget is a written plan of why, what, where, and when to allocate your money for the things you want to achieve in life. Here are 5 tips to turn your bill list into a really powerful budget:

1. Figure out why you save: If you don’t know why you’re saving money, your budget will eventually go into the drawer and won’t see the light of day again.
2. Include everything: Your budget should include items like “equipment replacement” and “home maintenance.”
3. Get Motivated: confirm that if you stick to your listed spending, you will reach your goal. So as long as your goals are more important than spending that extra money, you’ll find it easy not to blow your budget.
4. Structure to save: Your spending account should only have money in it that you can spend without draining your budget.
5. Track your progress: If you don’t feel like you’re making progress, you might be tempted to give up, so set some milestones and celebrate your successes.”

Get your insurance in advance

Health insurance often puts families in a difficult position. You don’t want to miss it but you’re not sure how to fit all of your other payments. On top of that, they are allowed to raise their prices every year. Like Richard LaycockThe Insurance Expert at finder.com.au explains this will affect millions of Australians.

“On April 1 every year in Australia, health insurance premiums will increase and this year it will increase by 3.95% on average. This will affect a large number of Australians as around 13.5 million Australians have some form of health insurance. “

Not having health insurance will keep your bills untouched, but it won’t help when you’re faced with medical problems. So how can you go ahead? Richard There’s this advice for families who want to know they’re getting the best price:

“The good news is that there are a number of ways singles, couples and families can avoid an increase in premiums, or at least lessen its impact.

– First, let’s shop around; Using a comparison site or doing your own research can help you find a supplier with a similar policy for less.
– Paying your premium upfront by April 1 will also allow you to avoid an increase. This means you have to pay for your entire contract for the next year now, before the price goes up. But you need to do this by the end of March. Some funds like HIF will even reward you with a discount on your premium for doing so.
To make sure you’re well-insured at a good price, pay attention to the value of your policy. Make sure you have hospital insurance that allows you to be treated at a private hospital, and do your research to make sure you get the best out of your policy. “

Check Finder on Facebook or Instagram.

Teach your children about money matters

Busy Mom and Proud Thriftist, Serina Huang, shares all her tips for family budgeting on the Ms Frugal Ears blog. She says that teaching your kids about money will help keep the family budget in check.

“For older kids, a great way to budget as a family is to use a spending app. Mobile apps like Track My Spending or ASIC’s Good Budget can let you track your spending as a family so you know what people are spending their money on. This allows you to visualize your spending and visually demonstrates to older children how small expenses add up.

My children (5 and 8) are too young to own cell phones. They get up to $5 a week to do housework together (e.g. ‘collaborate’ on emptying the dishwasher). They can spend this money any way they like. What I’ve noticed is that when they have the right to their money, they start to make informed choices. For example, they know that discount chains have better deals on their favorite toys than most toy stores. They also know that they can search for deals online. What’s really interesting I’ve found is that they value and appreciate their toys a lot more once they’ve saved up and bought them themselves. It certainly reduces the nagging factor as well; If they don’t have money in their piggy bank there’s no reason to ask me for toys! “
Find Serina on Facebook, Instagram or Twitter.

MyDeal Pro Tips:

Make smart swaps in your home

For many families, their home is the biggest investment, but regular maintenance is expensive and time consuming. Look for ways you can minimize ongoing maintenance costs in your home. For example, swap out your front lawn for some evergreen artificial grass to minimize your gardening costs without sacrificing good looks. If you want to learn more about increasing the value of your home, check out our other blog here.

Another smart move is to avoid excessive heating and cooling bills. To avoid having to stay warm all night long in winter, try an affordable mattress pad for an extra layer of warmth and softness. When the weather warms up again, simply remove your warm topper or try a cool gel memory foam instead. By playing smart, you can keep your heating and cooling bills to a minimum while maintaining maximum comfort.

Keep a ‘Waiting List’

Rachel Smithfrom Cycling Rachel Smith, who turned a lifestyle experiment into a successful savings program and her book Underscore. Here’s her advice for families in need of a fact-check:

“The best advice for families to budget is to ask, as a family, ‘Do we buy things for the sake of buying?

I believe in the Waiting List. I always tell people, especially families, to make a Waiting List. I do it. I write down the things I think I want to buy on a ‘three-month waiting list’. I keep my ‘Wish List’ in the notes section on my iPhone. I write down the date and description of what I ‘want’, the price and why I want it. If I still want and need the said item when 90 days have passed, I will buy it. Nine times out of ten I don’t. If 3 months is too long for you, go for 7 or 14 days. Last October, I thought I wanted a trampoline. 90 days passed. In January, I said “Why do I even put the trampoline on the list?!”

When you delay a purchase – even if it’s only for a few days – you have time to discuss any potential new purchases as a family. If you don’t buy what you think before you spend, that’s your chance to make money miracles.

• Will your family create a Waiting List?
• Do you delay unnecessary purchases for several days?
• How much money can your family save by delaying purchases? “
Find Rachel on Facebook and Twitter.

How to save money, earn money and find fun for free

Peter Horsfield understand how messy your finances can be. That’s why his career as a financial planner has been so rewarding; he helps others better understand their money and achieve whatever goal they choose. He shares with us some ideas to help families save money, earn money and how to have a money-free weekend.

Money saving ideas

“Instead of buying books, join the library. Libraries today are not just books; they have free DVDs, newspapers, internet, books of course. Free. Estimated savings of $250 a year +
If you live close enough to walk/run/ride to work or public transport, use your car only on weekends or alternatively carpool. Estimated savings of $1,000 per year +
Withhold expensive purchases/gifts until the point of sale and/or in-store or online shopping to reduce the risk of overspending and unnecessary compulsive purchases. Estimated savings of $1,000 per year +
Buy in bulk cleaning, personal care, essentials at a discount. Estimated savings of $1,000 per year +

Ideas to make money

“If you don’t mind branding your car as a moving billboard, you can earn about $5,000 per year
In your spare time, be a mystery shopper / write product reviews / do market research earn about $2,500 annually in addition to getting the product for free.
Consider ways to maximize your rental return if you have investment property. Properties equipped with good white properties can increase their weekly rent by extra $50pw or $2,500pa and are tax-depreciable items. “

Free weekend

“Once a month set a challenge to have a free weekend or challenge every weekend for a month. You’re guaranteed to find the experience you want, and your expense account appreciates it.
– Creation. Write a poem, a short story, a song, your memoir, blog, diary, drawing, etc.
– Organize your old photo albums and label where, when and how you felt at the time.
– Visit the library, art gallery [or] museum in your city. Most, if not all, are free admission.
– Attend a free community class, or concert, free introductory class, or religious service. “
Find Peter on Facebook and LinkedIn.

Sticking to your family budget is all about making smart choices with your money. We know you can do it if you just put your mind to it.

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