Managing Life on a Smaller Budget

April 9, 2020 Leave a Comment

It can be quite tough to raise a family and run a household, whilst also being economical with a tight budget. From food to utility bills, clothes and more. Costs can easily mount up and become something of a stressful situation. But alas, it does not have to be this way! This article is here t help give you some helpful tips and guidance on how to be more economical at home. 

Image Source, Pexels

Repair Before you Replace

The best way to be more economical is to repair before you replace it. Not only does this reduce waste in the home, and therefore better for the planet. But it also is better for your wallet, with most things able to be repaired. From clothes to appliances. When it comes to appliances, it can be quite tough and scary if one of them starts to sound a little rough. The thought of buying a new one can also be quite scary with many of them being quite expensive. What you need to do is research, and get someone to tell you what the matter with it is. Then, once you know the problem, try and obtain and find a spare part and repair the problem! Not all problems can be repaired, but if it can, it can save a lot of hassle.

Family life can be an Expensive One

The idea of starting a family, or adding another child into the world is a beautiful one. However, unfortunately with that comes many new expenses that you need to be ready for. Something that could also happen, is maybe not expecting a baby but finding yourself pregnant. It can be a scary time. What to do if you are a new parent? What to do if you already have a family unit? Many questions can swirl in your mind. Something that is always the best choice is to do what is best. If you feel you want to go down to the path of something like an abortion clinic then that is your personal choice. Never do something someone tells you, do it because you feel its the best option. There are also a lot of materials on the web on how to prepare for a new baby, and what expenses you need to prepare for. There is also a lot of financial help available to new mothers, so also keep that in mind.

Research and Plan Before Any Treats!

Managing life on a smaller budget does not mean you have to deny yourself and your family fun, exciting experiences. You can still enjoy the occasional treat, it just might be even more important that you thoroughly plan these expenditures so you can factor them into your budget, and you aren’t surprised by any hidden costs! By all means, go to a restaurant to celebrate a birthday, but check the menu beforehand and remember to use a tips calculator to work out roughly how much you’ll be spending before you go. As a conscientious person, you’ll always want to celebrate within your means whilst giving your family the best experience possible, and preparation is definitely the best way to achieve this.

DIY (If you know how!)

Last but not least, DIY! Some people love it, and some people hate it, but something that can be agreed upon is that it is both time and money-saving to do a job yourself rather than wait for a professional. If it involves heavy work, then, of course, it is better to leave the big jobs to someone who knows exactly what they are doing. But, if you just want to paint the house, or do some basic jobs around the house, then these can be easily done by yourself. You can also source the parts cheaply from a variety of stores, and they serve a variety of price points. 

 

So, do you feel after reading these handy tips that you can become a little more economical, whether it is reducing your waste or being a better spender whilst on a budget? Well hopefully these tips have helped you realize how easy it can be to become economical, and it really isn’t that scary to try something yourself, and see the benefits!

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What Are The Most Common Causes Of Money Problems?

March 12, 2020 Leave a Comment

Money problems are one of the biggest causes of stress in our lives, and we all experience them at some point. But if you want to manage your money more effectively, it is important to know what the most common financial dangers are. These are some of the most common reasons that people experience money problems. 

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Reckless Spending 

The most obvious cause of money problems is reckless spending. If you are prone to impulse buys and a huge percentage of your paycheck goes on things that you don’t really need, you will find it hard to save money and cover all of your necessary expenses. Often, bad spending habits go unnoticed because money is wasted on small things that quickly add up, like buying lunch or expensive coffee every day. If you really want to avoid long term financial problems, you need to find ways to cut waste out of your budget. If you go through your budget and identify all of the non-essential spending, you can cut things out and you will find it easier to manage your money. 

Accidents and Injuries

Sometimes, money worries are not your fault and they happen because of unexpected life events, like accidents and injuries. If you are involved in a car accident, for example, and you are out of work for a while, it is tough to manage your money and pay all of your medical bills at the same time. You can get around this if you hire a car crash attorney and make a compensation claim. That extra money will help you to manage your living expenses and avoid borrowing and getting into debt. Having a healthy emergency fund in place is also important because this gives you a buffer to fall back on while you recover from your injury. 

Decrease in Income 

The economy is unpredictable and there is always the chance that your company may downsize and you could lose your job, or they may be forced to reduce your salary because they have hit hard times. A decrease in income is tough to manage if you continue with your normal lifestyle. In this situation, it is so important that you go back to your budget right away and rewrite it. Take a look and see if there is anything that you can cut back on for a while so you are living within your means. 

Family Issues 

Family issues are a very common cause of financial problems. A divorce, for example, is incredibly expensive and when you break up with your partner, your financial situation changes a lot. You can avoid some of these issues if you keep your own personal savings account that you can use to keep you going while you get back on your feet. 

 

Caring for elderly parents can also lead to a lot of financial issues. As your parents get older, it is important that you start putting some money aside to pay for their care and make sure that the whole family pitches in so it doesn’t all fall on you. 

 

Now that you know the most common causes of financial issues, you can be prepared to deal with them when they come up.

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Stop Struggling With Money: 3 Things to Try

February 5, 2020 Leave a Comment

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Do you struggle to make ends meet? Most of us feel like this at least some of the time, but if you’re constantly living hand to mouth then things need to change. Struggling with money can be really stressful, and it prevents you from living the life you want. You don’t need to win the lottery or even land your dream career, making a few simple changes can make a big difference. You’ll be happier, you’ll have a little more money in your pocket and won’t be stressing quite as much about the bills. Here’s what you need to know. 

 

Get out of debt

Being in debt is expensive, not only are you paying back what you’ve borrowed but every month you carry a balance, you’re paying interest too. If your debt is out of control, you might find that all you’re able to pay back each month is the interest, and you’re not bringing down the balance at all. Getting out of debt might involve using savings or making cutbacks in your budget, but if it’s out of control you may need to speak to a debt management company. These can speak to creditors on your behalf and work to get interest frozen and repayments reduced to a much more manageable amount. It can mean a huge weight is lifted off your shoulders and you can get your finances back under control. This allows you to start getting other areas of your money sorted again and puts you in a much better position.

 

Claim everything you’re entitled to

Did you know you may have money available to you which you’re not getting right now? If you’re on a low income, have a disability or even are entitled compensation from an accident that wasn’t your fault, it’s important to find out what you’re owed. This can compensate you for time you’ve had to have off work, or help you to make ends meet if you’re unable to work. It’s not always a smooth journey, for example you might need an attorney for disability appeal if you feel you’ve been wrongly rejected but keep at it until you get what’s rightfully yours. 

 

Earn some money from home

Making changes and cutbacks in your budget is always going to be useful, but if you can earn some extra money too then even better. This day in age, it’s perfectly possible to make cash from home, in your spare time and in a fun way. You could start and monetize a blog or YouTube channel. You could become a freelancer and monetize your skills, or you could take on a flexible job as a remote worker in the evenings. All of the money you earn could be used towards debt, to save up or just to make everything a little easier financially. You don’t even need to leave the house, and can hugely improve your situation with money.

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