Family budgeting tips that really work, from a finance expert and mother
Anyone else finding everything expensive?
Managing a household budget can be a challenge, but with some careful planning and discipline, it is possible to keep your finances in check.
Louisa Sanghera, finance and mortgage expert from the MUMCFO Money Masterclass course shares her top tips for managing your household budget.
1. Create a budget
The first step in managing your household budget is to create a budget. Start by listing all your income sources and your monthly expenses. Then, prioritise your expenses and make a plan to allocate your income accordingly.
2. Track your expenses
Keep track of your expenses by logging them in a notebook, spreadsheet, or budgeting app. This will help you understand where your money is going and make adjustments to your budget if needed.
3. Cut unnecessary expenses
Look for ways to cut unnecessary expenses, such as subscriptions or memberships that you don’t use or need. Consider shopping for groceries and household items in bulk or using coupons to save money.
The first step in managing your household budget is to create a budget.
4. Plan your meals
Planning your meals can help you save money on groceries and reduce food waste. Make a shopping list and stick to it to avoid impulse purchases.
5. Avoid debt
Avoid taking on debt as much as possible. If you do have debt, make a plan to pay it off as quickly as possible.
6. Build an emergency fund
It’s important to have an emergency fund to cover unexpected expenses, such as car repairs or medical bills. Aim to save enough to cover three to six months of expenses.
