Sunday, April 29, 2012

How to Rein in Your Family Budget

How to Rein in Your Family Budget

No matter how hard some people try, it is extremely difficult to cut down personal expenditures. Some people barely live from paycheck to paycheck and if any unexpected expenses arise, they are forced to seek alternative - which might turn drastic. Loans and moneylenders are just waiting for you to go broke and they will sink their teeth right where it hurts the most, so here are some tips that will definitely set you thinking. If you’re careful, you may earn enough money to take a small family vacation.

1. Plan Your Budget

It might seem childish for some, but you need to chart a monthly, weekly and even daily budget to put a lid on unnecessary spending. If you are the grocery shopper in your family, it’s a good idea to keep it up and always do the shopping. That way, you will know the prices of each grocery item and in what quantities you need them. This way, nothing will go to waste and you can save money too. Do it on a weekly basis or on a daily basis if you have a huge family, and see the difference.

2. Package Deals

Most people have television, internet and telephone connections in their home. If unchecked, the bills can be hundreds of dollars every month. Instead of choosing three different providers, you should consider package deals and earn not only discounts, but steady lower monthly rates. Several companies have come up with package deals like this, so make sure you know which provider provides exceptional customer service in your area and hire them.

3. Cards

Many people prefer taking credit cards with them whenever they go shopping, so much so that the idea of carrying cash is utterly obsolete. Though there is nothing wrong with that idea, credit cards are not good options for everyone. Unpaid credit card dues will haunt you the rest of your life, so make sure you buy only those items for which you can pay off immediately.

4. Memberships
Many people like to register for club memberships and then forget about it. They subscribe for magazines and then forget to read them. If you feel that it is absolutely necessary for you to become a club member, then go ahead. However, simply think and rethink before doing it. There’s a good chance that it might be better to just pay the daily fee once or twice…

5. Comparison shopping
With the internet becoming the highlight of new age shopping, it’s a piece of cake to find great deals on almost anything. There are so many websites selling all kinds of stuff anymore that you almost don't have to go to brick and mortar stores for anything. Everything can be done in the comforts of your home, but the good news is that you can literally search the entire world for the best prices on the things you need. It may take some time before you become an expert shopper, but it will definitely pay off in the end. Nobody can take you for a ride and dealings are transparent. Just don’t let shipping costs get you!

Gina Huppert writes about finance, literature & saving money at


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