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The best ways to budget when supporting a family

11 September 2017 No Comment

Supporting a family is an expensive task, and according to the BBC, 29% of Britons are ‘just about managing’ (also referred to as Jam). Under the Jam category, it means that at least one person in the household is working, but there are no real savings.

As Theresa May put it: “If you’re from an ordinary working-class family, life is much harder than many people in Westminster realise. You have a job but you don’t always have job security. You have your own home, but you worry about paying a mortgage”.

“You can just about manage but you worry about the cost of living and getting your kids into a good school. If you’re one of those families, if you’re just about managing, I want to address you directly.”

If you feel like you’re one of these families in the Jam category, and you’re worried about the cost of living then here are three easy ways to implement ideas that could help you budget better for the future:

Use an online budget planner

If you still find managing your money difficult, you could make it easier by using an online budget planner, like this one from the Money Advice Service. It can help give you a detailed spending breakdown, followed by personalised tips to help you make the most of your money.

The planner also takes into account that you have a family and will recommend how you can do your food shop without breaking the bank and even save money on household bills, with next to no hassle. It’s a great way of allowing you to manage your money and enjoy a full overview, without getting too stressed about it all.

Try one of these budget tips to make living life day-to-day just that little bit easier and reduce the stress when it comes to your finances.

Withdraw a cash allowance

Once you have worked out the money you have for general spending – after all of your key bills and your mortgage have come out – we recommend you withdraw most of the cash leftover and store it is safe places around your home. Somehow, it’s more difficult to be a frivolous spender if you have to hand over hard cash.

Money saving expert Sophie Turton told the B Journal that she uses cash and keeps a written budget: “I therefore find it best to be mindful about my spending, keeping track of all the little things and adding it to my monthly budget.

“This is done much easier if you take out the cash you want to spend at the beginning of the week and stick to it – there’s something more grounding about handing over money rather than imagining numbers on a screen,” she says.

Order groceries online

That being said about withdrawing a cash allowance, it may be best if you actually do your weekly food shop online. When you go into store, the temptation to grab items that are on offer or look tasty is hard to resist, often resulting in you spending an unnecessary extra £10 or so.

Order your groceries online and you can obliterate this problem, there are still plenty of offers too so you won’t be missing out, just make sure you aren’t hungry before you start shopping! Seeing that total go up in your basket may make you rethink about what you’re purchasing and could even help you make healthier decisions and reduce food waste in the long run!

Use an online budget planner

If you still find managing your money difficult, you could make it easier by using an online budget planner, like this one from the Money Advice Service. It can help give you a detailed spending breakdown, followed by personalised tips to help you make the most of your money.

The planner also takes into account that you have a family and will recommend how you can do your food shop without breaking the bank and even save money on household bills, with next to no hassle. It’s a great way of allowing you to manage your money and enjoy a full overview, without getting too stressed about it all.

Try one of these budget tips to make living life day-to-day just that little bit easier and reduce the stress when it comes to your finances.

This post is in association with Chelsea Ellsworth

 

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