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5 Ways to Improve Financial Security for your Family

Improving your family’s financial security does not have to involve a huge change of lifestyle. Your family might already live comfortably, or you could be living modestly just to get by. Small changes, no matter what your circumstances, are possible and do not have to be drastic and difficult to manage. Here are a few simple ways to get started.

Ways to Improve Financial Security

Ways to Improve Financial Security

Plan for the Future

While it’s never pleasant to think about, there may come a time when you can no longer provide for your family due to illness or death. A will can be the difference between a clear, civilised proceeding in which your exact wishes are fulfilled, and a messy squabble that can cause nothing but stress and heartache for your loved ones. There are many legal specialists, such as Turner Freeman , who can help you set this up.

Impulse Spending

Identify unnecessary spending in your life. Does your family tend to spend impulsively? Set out a plan and think about areas where you could cut back. Is there a daily coffee run, or do you eat out several times a week? Treating yourself every so often will not break your bank, but you could be spending unnecessarily when cheaper options are available. Discover ways to entertain your family that are inexpensive, or even free.

Be a Smart Shopper

Make a list of all of your expenses. When you buy groceries, there are usually generic brands that are cheaper, and quite close to the name brand. Seek out coupon books, or consider how you can cater on-special items to your family’s lifestyle. Put your family under a one-month test: only buy necessity items without any extras. At the end of the month compare what was spent and where you can incorporate the extra savings and cutbacks on a daily, weekly, and monthly basis.

Develop a Debt Plan

Do you have multiple debts, credit cards, or bills looming? Develop a debt elimination plan to make your debt more manageable. Organise what you owe from largest to smallest. Each month pay a little bit back on the highest amount. Little by little this debt will be eliminated and then you can move down the list with your payments. Slowly decreasing what you owe might take a long time, maybe even years to achieve, but by keeping at it, the numbers will look more manageable, and your family will be more secure. When you get rid of one, celebrate!

Pay Bills Immediately

Whenever you get a bill, pay it right away. This will help you to not spend the money meant for a utility, or house payment. By paying immediately, your regular budget expenses are taken care of, so for the rest of the month, you do not have to worry about having enough, or accidentally spending money meant for something else. Try online automatic bill payment so that each month, the expenses come out without you having to think too much about budgeting around the items that are due.

By adopting simple steps, you can help your family to save and become financially secure for when it counts.

Have you developed tricks to save money? Share your story below.

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2 Comments

  1. Caroline
    29/12/2014 / 11:31 am

    I am certainly a more savvy shopper. I have learned to look around for a good bargain and tend to shop more at fruit and vegetable markets rather than supermarkets for fresh produce. I have also learned which butchers sell wholesale and retail and where to get bread items at a better price. Add to this that I am no longer paying for parking, using less fuel to find the bargains and can get my shopping completed in under three hours (instead of on different days) and I am saving over $4,000 per annum.

    Also, my household is eating healthier and meal planning is more simplistic and has greater variety. Money is certainly tight in my household, however, I have learned that going back to basics is essential for my maintaining a healthier bank balance.

    • 15/01/2015 / 10:37 pm

      Going back to basics is where it is at Caroline! We meal plan and find that we have so much more variety and eat healthier as a result. Taking notice of things like parking fees and the price of petrol make a huge difference. Thank you so much for sharing these wonderful tips.

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