Save and Make Money
Saving household money for making a household budget can seem daunting. An unnecessary addition to your long list of tasks. But the benefits of making a household budget outweigh the disadvantages. The following departments will help you.
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Have you ever received a letter from the bank stating that your account has been overdrawn for too long? The cost of the current account credit can be surprising. Making a household budget can save you a lot of money in the costs of a current account.
This is the main reason why creating a household budget is necessary. A budget will help you better understand your money. It will show you where it is going. It will also help you to avoid costs and headaches.
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Tips to save money household
Start with an overview of all your monthly accounts. All you need are a few sheets of paper and a pencil. Blank paper without lines works better, but any type of paper is ok.
Write down all your monthly bills, the amount due and the due date. Here are some examples of monthly bills. These are important when making a household save budget:
- Mortgage
- Electric
- Water
- Insurance
- Petrol
- Credit card
- Messages
- internet
- Telephone
- Car
As soon as you have the monthly accounts, amounts and expiration dates. Then you are ready to add the various items. These cost saving items include the following:
- Clothing
- Repair of vehicles
- Film rental
These are things you could remove if necessary, because of the money that goes to something else. These can also be one-time items such as registration fees for a sport or a gift. You are almost done making your household budget.
Now you need to add all these items and put them on another piece of paper. Also add your income to the sheet. Now subtract your income from the amount of your bills. If you are in black, you are doing well. But if you are in red, you have to review every month what you are spending your money on. Also provide a buffer on your checking account for unexpected expenses.
Savings in household
Part of making a household save budget. Is writing off the amounts and what it was for, for every purchase you make. You need to do this with every purchase because you want to know where your money is going. You may have more than enough money to cover your monthly bills. But you still don’t have anything in your account or you have overdrawn it.
When you write down all your purchases, you will be able to find out where the problems lie. And then you will be able to fix them.
Making a household budget will help you to have more money every month. And it will help you save for the future. It is also a great way to show your children that they are taking responsibility.
Make sure you involve them in making your saving household budget. So that they also learn how to do with their own money.
Families deal with budgeting and money management in a variety of ways. But the overall goal of a family budget is an annual, monthly. Or a weekly picture of what you have to spend and what you have left over.
A family budget will help you
A family budget to spend your money wisely on the things you need to have. These are your needs to save money for the things you like but can live without – these are your wishes. Put money aside for unforeseen expenses. For example, if your car breaks down and needs to be repaired.
Stop accidentally spending too much money.
Do this by finding out how much money you need for everyday needs such as:
- food
- housing
- gas, electricity, telephone and water
- transport
- medical service
This way you can make sure you have enough for unexpected expenses and emergencies.
Budgeting can help you and your family take the first step to control your money. It can also help you avoid debts due to wrong loans. And it allows you to move on with your family. Instead of worrying too much about your finances.
Getting started with budgeting
The key to budgeting is to stick to a basic rule – spend less than you earn.
One way to budget is to list what you earn, spend and owe.
It can help to look at past statements and statements of account:
- salary
- payment
- accounts
- bank
- credit card
If you are spending or earning money in any other way, you should also look at this.
Accounts and statements should be long enough to show your normal earning and spending. It is good to see how some accounts are higher at all times of the year. For example, the bills for electricity and gas are often higher in winter because of the heating.
Because you are liable for essentials and emergencies. So it is also your goal to have money left over to spend on things you want.
If you can, it is also a good idea to spend a fixed amount on savings every week or month. This way you have money for unexpected expenses, emergencies. And long-term goals, such as repairs or renovations, illnesses or vacations.
Try to budget each month for expenses, fun, leisure and savings. And then stick to it. This is usually the hard part!
Budget planners and savings calculators can help you get on top of your family budget. You can find many simple, free budget planners online.
Money management: working out what you spend
One of the hardest things when making a budget is keeping track of what you spend.
Spending can be regular (fixed costs) or irregular or one-off (variable costs).
Here are some of the fixed expenses you might want to include in your family’s budget:
- rent
- utilities – gas, electricity, water, telephone and internet.
- tax for municipality and land
- School or tertiary study costs.
- Health, car and household insurance.
- Credit card and personal loan repayments.
Here are some of the variable expenses you may want to include in your family’s budget:
- food.
- home maintenance and household items.
- school uniforms, school books and stationery.
- Medical and dental expenses.
- Car repairs and gasoline.
- Public transportation.
- Personal items such as clothing and hairstyles.
- Vacations.
- entertainment.
- other things like gifts and special treats for you and your family.
Deliberately overestimating the money you need for bills can also help.
Money management: work out what you want to save
Your budget will tell you whether you are currently spending more or less than you earn. If you are currently spending more, a simple savings plan can help you spend less. If you are already spending less than you earn. Then a savings plan helps you to put a part of your remaining money aside. And use it for unexpected expenses, emergencies and long term goals.
As a family you can sit down together and see how you can save. For example, can you spend less on certain things? Do you have credit cards or other loans with high interest rates? Pay these off with a more suitable credit or borrowing option? Because an installment for a TV, for example, is often more expensive than a personal loan.
Insurance
Take a look at your insurances and look for cheaper alternatives on for example our website. Maybe you have one or more insurances that are not really needed.
Car costs
If you own a car, you can consider leasing it. You sell your car and inquire about an operational lease car. This form of leasing includes all costs such as tax and insurance. With the other lease variant called financial lease these costs are for you.
Energy costs
Many families pay too much for their monthly gas, water and electricity. Switch to a more economical energy provider via the energy page on our website. Take steps and find out everything about and for energy saving measures.
Savings
Having a savings account became a bottomless pit after 1971. Money becomes worth less and nowadays you get almost no interest on your savings. Make sure you only have money in your account to pay your fixed monthly costs.
Here are some tips:
Build a savings buffer. Before you start saving for your needs, you can keep extra savings for financial emergencies. For example, you can strive to keep some money in a separate savings account. You can use this money for unexpected or emergency expenses. This way you don’t have to get into debt.
Decide what you are saving for. What are your goals? Give yourself a lot of time – saving can seem to last forever.
Set a deadline for your goal. But be realistic, and you won’t feel any pressure.
Open a free bank account, which is separate from your main account. You can only use this account to save for your goal. You can set up a direct debit.
Loans
Should you have a loan or several overdue payments. Try to get a personal loan or a revolving credit to pay it off. Then you will have a monthly repayment instead of several.
However, a credit registration can be an obstacle. In that case you can apply for a flash loan or a mini loan. You pay these off correctly within the term and do this a number of times. You will then see that the BKR code is improved because your credit history becomes more positive.