Budgeting Tips For The Single Income Family
Doing this can cause a financial strain on the family
, though the joy of raising your own children is quite substantial. Even for many families in our current economy, there is only one income in the household anyway due to layoffs.
One way to do this is to start with understanding what you've got, then planning for what you need. Here are some suggestions for how to live within a budget in a single-income home.
When asked to estimate how much money is spent in a two-week period for household expenses, many moms (and dads) have a hard time coming up with a figure. The easiest way to calculate how much you spend overall is to identify specific regular expenses, for example: $90 for groceries, $20 for dry cleaning or $90 for bills.
Once you've made a list, it's easy to come up with a monthly budget. It may help to use your checkbook or a simple computer program to record and compare monthly expenditures.
When trying to minimize expenses, it's sometimes hard to give up things that we want, particularly if we've grown accustomed to having them. If the above exercise shows that you are spending an excessive amount (as it relates to your income) on dining out, it's important to acknowledge that expense and discuss alternatives.
How much can we reduce our dining expenses? Can we cut our dining expenses by dining out less? This step involves compromise and sacrifice, but it's integral to saving money. When developing a household budget, it helps to factor in fixed costs first, and then include additional baby-related expenses.
These are the expenses that are consistent every month, such as the mortgage and a car payment. If the costs of a certain item vary from month to month, look at what you've paid the last three months and come up with an average.
If you are expecting your first child, ask friends about how much they spend on staple items such as food, diapers and formula to help calculate these expenses. You also may need to budget a few extra dollars in the first few months for major equipment you need, such as a crib and a stroller.
Keep in mind baby products that don't need to be purchased immediately. For example, a highchair can be bought at a later date. It's a good idea to include a savings plan as part of your budget.
Whether it's 50 cents or 50 dollars a day, many of us tend to fall short when it comes to putting money away. But let's face it: Most people would agree that they feel more comfortable with some sort of financial cushion for unanticipated costs or emergencies.
Be prepared to reassess your budget regularly, or whenever there is a change that affects the family finances. Whether it's a debt that is finally paid off or you need to buy a second car, you will need to make adjustments to the budget.
Remember that when it comes to maintaining a budget, discipline is key and documentation is critical. If you keep good track of what you're spending - and saving - you'll feel more in control of the family finances.
Borrowing baby clothes from friends can save an enormous amount of money. Consignment and secondhand baby clothing stores offer good-as-new items at great prices.
Use coupons. Though it may take a little time to organize them, it's amazing how much you can save. Some people have been saving successfully by making homemade baby food, cooking in bulk and freezing the leftovers.
Being creative is the key to saving, and working together with friends and fellow moms can help make staying at home easier and more cost-effective. Careful menu planning as a way to save money during grocery store runs.
By planning a series of meals and listing specific ingredients to buy, you can save a significant amount of money.
by: Jack Landry
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