Many arguments in a relationship are about money. How to avoid them.
Keeping track of all expenses can be difficult when you’re a growing family, but you can have a sense of achievement and peace of mind with our five budgeting tips for reducing money-related stress.
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Many couples are stressed with money. Image: iStock
1. Set aside 20 percent of your weekly / monthly salary
Before working out your budget, deposit 20 percent of your wages into a separate high-yield savings account. This money can be used as an emergency fund or savings goal, be it a family vacation for Christmas or a swimming pool renovation for the coming summer. The knowledge that you have a pool of money to use in an emergency or to fund your short-term financial goals is priceless.
2. Plan your meals for the week in advance
Going to the grocery store with a list of what you actually need, rather than impulse buying, will help you reduce the amount you spend on groceries as well as food waste. By planning your meals ahead of time, you’ll have the ingredients you need to prepare meals on hand and less temptation to spend on takeaway or ordering from UberEats, easily saving you $ 40-80 Can save dollars a week.
3. Find free family activities on weekends
With a little creativity, you won’t have to spend a lot to keep your family entertained. With a variety of national parks (most of which are within driving distance), beautiful coastlines, and a multitude of bike paths to choose from, all you need is a little cash on gasoline. Take a picnic, ride a bike, organize a family scavenger hunt, organize an outdoor movie theater in your yard, or play board games. There are many things you can do as a family that don’t cost a lot of money.
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Find something to do outdoors with the kids. Image: iStock
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4. Buy pre-love items
You will be surprised at the bargains to be found in thrift stores. Sometimes you can find designer clothes and fashion accessories for a fraction of the price, as well as books, DVDs, wall art, furniture, kitchen utensils, and small appliances, all right. The money you save by buying loved items can be used for your savings goals, emergency funds, or to pay off debt.
5. Audit your utilities
Are you getting the best value for money when it comes to electricity, internet and phone? Most people miss out on valuable savings because it’s easier to stick with the utility you already have. Many electricity suppliers grant loyal customers prompt discounts and benefits. By auditing your utilities, you can be sure that you are getting the best deal available in your area. New customers are often given an incentive to switch providers, and existing providers may even offer better incentives to stay. However, if you don’t poke around and inquire, you won’t know what’s available. In the long run, it could end up saving you a considerable amount of money when calculated over the year.
Gerry Incollingo has been the Managing Director of LCI Partners, an established accounting, finance and law firm based in Parramatta, since 1998. Since then, the company has expanded to include six businesses and is based in Sydney, Parramatta and South Sydney.
