Money saving tips for your family

July 1, 2008
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You want a family holiday in the Whitsundays - your partner wants a state-of-the-art barbeque. But the credit card is maxed out, and the savings account is limping along. Here's where good communication, a good budget, and maybe a bit of compromise comes in! Managing your money takes some planning, but once accomplished - you'll often find other things falling into place.

Putting some thought in managing your money can lead to:
• More time for your family
• Less stress
• A more organised household
• Debt reduction
• Clearer goals
• Being able to purchase things that used to be out of reach

Sound worth it? Here are the best tips to get you on the road to good money management.

Budget right!
Let's face it - budgets can be boring to write up.The good news is, that filling out and sticking to a budget can lead to being able to treat your family to an exciting holiday at the end of the year!

Get started
Write down all of the things that you would most like to achieve with your money. Compare lists of goals with your partner. Without judging each other's goals, discuss them and remember that you may need to compromise. You can download a ready-made budget planner - it will even do the calculations for you!

EB member, Lindylou (Lindy) relaxes with her partner over a cuppa while they finetune the budget, "My husband and I recently did our budget to find out whether there was any places we could save money. We listed all of our expenses annually from highest to lowest. Then we sat down with a cup of tea or three and brainstormed how to save money on each item."

If the thought of tackling a budget makes you throw up your hands in despair, or if you feel that you are drowning in debt - there is help at hand. A list of financial counsellors who can provide a free, discreet service, can be found here.

Eat well
What's for dinner tomorrow night? Don't know? Two words - 'Meal Planning'. Planning out the family meals for the week ahead, or better still, the fortnight ahead, can mean that you only buy what you need in the groceries. You can save yourself from having to run to the shops in the middle of the week. You save money by sticking to your list, and not filling your trolley with impulse buys. Continued...