Everyone goes through hardships from time to time. While it’s not something you’d wish for your children, it is something you should prepare them for. Learning how to budget is important, and can be a good way to teach your kids about managing their money.
While budgeting isn’t always easy, some things make it less painful. Want to budget like a pro? Take a look at these top budgeting tricks to teach your kids.
Learn how to haggle
Have you ever tried haggling on your phone contract or your utilities? You’ll be surprised at how much money you could save, which could mean fewer cutbacks in other areas. It’s worth doing a comparison search of different providers like HughesNet, to see if they could offer you cheaper rates. This makes a good starting point for any budget and could help you save a lot of money without feeling the pinch.
Look at your food bill
Your grocery shop can be one of your biggest expenses, especially if you have a lot of family to feed. It’s surprising how much food gets wasted every week, so if you’re looking for a simple area to reduce your spending, your food bill could be it. Some simple things to do to cut your food bill include planning your food for the week in advance, buying frozen fruit and vegetables and switching to online grocery shopping. Try to cut your food bill by 10% each week and remember to put those savings to one side.
Start dealing with cash
It’s easy to pay for things electronically. Thanks to phones you can even leave the house without your wallet if you choose. However, doing this means you’ve always got easy access to money – something which can make ad-hoc spending all the more possible. Try switching to cash-only for a while to see if that helps you save money easier. Simply withdraw what you need at the beginning of the week and put your cards somewhere out of sight, out of mind.
Get discount hunting
The internet has made it possible to buy almost anything at a discounted price. From eBay and Amazon to coupon code sites, you’re never short of a bargain. Teach your kids how to find the best deals and help them to become thrifty online – it’s easy to do and could save you hundreds of dollars over the course of a year.
Teach them that budgeting isn’t bad
Many people recoil at the thought of having to budget, when in fact it’s a good way to reduce financial stress. Teach your kids that budgeting isn’t a bad thing, and can actually help them to manage their money better so that when things are good, they’ll have plenty of savings, and when times are a bit tougher, they’ll know how to reduce their spending.
Good money sense is important to teach your children, so set them up for better finances in their future by teaching them how to budget now.
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