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7 Tips on Managing your Household Budget

Friday, March 23, 2018

Managing a household budget may sound simple, but in reality is complicated, regardless of your family size. It is manageable, with the help of several tips that could effectively manage your household budget.

1. Track your shopping habit

You probably know how you much you spend in total, but knowing the detailed breakdown of your spending helps you to create and most importantly, stick to the planned budget. Furthermore, most people tend to underestimate their spending so tracking your expenses is a good habit to have. 

Be disciplined in keeping your receipts so that you can calculate actual expenses instead of making estimates of it. That way, you will be more aware if you have over-spend for that month.     

2. Set a realistic household budget

A realistic household budget helps you to spend within your means, and that you have enough to meet your priority needs. Set aside enough for rent, mortgage, utilities, entertainment and daily shopping. It must also be a budget that you are comfortable with.    

3. Think short-term and long-term

Start preparing for your future today by planning your daily, weekly or monthly expenses where necessary. Always consider dividing your income into meeting both short-term and long-term needs. This includes planning for emergencies, saving up for home improvements or for getting a new car. In this way, you can avoid taking on debt or relying on credit to meet your larger expenses.  

4. Use a shopping list

One of the best ways to follow your household budget is by using a shopping list. Before entering into a shop, write down what you want to buy. Ask yourself: "Do I want this", "Do I need it?" and "Will spending this money get me closer to my financial plan?" Your list will then be filled with priorities, rather than all wants. Follow the list and make sure to buy only the items you need.

5. Save more, spend less

Keep your eyes peeled for savings and discount coupons. You may also consider taking advantage of loyalty memberships and cards with shops that you frequently go to. In this way, you may reduce your expenses and increase your savings.

6. Take time to evaluate the household budget

The budget needs to be flexible with the changing needs of the household. Your needs for this month may no longer be a need in the following month. So prepare to make adjustments to your budget. If you pay attention to what you spend on, you may even anticipate the changing needs before hand.  

7. Use the Digital Budget App

If tracking paper receipts is a hassle, then try using apps. There are free apps and many to choose from, which can be downloaded into your computers or smartphones. These apps can help you create and follow your budget. 

Read also : 7 Steps to Financial Freedom


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