Many young families don’t yet know the principles of planning their budget. Due to the lack of financial skills, people often have to borrow money and, at the end of the month, start saving even the most necessary. The situation becomes more complicated when a child appears in the house. So how does a young family learn to distribute their incomes and understand that saving money is not a sign of poverty but the path to a stable life?
Let’s imagine the situation: a young family where both husband and wife work can afford travel and constant wardrobe updates. How can they improve their life? And the second case, what if they find out that they will soon become parents. On maternity leave, family incomes are much lower, and expenses are growing inexorably. Of course, you can always get a loan and make your life a little easier, but it is way better to lean using your money in the right way.
1. Remove unnecessary expenses
In our society of consumption, people believe that they should always stay up to date with all the technological and fashionable achievements. If twenty years ago we could afford that because new models used to appear on the market not that often, and they were different from the old ones. But, nowadays almost every month we see a new model of cars, phones, laptops, so on and so forth. We can’t simply afford to waste our money on things like that.
2. Use loans and credits only when you have to
Do you know that the world economy lives in credit? In fact, countries and governments borrow money from the future. This often creates financial bubbles but allows modern countries to develop. But we, common citizens, can’t borrow money from our future. So we have to go to banks, and then we will have to cover our loans for years. This is why it is better to avoid using loans if you don’t need money. For example, taking a loan to buy a new car while your old one is still very good is a very bad idea.
3. Ask your parents for help
The best way out is to consult with your parents. Moms and grandmothers will tell you that instead of buying half-prepared food from your local store, it is better to cook it yourself. Don’t neglect the experience of the elder people. They used to have long lives and definitely are more experienced than you are.
If you have children
In the second case, things are way more problematic because your incomes will decrease significantly. This part of the article also comes in handy if you search for divorced women dating. It is always nice to look experienced in financial matters when you date a mature woman.
1. Don’t buy expansive clothes
No need to buy a child a lot of expensive clothes, because he grows out of it in 1-2 months, and a huge amount of money will be spent in vain. A great option is friends and relatives who have children older than yours. Sharing baby items is a good way to save. Not that you don’t buy anything at all for the child. You just don’t need to make monthly bulk purchases which take impressive amounts of money.
2. Don’t buy a lot of toys
Here we are talking that sometimes children want things that they don’t need. Of course, you need to buy a child developing games and dolls cars that he truly wants. But not every day, as this can lead to a detrimental effect both on the behavior of the child and on your wallet.
3. You can sell old toys and clothes
Arrange a sale, if your children grow up, and toys or clothes remain almost new, you can easily earn extra money by arranging a small sale. Instead of taking a quick loan or contacting a bank, it’s better to create some ads on free sites and sell unnecessary items.