It is so hard for families to stay out of debt. The rising cost of bringing up a family, as well as household bills and mortgages, can leave us feeling broke. On top of this, you have occasions such as Christmas and Birthdays to pay for. As we approach October, here is some simple advice to ensure your family is still in credit by the end of the year.
Scrabble. Image Credit.
Keep an eye on your bank accounts throughout the year
I have to admit I am guilty of opening a bank statement and just glancing at the letter before putting it away for safekeeping. However, by doing this, we are not properly checking how much is going in and out of our bank account. It means we might continue to spend money that is leaving our family out of pocket every month. Therefore, to ensure your family stays on the straight and narrow, you need to keep an eye on your bank accounts throughout the year. You need to know exactly what is going out and how much it will cost you. Also, by doing this, you can see places you can make cuts and save your family some money!
Calculate Your Savings. Image credit.
Start putting money aside for Christmas as early as possible
Christmas is one of the biggest expenses for families. They can end up spending over $270 a child by the time they have done their shopping. In addition, it is not just kids to buy for; there is your extended family too! Moreover, many families end up getting into debt, as they have not prepared for the cost. Therefore, you need to start putting money aside for Christmas as early as possible. Even $100 a month will ensure you have enough for your family to have a great Christmas without getting into debt. Buying presents as early as possible will also take some stress away from your bank account. Many of the top sites have gifts up already such as http://www.cuckooland.com/dnc/cuckooland/category/3445/gifts-for-her.
Kid decorating a Christmas tree. Image Credit.
Have a staycation with the family instead of heading abroad
With holidays abroad costing families around five thousand dollars, it’s becoming too much to go abroad. By the time you add in spending money and transport, it can leave your family broke for the rest of the year. You can see on https://www.valuepenguin.com/average-cost-vacation the costs of a holiday for an American family. Therefore, instead of heading abroad for your annual break, you should consider having a staycation. That way, you can save some money on a holiday in your homeland. You can still have a great time with your family. Arrange a few short days out and activities you can all do together. You will all still have a lovely time while saving money on flights and tourist tax!
Family by the sea. Image Credit.
Remember to limit your use of credit cards to emergencies! Many people spend on their card and then end up paying off the interest for months! If your family does end up in debt, check out my previous blog for ways to get out of it ASAP!
