This is one topic that sure causes a lot of anxiety among most people even if you are not a parent. I have been the worst at family finances and this has taught me so much about investing and making use of what you already have.
Sometimes change comes when a new baby arrives and finances need to be adjusted in the family.
It may also happen that one parent may need to be a stay at home while the other parent goes to work and it means a family needs to adjust their finances to live with one salary.
When you start an investment plan, building/buying property, or whatever planning that requires you to put away a lot of money requires an adjustment in the way you handle your money and your lifestyle in general.
In our experience we have had to live with one salary while financing our company because we wanted it to grow. I am not excellent handling the family finances but living on one salary for years has taught us ways to live and we have learnt to thrive with what we have.
- Plan your living expenses
- Pay your bills strategically and timely
- Cut off what you can live without
- Save on family outings
- Grocery shopping at wholesale prices
- Meal planning that will cut day to day spending
- Thrift collect for clothing
- Save that 10% of your salary and invest it if possible so it creates more income streams
- Do not compare yourself
- Learn from the process
Plan your living expenses
Without a clear plan, it is as though you walk blindly and it can be so nerve wrecking to realise that you you have no idea where you spent your income and you still have bills to pay.
You know your day to day expenses like electricity, fuel, food, and the bigger expenses like shelter, water bill, monthly grocery and other necessities.
Plan your spending, as we live day to day we know where we are negligent in our spending and where we can reduce to avoid the anxiety where our income falls short.
Pay your bills strategically and timely
Keep track of your bills and how you will actually pay them. It would be wise to pay bills as your income comes but it helps to have a strategy too for paying. A strategy may work according to your income streams or according to they way you handle your bills whether monthly or 6 months in advance or yearly.
When you pay some bills yearly it helps you enjoy more from your monthly salary or whenever you get your income.
Having a plan to handle your bills contributes so much to your overall well being as a family because nothing is as stressful as worrying about unpaid bills. Understand and know that when you take care of your bills you are taking care of your well being too.
You are investing in your emotional wealth just like drinking water is investing in your physical wellness and effects are longterm.
This also teaches you to pay your employees well when your business starts to grow too.
Cut off what you can live without
There may be a time when you have to cut off what you can live without. If i can make a safe example like cutting off or reducing television expenses for a while up until you are able to pay your bill or handle a higher subscription.
Sometimes we put ourselves under so much pressure unnecessarily instead of understanding the moment and season we are in and allow ourselves to adjust. Times and seasons are not the same, there are times when you can do all the things you love and have the lifestyle you desire but there are times you can use your creativity to live just as well on budget and be happy.
I recall there was a time i did not do my nails for sometime but i kept them really clean and neat. I still limit my spending when it comes to clothing and shoes, i would buy one shoe a month just to build up my wardrobe and still be able to pay bills and salaries so the company continues to grow.
Save on family outings
Leisure is really good for us because it opens our mind and see beyond the walls within which we live. It sparks creativity too in us as we connect with the environment too.
There are ways to be creative on outings that your children can enjoy too.
So you love sleeping out, try back packers lodges and camping even in your yard. Make a camp fire and roast sine marshmallows.
You love nature and the outdoors with your children! Try taking your children to the park, let them play while you set up a picnic with your spouse.
You love date nights! Yes outings are good for us too as parents. Allows us to reconnect away from the noise. Serve a delicious meal then dress up and go out have coffee and whatever desert you love or just simple tea.
Or just save up for your outing and learn to have a certain amount aside just for a family outing.
All Things Godly and Pretty 