There’s no doubt that we’re going through tough economic times as a country at the moment; and the family budget will probably be the hardest hit during this time.
It’s therefore important that we take careful steps in managing our expenses. The good news is that it’s possible to find some breathing space by putting a few variable expenses under the microscope.
Save on groceries
Now, we’re not suggesting that you take a militant approach to your family’s meals and start serving up plain crackers for dinner. Draw up a shopping list and do the following: • Consider using online grocery shopping apps. Yes, they charge a small delivery fee, but you will stick to your shopping list and not be tempted to add any extras to your shopping cart. • Put off buying luxuries and personal indulgences until things improve.
Reduce your entertainment budget
Having fun as a family is important in building a family identity and creating memories. We can build a family bond without breaking the bank by following the tips below:
• DSTV, Netflix, Showmax and the rest. Review the number of entertainment services your family subscribe to and the data it uses. Agree with them to keep the one or two you all use most frequently.
• Focus on spending meaningful and fun times together by playing board games like Monopoly, 30Seconds, etc. They are great for teaching important skills such as verbal communications, interacting with others, learning to share and waiting your turn.
Once you have started following these tips, track your savings and stay on course. Most importantly speak to a financial adviser about the best ways to save for the things that really matter to your family.
Go to www.oldmutual.co.za to speak to an accredited Old Mutual financial adviser today.
Old Mutual Life Assurance Company (SA) Limited is a licensed FSP and Life Insurer