Build an emergency fund
Set aside some extra money each month to build an emergency fund that you can use in case of unexpected expenses such as car repairs, medical bills or a big purchase. This can help you avoid going into debt to pay for these expenses. Even tiny amounts all add up. Some banks now have a notification when you make a transaction where they let you know you could save a small amount and move it into a savings account. These tiny amounts won’t be noticed at the time but create a bigger savings pot!
Check out what items you have at home which are no longer needed and you could sell. Have a yard sale or sell your unwanted belongings on Vinted, Ebay and other platforms.
Involve the whole family
Budgeting is a team effort, and it’s a good idea to involve family members in the process. Talk to your children about the importance of budgeting, spending habits and involve them in decision-making about family expenses. You are helping them for the future by imparting this knowledge now. Get them to help you search for free activities and days out. Local Facebook groups can be full of ideas from nearby service providers and other parents.
Plan ahead
You don’t need to know your plans for an entire year but looking at the next three months can be helpful. Using a month-by-month approach tends to mean you will miss something. So think about upcoming events in the next three months, such as children’s holiday expenses like childcare or back-to-school shopping and start planning for these big expenses well in advance. This can help you avoid overspending and ensure that you have enough money set aside.
Seek professional help
If you’re struggling to manage your finances, consider seeking professional help from a financial coach, certified financial planner or financial experts. They can provide guidance on budgeting, debt management, and other unexpected challenges. Many of us were not taught about budgeting and it is a life skill. There is no shame in seeking out help and there are short-term financial solutions out there for people who struggle with bad credit. If you want to find a personal loan online be sure to go through your monthly budget and choose affordable payment terms.
