5 Budgeting Tips That will Help Your Family Save Money

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5 Budgeting Tips That will Help Your Family Save Money

Budgeting can help you take control of your finances, but it's not as simple as saying "from now on we follow a budget!" Use these 5 tips to help your family save money by making a budget that actually works.

Tip #1: Know How Much You Currently Spend

If you want to save more money, then you have to cut some expenses. You can't do that until you know how you're already spending your money.

Before you create your family budget, spend a few weeks tracking your spending. Don't do anything special. Just keep track of every item and service that costs money.

When you have that information, you'll know where you can make cuts to use your money wisely.

Tip #2: Buy a Pre-Owned Car

If you have enough money to buy a new car, then you can treat yourself to the latest technology. If you want to save money, you should always buy a used car.

New cars depreciate quickly. If you buy new, that means you lose a lot of value over the first few years. Waiting to buy the car after its value has fallen, though, gives you a chance to create more room in your budget for other expenses.

Buying pre-owned cars doesn't mean that you can't get the vehicle you want. Arrigo Dodge Chrysler Jeep Ram of Palm Beach, for instance, has plenty of excellent used vehicles that could fit your needs well.

Tip #3: Start Clipping Coupons

The average household spends over $3,000 a year on groceries. Clipping coupons can help you know hundreds of dollars off that total.

"Clipping" coupons doesn't always mean that you buy the Sunday paper and use scissors to cut out the deals you want. You can still save money that way, but a lot of people use couponing websites. You should also check retailer and manufacturer websites. They often post coupons that you can print out or save to your smartphone.

Tip #4: Find Cheaper Car Insurance

Every driver has to buy car insurance. Assuming that you own a car, it's an expense that you can't escape. But you can save a lot of money by shopping around and asking about discounts.

Compare insurance quotes at least once a year to make sure you're getting a good deal. Your credit rating, driving record, and other factors can influence how much companies want to charge, so don't assume that the great deal you got last year is still the best.

Always inquire about discounts. Many companies offer discounts to people with clean driving records, belong to certain organizations, or take driving safety classes.

Tip #5: Switch Your Phone Service Provider

You have more phone plan options than you probably realize. Big companies like AT&T and Verizon want you to think they're the only service providers that work well. The truth is that you can save money without compromising coverage by choosing smaller service providers like Ting.

What surprised you most when you made your first family budget? Do you have tips that could help other people save more?

Author Bio:

Matthew Thompson is a writer in Louisville, KY. If you want to learn about budgeting money, talk to a freelancer who doesn't live in abject poverty. You'll get some good tips.

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