Here are some four frugal living tips for young families.
- Undertake proper meal planning: One area where young families tend to spend a great deal of their money is that of food. That is as it should be – because food is the most basic of human needs. But what is important here is to ensure that you are not spending extravagantly on food. And the way to achieve that is through proper meal planning. This is just a matter of making decisions on what you (and your young family) are to eat, and when. With proper meal planning, you are able to cut back on food wastage. Proper meal planning also makes it possible for you to buy foodstuffs in bulk, which enables you to make further savings.
- Don’t spend too much on housing or transportation: Other areas where young families tend to spend a great deal of their money on are those of housing and transportation. With regard to housing, the most important thing is to undertake proper needs (and means) assessment. Then ensure that you don’t go for a house that is beyond your needs (or means). With regard to transportation, you may consider using only one car, walking where/when you can [which is also good for your health], using public transport where possible… and so on.
- Make good use of coupons and discounts: The individual sums of money you stand to save by using coupons and discounts may look small. But cumulatively, they add up to significant sums of money. Moreover, having worked so hard to save a given amount of money through coupons or discounts, you will be disinclined to waste/spend money frivolously.
- Create and stick to budgets: This is just a matter of figuring out how much money you (as a young family) are expecting to get from various sources. Then you make firm commitments on what you are to spend the money on, while also making allocations for emergency savings and savings for development projects. If, for instance, you are a GM dealer, you can visit go to the GM global connect login page, sign in there, then check through your account for upcoming orders. Through those, you can be in a position to get an idea on how much income you are likely to get within the next month — which you can then make firm commitments on how to spend. All said and done, having and sticking to a budget is the first step towards true frugal living.