A dad (and obviously all moms- since father’s day is around, we’ll focus on fathers this time around!) knows that a family doesn’t have to spend a lot to live well. Dads can keep finances in order with just a tiny bit of resourcefulness and strategy. They ensure that the family’s finances are never compromised. But managing finances, especially as a parent, requires a lot of planning—but where does one begin?
We’ve put together a few money managing tips and frugal advice from some of the smartest dads out there. These super parents know the ins and outs to make the most out of the family budget.
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Use technology to the hilt!
If left to people, setting some time aside each day to look over your finances is a task that will never happen. Having something at your hand that allows you to give an overview to your finances, either every morning or right before going to bed, can work wonders. You just need a small sixty-second window in your day to keep track over your money.
If you’re prone to missing deadlines for bill payments, or are tired of paying penal charges on your credit card, the solution to this is automation! With modern apps you can automate your expenses like bill payments, insurance premiums, etc. You can also automate your savings, and also use technology to keep a track of where you spend your money!
There is an ample number of tools available at your disposal to help you do this.
Bulk it up!
Another hack to be smart with your money is to buy in a large quantity or go for subscription based services. Look at what you already purchase a lot, find out what has a long shelf life and see if you find sources for purchasing it in quantities at a discount. Usually things like grains, beans, canned goods fit in this category and also for other items like toilet paper, diapers or cleaning supplies.
You can definitely save some bucks by paying for a discounted yearly cable plan rather than a monthly or quarterly, or advance payment of your internet subscription.
Go Looking for Discounts
You should always keep your eye out for discounts. The idea behind discounts is to give away as little of your money as possible—and rightfully so. Give a look back on your spending. You’ll find some items which you could probably get on a discount. With a little research, you can find what others pay and call the companies you’re interested in and try to negotiate your rates.
Electronics stores offer heavy discounts around festivals, and clothing lines are on sale during season changes, so watch out for these times around the year!
Keep and eye on outflows
Any smart dad will tell you that the secret to making the best out of your money, is to plug the leaking bucket. You can work tirelessly to making money, but if you don’t control your expenses, no amount of hard work is going to count as much. Keep in mind that when you track your spending, you can make informed decisions about how you want to direct your money going forward. This vital information will help you to be on track for your financial goals.
Good examples of this can be seemingly innocent junk like services that offer you a free trial period and will start charging you once that free period is over and you may not even realise it.
Speaking of saving, you should set a small amount (even as little as Rs 500 a week) aside every week and try saving it. With SqrrlAway you can invest this Rs 500/week and see it grow anywhere between 6-7%, that’s compared to 4% that a standard bank account offers.