You can save on many types of expenses, including family expenses. By doing so, you can save more whether for your emergency fund or retirement savings. You can also use the saved money to reach your financial goals faster.
4 Strategies to Save on Family Expenses
1. Start with food costs
One of the factors causing the large monthly family expenses is the costs for food. Therefore, if you want to save on family expenses every month, you can start with food costs.
You can establish family eating habits and plan meals for at least the next one week. If you and your family frequently eat out, then it’s time to slowly but surely change the habit. For example, from every day to only on weekends.
Then, planning what to eat also makes it easier for you to buy what you need. You can make a list of what you want to buy, by referring to the menu. Having a shopping list helps you in controlling your expenses.
2. Do fun but inexpensive activities for family bonding
Family bonding is indeed important. However, this does not mean you have to spend a lot of money to do it. You and your family can choose activities that are not expensive but still fun and memorable.
For example, you and your beloved ones love traveling together. But, because you want to save on family expenses, you can choose to travel within the country rather than abroad. There are so many beautiful places that you certainly haven't visited in your home country.
Another alternative is to visit tourist attractions that are free of entry fees or whose entry tickets are quite cheap, such as museums, beaches and parks. It must be fun being a tourist in your hometown.
3. Practice various ways to save electricity and water
Bills also affect family spending. The cheaper you pay the bills, the less money you have to spend on family expenses.
Fortunately, there are many ways you can practice so you don't have to pay expensive bills. You and your family can start with these 3 simple ways to lower your electricity bills.
To lower water bills, you can teach your child to turn off the water while brushing their teeth, for example. Reducing the use of water can also be done by using a shower instead of a bath. Start with the simple things first and make sure these habits are formed in the family.
4. Do budgeting to be disciplined with spending
One more thing, don't forget to do budgeting, Jagoans. Budgeting helps ensure that money is spent the way it should be. Decide how much to spend on family expenses and separate the money so it doesn't get mixed up with money for other needs.
You can make a budget every week, every two weeks or every month. It all depends on you.
There are indeed many family expenses and if you want to separate them to make it easier to monitor them, you can use the Jago Pocket in the Jago application.
You can create 20 Spending Pockets. So, if you want to separate the budget for monthly bills and the budget for buying groceries, you can create a Jago Pocket for each need. But, if you want to combine everything and just create 1 Pocket for all your family expenses, you can.
Budgeting with Jago is super easy and practical, right? Download the Jago application here if you don't have it yet.