Introducing our new series! Family Issues & Solutions (FIS). Families are faced with various issues in life either individually as parents or collectively as a family. In this new series we will be examining various issues that affect families and offering practical solution tips and steps.
Indeed a lot of families are going through crisis and some families have gone through such and can offer support, advice or help in some of these areas.
We will be starting with 5 ways to save on family expenses… …
Every month it always seems that expenses are growing and inflow is not….right?
So here are 5 things that takes the bulk of family expenses
1) Food and entertainment
2) Children’s expenses
3) Monthly home bills – electricity, water, subscriptions etc
4) Transportation and health
5) Unexpected, family expenses
In your family, which takes the most and least? So this varies for most families at different months and season and family types – number of children etc.
For instance in beginning of school term like now, children expenses – school fees can take the bulk.. At the end of the year if you are paying rent, your rent can take the bulk of the expenses.
In order to save and manage family expenses well, the first step is proper planning… Have a Monthly Family expenses plan drawn up monthly or quarterly..by both partners.. These days, some families are jointly run by both mum and dad with shared expenses.
So if you dont have a monthly/quarterly plan yet, please do so this weekend as its the first step in savings and managing expenses. Your plan must have the following:
Stay tuned! when we dive into the first major expense – Food and entertainment and how we can save on this.