When considering fun activities that the whole family can enjoy, “create a family budget” usually doesn’t factor into the top 100, much less the top 5. But with a little creativity and planning, budgeting can be fun and educational for the kids and easier for you. Here are five helpful family budgeting tips to help everyone plan their spending more effectively and work together to save as a family in 2012.
Examine Everything
This one is strictly for the parents, but the kids can be involved later when you explain it to them. How many monthly bills do you have that you never even consider when thinking of ways to reduce? Home and car insurance are big ones, since we typically view insurance as hard to change. It’s so simple, though, to perform a house insurance comparison online. House insurance comparison sites let home owners evaluate policies and find out ways to save
money. A little bit more per month on this and other expenditures once considered “unchangeable” can mean hundreds or thousands more per year in the family account.
Plan Meals Together
The grocery bill can easily become a family’s biggest monthly expenditure. This is a tremendous teaching opportunity, since you can encourage the whole family to participate in meal planning and shopping. Everyone can search circulars for coupons and sales and then create a weekly menu based on their finds. This team approach will teach children how grocery store pricing works, the value of stretching a budget and creativity in the kitchen.
Create Family Activities
It’s easy for family entertainment outings to break the budget. Consider that going to the movies, for a family of four, can cost over $100 for two hours’ entertainment. With discipline and planning, family night can be fun and cost-effective. Everyone can pitch in, listing their favorite activities, and then the family can plan inexpensive alternatives in advance. Movie night with a DVD and the kids making popcorn will cost 1/10 as much is probably much more fun.
Pay in Cash
It’s not a fun activity, but this tip will certainly teach your kids the value of money. When you set aside funds for a budget, actually set the money itself aside. When it’s time to shop for groceries, take that actual grocery cash with you. This will get keep kids from getting into the credit card habit and will keep you from spending more than you planned to.
Make it a Game
Kids love to play games. The family budget activities can be turned into a fun activity they’ll enjoy. Like any game, the family can sit down and plot out budget goals and the ways you’ll meet them. After that, you can all get together and see how you’re meeting those goals. Tracking and reviewing a budget as a family will be fun and educational. You can even set a reward for “winning” the game: some of the money you save can be given to the kids as an allowance. They’ll certainly be inspired to help with the budget then.
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