Budgeting
for a family can be quite a challenge! Not only are there a lot of expenses
involved in raising a family, but you also want to make sure you are saving for
the future. It is so important to make a reasonable budget and stick to it. However, one of the most cost-effective ways to ensure that your family has
enough to meet daily demands AND build a savings, is through couponing.
Here are some of the best ways to get
started with first creating and then improving your budget through coupons.
Creating
a Budget
In
order to make a reasonable budget, you will need to take an honest look at how you are
currently spending money. Consider what absolute necessities are. For families with young children,
this probably includes baby care items, meal items, childcare, and transportation costs.
Next consider what luxury items you might be purchasing. This might include an
elaborate cable package, your cell phone plan, and restaurant purchases. Once
you have a sense of what items are essential and what items are luxury,
start determining how much each is costing you.
There
are a number of different ways to estimate the costs of these various items.
One of the best ways is to refer back to your debit card statement and identify
specific purchases. Another method is to look for your receipts. The more
accurate you can be with your estimations, the more likely you are to succeed
with your new budget.
Once
you have a good sense of where your money is going, take a look at your income
sources. Calculate how much money is coming into your household each month.
Then take a look at the expenses. If your expenses outweigh your income, it is
crucial to find areas to cut back on spending. Even if your income is meeting
your expenses, you will want to adjust your spending habits to find a little
extra for savings. To find out where you can make that space, go first to the
luxury list. Determine what can be sacrificed and downgraded. Next, take a look
at the necessities list and decide if anything can be cut back or better
managed. Make a plan for how much you would like to spend for each category on
your list and strive to stick to that plan.
Finding
Extra Money
One
budget area, which has the most potential for better management, is groceries.
Couponing has grown in popularity in recent years and for good reason. A family
can save dramatically on the grocery store bill with a bit of planning and
research. Here is what you need to do in order to utilize couponing to find
some extra money in your budget.
First,
check out the coupon policy for your local supermarket. Make sure you
understand their rules regarding coupon doubling and items per transaction.
Next, browse the internet for coupons related to either your particular store or
to the items you like to buy. There is a large community of couponers online
which give tips and strategies for finding those coupons. Finally, print, clip,
and head down to the store. Be sure you've done the math carefully and checked
for relevant sales. You will know you've done a great job once you step out of
that store with $200 worth of product for less than $50. Couponing is a great
way to boost your budget.
Some of our favorite printable coupon sites & resources are:
Coupon Sherpa: www.couponsherpa.com
Retail Me Not: www.retailmenot.com
A Full Cup: www.afullcup.com
Coupons.com: www.coupons.com
Red Plum: www.redplum.com
Smart Source: www.smartsource.com
CVS ExtraCare Rewards Program: www.cvs.com/extracare
Target: coupons.target.com
(Also be sure to download the FREE Target Cartwheel app for additional savings/deals each week at http://cartwheel.target.com)
