How To Manage Your Money With A Family

**Collaborative Post**

It can be a challenge keeping your finances on track with a young family. There always

seems to be something that crops up and before you know it, you have spent a couple

of hundred pounds that you had not planned to be spending when pay day rolled around.

It can be painful! So today we want to share with you a few tips on how to manage your

money with a family. 

Image Pixabay

Whether it be Mercedes Servicing or a broken down washing machine, something always seems to come up every month, doesn’t it? This is why it’s so important when you are planning your monthly budget to look at your annual expenses rather than just note down those monthly direct debits. 

Take into account every single expense

Along with your normal monthly bills, you should also take into account birthdays and Christmas spending, holidays, emergencies, and then those things that you know will crop up from time to time such as buying school uniform and shoes, swimming lesson fees, car servicing and so on. It can be hard to think of everything, so don’t rush this process, do take a look back over around a year’s worth of bank statements as they will remind you of all that you need to spend.

Work with a weekly figure 

The next step is one that people rarely take, but trust us, as it is well worth doing. Get yourself a weekly budget figure. 

You need to work out a weekly amount of money that you have available after all of the necessities have been paid. Weekly is a lot easier to work with and stick to than monthly. Weekly might only allow you to make one or two purchases, which will make you stop and think before you pop to the shops and buy a few bits and bobs. Monthly will be a greater amount and you are more likely to ignore it as one spend in a month’s worth of spending can easily get swallowed up and ignored. 

Spread out the cost

Now that you are getting used to looking at your finances across the year, then the month and then weekly, it’s time to start working on spreading the cost.

You should now be taking typically expensive times into account, such as Christmas and holidays. We would suggest that as well we putting money aside monthly for everything like this you also shop throughout the year for them.

Buy clothes for the next size up when the sales are on, avoid paying full price wherever possible. If you see a great deal on a toy that you know your little one would love, but Christmas isn't for another three months, buy it and put it away ready for them. Similarly, buy bargain toys and gifts that you spot ready for those birthday parties that you just know your children are going to be going to. This way you won’t be caught on the hop at any point and you will have bought a lovely gift without breaking the bank.