It is everyone’s dream to have a financially stable family

[Update: 20.8.2021]

Despite the modern thirst for momentary gratification, it is still vital to remain focused on your money-saving strategies to cater to your children even when you or your partner passes away.

The concept of saving money triggers annoying feelings of self-limitation that deprive you of the fruits of your hard work. However, it is a wanting perception of your financial sustainability.

There is an incredible reprieve associated with the knowledge that your family is well provisioned; whether it is about going for holidays, paying your kids’ education fees, or having life/health insurance.

You can consider the following; having a manageable budget for you and your family, cut unnecessary expenses, plan for emergencies, have self and family financial goals, and avoid debts where possible.

Have a manageable budget

The foremost approach to family budgeting entails weighing on your incomes and expenses.

Bearing in mind what you and your spouse collectively earn, sum-up your bills, your bank statements, bonuses, allowances and any other source of income including business if you own one.

Create a budget to manage all your expenses and revenues to avoid unnecessary costs.

Cut unnecessary expenses

Often said, get your priorities in order. As a family, you obviously know what you need; perhaps things like emergencies, maternity, and education will take top priority.

Steer clear or limit unnecessary expenses like every Sunday outings and trips, splurging on junk foods, taxi for short distances, or subscriptions like Wi-Fi unless they are integral to your stay, and importantly, earns you money. 

You can additionally reduce expenses on feeding the family through a well-planned food budget; save on groceries, have a shopping list, not throwing away leftovers, and cooking just enough.

Also, here you will be promoting your family’s general health in terms of weight and avoiding obesity.

Having proper ways to store seasonal foods would be suitable to also avoiding wastage.

Plan for Emergencies

Emergencies are sudden and unplanned. Same goes for family as well.

Children can get sick in the middle of the night and accidents in the home might happen. While external disasters would equally affect families, family-based emergencies tend to drain every person.

The benefits of having life covers, retirement benefits, or health insurance outweighs the costs and can armour you from financial constraints when emergencies come knocking.

Avoid debts

Debts arise from poor financial planning while settling debts calls for self-discipline, compassion, time, adjusting on lifestyle, economic standpoints, and habits.

These can easily be included when drawing your debt management plans based on your budget.

While you can opt to settle your debts at once, you can create a proactive strategy to settle it in phases.

Have family financial goals

Financial goals are simply personal objectives established on how to spend and save your money. They entail your short term and long-term expectations which are easily attainable if identified in advance.

Setting goals is crucial to safeguard a family’s future, be it saving for wedding celebrations, holidays or kids’ education. The goals can allow you to carefully manage your cable bills, utility bills, and other miscellaneous expenses.

Family financial goals provide a roadmap for future financial suitability.

Regardless of your income, embracing some of these tips can provide you with clear direction on how to financially safeguard your family’s future. Saving even sh.100 can be a start, give it a try.

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