There isn’t much anyone can do about the cost of living based on how major corporations set prices and world banks decide to raise or lower interest rates, but we can take a proactive stance on how we spend the money we earn. With that in mind, if you are seeking ways to control how you spend your money in an effort to bring down your family’s cost of living, there are several things you have within your power to do.
Set a Logical Budget
Anyone can set a budget, but is it a logical one? Sometimes we allocate too much money to one category without calculating in necessary expenditures such as utilities. These will often vary from season to season, and so it is imperative that you set aside a savings account into which any money not spent in those average budget categories can be placed for use later in the year.
For example, the cost of heating your home in the late autumn and winter months will be exorbitant while virtually non-existent in late spring and summer. Don’t vary your budget based on that! Calculate the average annual cost and that’s the amount divided by twelve that you allocate for your monthly budget. What you don’t use should always be set aside so that you aren’t burdened during months when you’ll need that money for those bills!
Choose Loans Wisely
This is something else that we just can’t seem to get away from. How many families can actually say that, when it comes time to buy a new car, they have enough money tucked away to go out and pay cash for it? If you know any, ask them what their secret is! With that in mind, families in Northern Ireland, as an example, would need to compare car finance NI rates to get the best loan possible. Car finance comparison quotes can help you keep your cost of living under control. The lower the rates, the better it is for your finances, plain and simple.
Let Sustainability Be Your Focus
As the old adage goes, “waste not, want not,” and so it is when trying to get a handle on your family’s cost of living. To the extent it is possible, observe the 3 Rs of Sustainability. That would be to “Reduce. Reuse. Recycle.”. Unfortunately, we have come to rely on disposable everything from nappies to coffee filters! At this point, you may be asking yourself how you can reuse a paper coffee filter, but that’s just the point! Did you know there are reusable coffee filters that fit the size of any standard pot that you can simply wash in between uses? What about nappies for the babies? Those can be made from cotton and washed in the machine.
There are so many things that we spend money on that is actually a waste, eating away at our cost of living. Live sustainably and see just how much money you can save! Next year, look back on your 2023 budget to see just how much money is left in that savings account and you will be happy to go into 2024 with a whole new appreciation of just how easy it is to control your family’s cost of living.