Budgeting tips to control living expenses

Family budget worksheet

Knowing where you stand is an important first step. To make improvements in the way you spend money, you need to know what your current patterns are. List all the catagories that you regularily spend on and add up the actual charges for each on a monthly basis. Any spreadsheet program will work. It could also be done manually with paper and pencil. The detail charges will probably come from receipts, bank statements, and your checkbook.

Review the results as a family and discuss whether you are spending more than is needed. Determine actions that will help reduce costs. There will probably be some things that are just wasteful. Other changes will require dedication and perseverance.

One of most important budgeting tips is to list family goals and associated living expenses. These will become the line items for your budget worksheet. The overlying assumption is that your budget is tight and you need to be careful as to how you spend limited resources.

1. Auto maintenance and care

• Checking all vital fluids, change the oil, and monitor tire pressure regularly.
• Keep car clean and waxed for appearence and retension value.
• Do the above tasks on your own or shop around for best servcie deal.

• Minimize resturants and fast food.
• Do meal planning and create a grocery shopping list.
• Resist temptations that are not on your list.
• Use leftovers to create another meal.
• Utilize printable grocery coupons to further reduce expenses.
• Purchase cleaning and toiletry products at drug store.

• Gain an understanding of how rates are computed.
• Contact utility company to determine ways to be more efficient.
• ----Lower heat in winter/Less air conditioning in summer.
• ----Less watering in hot months.

• Determine a monthly amount that will be the limit for the family.
• Be prepared to cut this allowance if other areas are suffering.
• Subdivide so that each family member has their fair share.

• Determine requirements of participation.
• Budget by activity.
• If their is pressure to overextend, allow this only if money is available in another area.

6. Subscriptions and online games

• Keep track of all magazines, online games, or other re- occuring fees. Maintain a list.
• Discontinue items that have little or no use.
• Ask family members to find alternate ways to meet the need.

• Use the lowest oxtane gas permitted by vehicle.
• Combine trips to locations for which you have multiple tasks.
• Shop around for the cheapest gas prices. One excelent website is Test anxiety gasbuddy.com
• Don't fill up until you are down to a quarter tank. The lighter load will save money.

• Keep track of when each insurance policy will come up for renewal.
• Review each policy to be sure that you are taking advantage of all current discounts.
• Consider higher deductables where risks are lower.

• Determine how much you will or can spend for your vacation.
• Carry guide book for descriptions of places, hotels, and food.
• Make a point to stay at inexpensive hotels for the majority of the time.
• Buy groceries for half of your meals (or more).
• Pack light. It will save on airline costs.

10. Taxes

• determine Real Estate taxes for upcoming year.
• Set aside 1/12 of the tax requirement each month.
• Pay entire annual tax each year to take advantage of discounts.
• Review income sources to determine if proper taxes are being assessed. Budget for shortfalls in this area.

Budgeting living expenses changes over time. There are expenses for new additions to the family. There are costs for children as they grow and have needs. Budgeting for teens is critical. Saving for retirement should also be considered. The family dollar usually does not go as far as you would like. Utilizing timely budgeting tips will help keep living expenses under control. These frugal living tips will help you stay on track.

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