How to Control Your Family’s Spending Behavior

| April 18, 2013

With the down economy, it is easy for a family to over spend and accumulate debt. To curb this behavior, there are a few things that can be done to stop the problem. Here are four financial tips to help a family stay within budget.

Use Credit Cards Wisely

English: 'I'm Lovin It' — HM1(FMF) Fred Turner...

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When a family is in debt, it is a wise behavior to stop using credit cards altogether. However, using a credit card in a practical way will allow a person to collect rewards or receive cash back. Many credit cards offer incentives that can be very beneficial. It is wise to choose a credit card that fits a family’s lifestyle. For instance, a family that frequently travels should consider a company that offers hotel or airfare discounts.

It is always practical to spend only the amount of money that a person can pay off at the end of the month. Paying off a balance will lower interest payments and may be a good way to accumulate usable items or cash. Learning how to be responsible with credit cards is essential to staying within a budget.

Cut Expenses

When it is impossible to make more money, a family must learn to live within means by cutting expenses. There are certain things that are essential including basic food and electricity. However, cutting certain expenses will go a long way toward escaping debt. To cut some bills, it may be wise to skip eating at restaurants and opt to cook at home.  Restaurant meals can be extremely expensive, especially for families. Cooking at home will allow a family to prepare dishes with fresh and healthy ingredients. It will be much cheaper to buy food at the grocery store. Leftovers will also help to carry the meal even further for other days.

Another way to cut money is to rent a movie instead of going to the cinema. Movie tickets are very costly. Hitting the snack stand for popcorn and other goodies will add to this expense. Spending a quiet night at home watching a movie on the television or playing board games will bring the family closer and save money at the same time.

Shop For Deals

Save_Money2When a person needs a new outfit or a specific item at the mall, it is important to look for the best deals. Most brand name stores offer printable coupons that can save a percentage off of the bill. If possible, it is smart to wait for the price to drop. Items in the store, especially clothing, will go on sale within weeks of being featured. Waiting a short while may help a person save a great amount of money. Also, it may be best to buy a knockoff item instead of a designer label. Purchasing a high end product will cause overspending. There is no need to spend the extra bucks when similar items are available. This applies to both apparel and electronic goods.

Rethink Memberships

Most families will have at least one person who has a gym or spa membership. Instead of spending money each month on intangible items, these dollars can be put to better use. Very few people take full advantage of memberships anyway. Working out at home or pampering the body in the home’s bathtub will give the same results for much less money.

These are just a few ways that a family can stretch the household income.  It is always easy to spend money without necessity. When budgets are tight, it is essential to uncover ways to avoid debt buildup. When certain behavior is modified in small ways, it is possible to gain some financial security. It may take commitment and discipline, but will be well worth the sacrifice.

 

Author Bio

Joshua Turner is a writer who creates articles relating to the field of business. In this article, he offers a few financial tips to families and aims to encourage further study with an  applied behavior analysis certification online.

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Category: Family Finances

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