5 Money Management Tips for Large Households

admin July 3, 2019 Comments Off on 5 Money Management Tips for Large Households
5 Money Management Tips for Large Households

It is one thing to know how to manage your wealth wisely as an individual, but another thing altogether when you are trying to plan out money management strategies for a large household. When we say ‘large household’, we are talking about families with four or more children. Just imagine how complex it would be to spend and save wisely for a family this big!

Plan Your Meals

Try to plan your meals. It’s never easy to do so, but having a weekly meal plan that you can prepare ahead of time can save you more money than you expect!

As an example, you can plan to serve chicken-based meals for two days of the week, fish for another three and other substitutes on other days. When you create a meal plan, you can also make grocery shopping a faster and more convenient process.

You can even plan your meals based on any upcoming promotions in grocery shops that you know about. Then, you can save money not just on creating a meal, but also for any prior shopping too, win win.

Purchase Online and in Bulk

Try searching for wholesale online shops in your area. Everything can be done online nowadays, and this includes shopping for your household needs!

When you buy in bulk, you are likely to be purchasing at a discount, especially from wholesale stores. Now, put that together with shopping online where you can curb impulse purchases and avoid the stress of shopping with several kids.

You now have yourself a great stress and money management strategy – that is getting two birds with one stone!

Work on Debt Management

It would be almost impossible not to have any loans when managing money for a large family. There’s the house mortgage, student loans, car loans, and credit cards to manage – and that’s just a handful of examples.

Start by keeping track of outstanding balances and their interest rates, along with the minimum repayment that you need to make each month.

You can then choose which loans you need to prioritize, create your monthly budget surrounding these debts, and start working on better debt reduction strategies.

Save on Holidays

Living with a large family does not mean that you need to let go of hoildays altogether – you can still go for a well-planned vacation when extra resources are available.

Save on road trips by planning the transportation costs and shortest routes, and save on your hotel costs by staying with your family or other relatives whenever possible.

Whichever city it is that you visit, there is bound to be some free activities that you can opt for. Even if it’s something a little more luxurious like theme parks or cruises, you can always save some money by going during off-peak seasons.

Save Precious Hours

An extra hour spent on working rather than on taking care of chores around the house can mean an additional day of stay for your family vacations.

Teach your children that time is a precious resource that they can help you to save by helping out with chores around the house, in exchange for the small luxuries that they too can benefit from later on.

You can start by giving small amounts of allowances for each chore that your child completes to provide them with the initial motivation while they are still learning about time and money management.

 

 

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