"Wais" Tips: Save money on your household budget
Most mothers wish that they had more than enough money to never have to think of making a household budget, but a budget is still necessary, no matter the amount of pesos your household is bringing in.
According to Nannette Ferreria, Managing Director and Senior Financial Consultant of Money Doctors Inc., and mother of six children, here’s how to pinch those pesos even further:
Plan the expenses before payday comes, rather than the other way around. So when your income comes in, you can allocate the money as planned. These are the expenses that you need to prioritize:
- School related expenses
- Househelp salaries
- Medical / dental
- Work-related expenses (transport to work, auto amortizations, fuel, toll, parking, meals)
Resist the urge to spend on "lifestyle" expenses. For other expenses that aren’t included in the list above, Ferreria says that you should ask yourself this question before purchasing anything: If I didn’t buy this item or do this lifestyle item, will I die?” If the answer is no, then that expense can be cut off.
Find a more affordable option. Be it food, clothing, gadgets, travel purchases, and the like, there will always be a more affordable piece of clothing, a cheaper hotel, or a gadget that you can purchase when it goes on sale because of the release of the newest model.
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Be smart with your grocery shopping. Lessen the times you need to head to the grocery store. It means less parking fees, gas, effort and time spent. If you can leave the family while you’re in the grocery, please do so, or make a pact with your kids that they’re only allowed to buy one product within a certain price range. And it goes without saying that having a grocery list is absolutely necessary.
Buy cars in January. When new models are released, car dealers usually put older versions, but still brand new models, on sale.
Buy clothes for the family after the New Year. Buying clothes in January or February when stores do their inventory sale will save you hundreds of pesos.
Pack lunches for you and your family. Designate Sunday afternoon as the time when you and your entire family cook meals for the whole week. It might take a little longer to prepare, but it will save you hours and money in the long run.
Teach the value of delayed gratification. Teach your kids to plan for expenses rather than buying on impulse. If and when they see something they like, tell them to sleep on it so that they'll have time to think about it, or see if they have enough money to buy it themselves. It will teach them to be logical, not emotional spenders.
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