A large family is considered to be a group of five or six people under one roof. Nowadays that family size can even grow to eight or ten.
If you have what is considered to be a large family you may be finding it pretty difficult to budget your money wisely. There are however several things that you can do.
The list below includes ideas and suggestions on how to properly budget your money for a large family.
1. The first thing that you will need to do is create a realistic budget. This is something that is obviously easier said than done for some. You will need to set up a budget and stay within those limits.
This will mean that you have to purchase the items that you really need and not so much what you want. When it comes to a large family every penny counts. You can easily set your budget by making a list of your monthly bills.
Next to each bill write down an average of what you usually spend. Then you will need to see if any of those bills can be lowered. For example, the electric bill is one bill that can be lowered with a little family effort.
Write down your goal amount for each bill including the food bill. Then write down ways that you work toward those saving goals.
2. Take our cash for shopping instead of paying by check or credit. It is very easy to go a little over when you pay with credit or debit. If however you only pay with cash you are restricted to the cash on hand. This will help you to stay on budget and prevent you from going over.
3. Buy items in bulk. There are plenty of items that can be purchased in bulk and you will save tons of money by doing so. When trying to feed or purchase clothing for a large family, bulk items can be a great necessity.
4. Try cooking large affordable meals. This would include cooking casseroles, soup, and stews for dinner. These meals can easy include healthy and affordable ingredients.
There is also a large variety of recipes to choose from so that the family does not feel like they are eating the same thing over and over again.
5. Keep good records of how much you spend. You can easily track the amount of money that you spend by saving your receipts and, then adding them up at the end of the week, or month.
Keeping good records is really the key to saving money. It’s hard to know where to save when you are not sure where the majority of the money is going.
These are just a few ideas and suggestions that you may find helpful when it comes to budgeting for a large family.
Remember that you need to learn how to stretch your money a little bit further.