Family Finances: 7 Unique Ideas to Survive On a Tight Budget

Living on a tight budget is hard, but most of us have to do this sometime during our life. The secret to living on a tight budget is to not incur more debt while you are being frugal. Here are seven unique tips to help you through the rough times and that are useful as well when things get a bit better.

Credit Cards and Loans

Don’t use them. It can’t get simpler than that. This includes payday loans as well. If you have to go and live with your parents, do it until you get on your feet. This will give you the drive to move forward. This is better than making more promises that you won’t be able to keep. If you want to keep one credit card for emergencies (real ones) and to have a credit score, this is okay.

Expenses

Write down your expenses every day. Actually look at what you are spending each day. By doing this, you will find where you are wasting money that could be avoided and it will also act like a pre-spending review. Do you need that item? Could you find it another way?

Second Hand Stores

One of the most expensive items in the budget is clothes. While there are discount options, second hand stores allow you to purchase well-made items at a great discount. This is so valuable with children’s items since kids don’t tend to wear many of items out. For some reason, boy’s pants are an exception to this rule. But you will find plenty of shorts. You may not find shoes for example, but most other wardrobe items are present. Go to several stores and learn about the sale days where items are often half-price. This is a very good deal.

Grocery Stores

If your family likes certain items, look at this time as a chance to explore some new options. Watch for sales and take advantage of using the home freezer if you have one. Make it a point to not buy products that are not on sale, especially name brands. There is no problem mixing a store brand with a name brand to extend your meal ingredients, such as pasta or vegetables. Coupons are good, but don’t use them unless you buy the item regularly. Some areas have stores that accept double coupons. Find these and go shopping there with all of your coupons.

Outings

One of the worst things about being on a tight budget is not having the ability to go out. However, there are ways around this problem and it can be fun to try to figure out how to save on outings. Many fairs are free and so are local parks. Bring your food from home that you would eat anyway. Most museums and the like have free days during the month. Plan your outings on these days. Like movies? Most areas have a discount theater. Or, buy discount tickets to the local theater and go at a cheaper rate. Most theaters still have matinees and I still like the cheap movies that some theaters offer in the summer for kids.

Rent

This is your biggest expense. It costs a lot to get into an apartment and then to stay in it. Homes that you own cost even more. One area to look at is living in a trailer park. These parks are open to most age groups and are usually half the price of an apartment rental. Most trailers look very much like a one room apartment or hotel room inside and can be quite comfortable.

Car Insurance

Don’t drop your car insurance, but it is fine to look for one that has lower rates. This is time to check on what deductible you can really afford and if your car needs collision at this time. It will cost you a lot more than paying the insurance if you have an accident without coverage (Source: Anthony Clark Insurance Ltd.). Take a look also at the coverage limits including that for injury and property damage. Can you lower these amounts for the time being? Talk with your insurance agent about what you can afford to pay.

Being on a tight budget is tough, but by using smart techniques you can manage to carry on through this difficult time. The main thing is not to give up, because things will improve.

 

Tags: Money Management

Category: Budget