If you are a big family living on a small budget you probably already know the difficulties that this situation presents. When you throw kids into the equation it even makes things more complicated, because you have to worry about school expenses, allowances, and extracurricular activities. Of, course the current shape of the economy doesn’t really help matters any at all. Your kids are extremely important to you and you probably want them to have everything that they could ever want. But, how do you go about giving your kids an acceptable allowance when you are on such a tight budget? Below you will learn some tips for living on a tight family budget and providing your kids with an allowance.
Set Realistic Amounts
Of course, you cannot base your kids’ allowance on the amount that you received when you were little. Unfortunately, the dollar just doesn’t go that far anymore and times have completely changed. As a general rule of thumb, most families try to set an allowance that is based on age. For instance, if your child is eight years old, you can provide them with eight dollars a week. If your child is 12 years old, give them one to two dollars a week. When your kids hit their teens, you can quit increasing there allowance altogether.
Use Family Budgeting Apps
The organization can be an issue for a family of four or more. Working on your organizational skills will help you stay on your budget. A great way to keep track of your spending and goals is to take advantage of budgeting apps. You can download one of the apps from the App Store for absolutely free and enjoy its many benefits. The app will help you monitor your budget better than trying to keep track of everything on paper. In fact, everyone in your family can utilize the same app to keep track of their spending, as well.
While you are budgeting your finances, you should work to remove negative items from your credit. By doing so, you will improve your credit and help your overall financial situation.
Shop With Lists
To stay on budget, you should never leave your home with a shopping list. Regardless, if you are just going to the convenient store to pick up a few items, you should not be without a list. Financial experts recommend shopping lists for everything, including groceries, clothing, hardware, pharmaceuticals and household items. The list will help you prioritize your purchases while preventing you from purchasing unneeded items.
The best way to ensure you get everything needed to survive the week or month is to create a shopping list over a period of time. You can leave the list hanging on your refrigerator door or lying on your dining room table, so it will be accessible to all family members. Once the list is complete, you will just need to pick it up, before you head out the door. This will help keep you on track with your spending and ensure you an extra trip to the store will not be needed.