Family units tend to experience different seasons in life. It is inevitable to come across a period where there are more needs than the income. Shifts in finances may be sudden. With inadequate preparation, such changes may have an adverse effect in a union.
While we all anticipate and hope for financial stability, it is essential to arm ourselves with the knowledge and muscle to face a turbulent economy. Preparations helps a family sail through such storms with ease and grow stronger when the coast is clear.
Here are some tips to survive when money is scarce with minimal conflict;
Identify Priorities and Draw a Budget
There is no better time to agree and engage consistently as when facing a financial crisis. It is crucial to make well-calculated moves, especially where money is concerned. Engaging each family member to find out their most pressing needs is vital. A roundtable discussion to deliberate works best.
When all members are brought on board and needs well represented, decisions are made with a clear mind. Funds are therefore to channeled urgent matters first. As a family, you will less likely have to borrow to cater for pressing needs as this will have a provision already.
Make provision of every coin with people’s needs represented. A balanced budget that provides for everyone is essential. Stick to the budget.
Compare Before Committing and Settle For Cheapest Deals
Once you have agreed on what you need as a family, you need to shop around to identify the best deals. Some prices are brand name influenced. Consider functionality more than the brand. With little money to spend, you cannot afford to play brand loyal. Browse through available options to see where and how you can get the best deal.
Cheap auto insurance for people with no citations can work well at this time. Check which companies are offering such and only commit once you have exhausted all other options. Deliberate and discuss so that you are all on one page.
You do not have to forego family outings and vacations altogether, just look for cheap options. Many picnic sites are free. Get your meals nicely made from home and have fun. Carry enough games. For a holiday consider self-catering apartments. Most of the units are cheaper than hotels as you get the entire house or apartments for yourself as opposed to paying for rooms. You can agree on cooking your meals and refrigerate. With the home away from home set-up, you are more in control of how you will use everything.
You will be amazed at how creative you can get when there is a need. Look around and see things that you can put to better use. Check online for ideas to DIY where possible and do it. To celebrate a member’s birthday, you can bake the cake as a family instead of ordering. It will be fun to have everyone participate. Decorate the house using paper and follow recipes to prepare sumptuous meals. The Internet has made life easy. Just wear your creative hat, twist some things here and there and enjoy!
Avoid Borrowing and Use What You Have
With the easy access of credit, spending money one does not have is rather easy. It calls for a lot of financial discipline to avoid borrowing. Remember, borrowing attracts interest, and the last thing you want is getting more debts piled at this time. If possible, collect all the credit cards in the family and keep them safe. Some members may be more inclined to borrowing than others, be each other’s accountability partners.
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