If you and your husband are on a tight budget and you can’t stop fighting over money, there are a few money tips you should follow. There is never enough money for everyone because we can’t manage our budgets properly. We spend too much money on bad habits (alcohol and cigarettes), gadgets, fast food, beauty products, clothing, gas, etc., and often run into debts, hoping that we quickly pay them off. The reality is, it’s extremely difficult to pay off a debt, no matter how much money both of you make each month. There are always things you or your partner want to buy, and it’s hard to resist the temptations. Follow these simple tips to improve your family budget and save more cash each month.
1. Saving for retirement is a must
Even if you and your husband are in your 20s, you should start thinking of your retirement now. Develop a habit of contributing at least 5-6% to your retirement each month. If you can afford 10-15%, it’s better. If your family income is very low, consider contributing 1-2% to your retirement each month. It sounds like a small amount of money, but a little now adds up to a lot later.
2. Use one car
If you or your husband can’t imagine a life without a car, this tip may be hard to follow. However, if you start using one car, you will improve your budget in no time. Last year my husband and I spent more than $800 per month just on gas to drive two cars. This year we start using one car and we have more cash for more essential things.
3. Eat healthy
Many people believe that healthy foods are expensive, but have you ever tried to eat healthy for a week? Eating healthy is not as expensive as you may think. You spend much more money on fast food, processed foods and takeout than on fruits and vegetables. It may be difficult to start eating healthy at first (especially for your man), but take small steps and you won’t notice how both of you will fall in love with healthy food.
4. Be careful with a mortgage
If you and your partner are planning to purchase a house, be careful with a mortgage. Jumping into a big mortgage will lead both of you to nowhere. If you don’t want to buy a small house, then it’s better to wait a little bit and save more cash for it. A huge mortgage can ruin your family budget and your relationship as well.
5. Resist your temptations
Do you really need that big tablet? Does your husband really need that pricey laptop? Does your family need a huge TV? I know how it’s hard to resist the temptations, but technology wrecks your wallets and runs your family into debts. Learn how to stop buying the things you don’t need and teach your children to appreciate those gadgets they have. If your child has a good phone, there is no need to buy a new, trendy one.
Read also – Parenting Habits That Make Children Weak and Miserable
6. Look for deals online
There are many websites that offer great deals to save cash. You can buy two for one deals to concerts, theaters, restaurants and any other events. There are also many travel deals for weekend getaways and family vacations. Just because you are short on cash doesn’t mean you should forget about entertainment.
7. Ditch cable
If you spend too much time watching TV, it will be difficult to ditch cable. However, you can save more than $150 each month. There are so many wonderful activities you and your husband can try instead of watching TV. Or, consider using streaming services such as Hulu or Netflix. But remember, life is too short to spend it on TV, not to mention watching TV slowly damages your health and your wallet.
Whether you just start living together or you’ve been living together for years, these money tips can improve your family budget and prevent money fights. If you have some other tips that you’d like to share with us, feel free to do it in the comments section.