We all know the importance of looking after our families. If you are naturally the mothering type, you are probably already accustomed to providing for your family on a daily basis, and always being there to take care of them. In fact, it’s probably what a large bulk of your time and energy goes on.
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It’s almost the end of the month; money is tight again and you’ve got to come up with ideas that will help you to save money as a family. Luckily, there are plenty of things you can do to achieve this. Here are a few great ideas you might want to make use of.
Cut Cost of Energy Bills
Perhaps the biggest and most frustrating cost you’re going to encounter is energy bills. These are a regular expense that you’re going to need to deal with. So it’s vital that you look for ways to cut down on the cost of your energy bills. You can use plenty of techniques to achieve this. For a start, try to wrap up warm when it gets cold rather than putting the heating on. You may also want to consider solar power and making your home more energy efficient.
Everyone has their opinion on what you should and shouldn’t share with your children about your family’s financial situation. Some say you should be really honest and if your family is struggling financially, then the kids should be made aware of it. Others say that you shouldn’t tell your kids anything at all as it’s not their problem.
I would venture to say that neither approach is healthy. If a child is in a family that is currently experiencing financial difficulties, it’s a good idea for them to be kept in the loop to a certain degree, but certainly not to the extent that they feel burdened and pressured to find a job to help support the family.
I can say this from experience. When I was growing up, my mother was a single parent for most of my formative years. We lived on an extremely tight budget, and while I was aware that things were tight, I was never led to believe that we were going to go hungry or become homeless. My mother never told me that we were in trouble, even if we might have been.
Everybody is scared of a possible recession. This has become apparent during the last global financial crisis. Now, many households are assessing the stability of their finances. Of course, no one wants to be a casualty of any possible recession. Are your family finances recession-proof? Here is a simple checklist.
1. The main source of household income is not formal employment. It is logical that employment is not a secured income source especially during recession, when many companies from across various industries fold up and dwindle. Job loss is an inevitable and potential occurrence that may happen to all formally employed professionals. It could spur financial crisis and instability.
2. Family income comes from a home-based or small business. The recent financial crisis has allowed so many households to realize the advantage of owning and operating a business over relying on formal employment. Businesses are more likely to grow exponentially. A household has the potential to earn so much more from running a business, compared with formal employment wherein monthly income is fixed.