Budget Tips for Money-Savvy Families

Financial stress can be a major burden, and it can be a challenge to get out of when the cost of living continues to rise. If budgeting is a challenge, we have some tips that can help. While everyone has unique circumstances, there are a few things that you can do and adjust in the longer term to help keep debt to a minimum. But thankfully, through some savvy money saving tactics, you could say goodbye to debt for good and hello to a healthy bank balance in no time.

Here’s how to get started:

Do the maths

Before you get into where you can trim outgoing money, you’ll need to have a look at what you’re spending and where it’s going. When you have personal loans, it’s a good idea to have a look at how much money you have coming in from your job, along with how much needs to go out every week on things like rent or mortgage payments, groceries, and transport. From there, you can figure out how much you can feasibly pay your creditors. 

If maths isn’t your strongest subject, don’t worry, there are plenty of tools that can help you. Check out something like MoneySmart’s budget planner. You’ll need your bank statements and information regarding what you owe, and from there, you can get a clearer picture of what’s going out, coming in, and how far off you are from getting a nicely balanced budget. 

Consolidate your debt

One of the most common ways to reduce the need for juggling multiple repayments is by considering debt consolidation. Whether you have credit card debt and a medical loan, are repaying a car loan, or student loans, you’ll likely have variable interest rates and fees across each. If this is the case for you, considering consolidating what you owe into a single loan may be a good choice. 

At Rapid Loans, we offer flexible terms and repayment periods, with loans of up to $50,000. This means you can pay off all the various debts you owe, then gradually pay all your debt off – but at one place instead of spreading yourself thin. It’s also a means of shifting unsecured debts into secure debts. They work by adding up all of your varied debts and applying for an online loan, specialised in debt consolidation. 

Sell assets 

While it may be hard to think about selling your family home or new car, if the pressure is really on, it may be a smart move. MoneySmart explains that it is better to sell your home on your own terms than for the credit provider to sell it. 

Apart from large assets, another way to put more money in your pocket is by clearing out your drawers and cupboards, by selling your used items online or holding a garage sale. You know the saying “one man’s trash is another man’s treasure”. 

Apply for government assistance

You should also take the time to look into the different government assistance options available (e.g carers, parents, guardian assistance) on the Australian Government’s Centrelink website, or if you’re having a baby soon find out if you can receive parental leave. 

Just a few hundred dollars extra could make a huge difference to your family budget!

Use less energy

Another major household money drain is electricity consumption, which happens when the kids leave everything from the lights on to the TV blaring. If you have young kids, consider rewarding them whenever they turn off their tech gadgets with a gold star or house points. If you have a gas stovetop or your home has a gas-powered hot water heater, those bills can be a lot more expensive than electricity. 

While updating or changing appliances is expensive, it can be worth comparing different utility providers. Many will offer special deals to new customers, or you can also call your current provider and see if there are any entry level offers that you can snag as well for being a long-standing customer. There are also a range of rebates available for things like gas and electricity bills, helping reduce or offset some of your ongoing monthly bills. 

Another way of using less energy is by having electronic free nights, which is a great way to get back to basics and play board games and trivia as a family. 

Car pool

Is your vehicle a massive petrol guzzler? Speak to other parents in your area and organise a car pool – this will ultimately save you money at the pump, as you’ll use less petrol. Plus it’s a great way to get to know the other mums and dads in your area! 

When you do need to top up on gas, have a look at the local petrol stations in your area and keep an eye on lower petrol prices when they crop up. Signing up for certain loyalty programs often gets you a few cents off per litre, and when fuel is cheap, it’s a good idea to get a full tank where possible to make those savings really count for as long as possible. 

Change your household habits

Having a look at the non-essential household purchases can also help. Things like subscription services that you rarely use can add up over time, so checking over your bank statements to see if there are any you’ve forgotten about can save you that little extra each month. When it comes to groceries, shopping around can also help! Things like checking out the deals online and stocking up on basics when you see them on special can contribute to a little more money in your account at the end of the week.

Ready to ditch the debt? Apply online today to see just how easy a debt consolidation loan with Rapid Loans can be, or contact our team with any questions – we’re more than happy to help.