Amy & Aron's

Save Money Every Month With Simple Changes to Your Money Management

Maintaining the family finances can be a challenge, especially with the tough economy and unexpected expenses, such as car repairs or medical bills. If you're feeling stressed by the monthly budget or worried about debt, there are some things you can do to improve your financial situation. Large steps, such as refinancing the mortgage or taking on a second job may work for some people; however, if you are looking for a few small-but-effective steps, take a look at this list.

Prioritize Your Fun Spending

While some financial-management gurus will tell you to stop all discretionary spending to get out of debt or increase savings, this is not a practical or sustainable approach for most people. You may have better results by setting a limit on your fun spending and then prioritizing areas and items on which to spend those funds. Maybe your daily latte is a really important part of your self-care routine; if it is, keep it! Be honest about the things you spend money on and cut out things that don't provide long-term value or happiness.

Meal Plan

Eating out is generally cost-ineffective, but it's a convenient fall back when dinnertime rolls around and you don't know what to cook. Taking the time every week to plan your meals and complete the grocery shopping can remove the temptation to order pizza or grab takeout multiple times a week. Depending on your schedule, you may even want to do some of the prep work for your meals on a weekend day. It's much faster to get dinner on the table when you are starting with chopped veggies and trimmed protein.

Shop Your Closet

Do you struggle with spending too much of the budget on new clothes? If so, try a different approach. Before buying a new outfit, look through the clothing you haven't worn in a while and see if you can find something you like. You may have forgotten a nice blouse or comfy sweater. You can also create new outfits by pairing warm-weather skirts and dresses with tights and boots for the winter or adding a scarf or hat to change the look of a top.

Find Inspiration

It can be hard to discipline yourself to save money when you are just using those savings to make credit card payments or additions to your emergency fund. Try thinking of the reasons you want to improve your finances and use those goals for inspiration. Do you want to get out of credit card debt to save up for a vacation? Are you working toward a college fund for your kids? Remind yourself of these goals the next time you want to go over your budget for an impulse item you don't really need.

Lower Your Monthly Bills

While most advice related to budget centers on moderating discretionary spending, there are also things you can do to lower your non-optional monthly expenditures. If you aren't quite ready to refinance your mortgage, consider a smaller change instead. Try investing in energy-efficient light bulbs for your home, a change that will pay off in significantly lower utility bills every month. You can also contact a local insurance provider to see if you can lower the premiums on your auto or home policies.

Organizing your family's finances may seem boring, but it's necessary for financial stability. Getting out of debt, increasing your savings, and lowering your monthly bills can lead to financial freedom and a large retirement nest egg. Taking simple steps such as planning your meals, prioritizing your discretionary spending, and choosing to wear clothes you already own can greatly reduce your chances of overspending. You can also reduce your monthly bills by looking for better insurance deals and increasing your home's energy efficiency. Even little steps can make a big difference down the road.