Most folks with families do their best to live frugally, saving money for emergencies, rainy days and things that really matter like family vacations. However, even if you think you have this frugal thing down, there may be others methods that you haven’t come across yet. Techniques like the ones mentioned below, just read on to find out more.
Sort your credit score
How can getting your credit score sorted save you money? Well, it’s all about raising your score as high as it can go, something that you can do in a few different ways.
Why, is a high credit score so important? Its because you will not only find getting credit easier with a higher rating, but you will be charged less interest on what you borrow as well, something that can save your family a fortune.
To improve your credit score, it may be necessary first to do some repairs. These are when you need to investigate your credit account and whether there are any bad marks against it. Then you can have these removed or erased, and your account will be much healthier.
This is, of course, something that you can try and do yourself by looking up how to remove late payments from credit reports online. Although, be warned it is often quite a complicated procedure, and as such, some folks prefer to leave it to the credit repair professionals.
Change your family car
You can make some significant savings for your family by changing your car. In fact, apart from rent or your mortgage, the family car is often the most expensive single cost to pay out for, especially if you are leasing that car month by month. Then there is the insurance, maintenance, and services to pay for as well as any repairs and regular fuel top-ups.
Luckily, the automobile market is becoming flooded with vehicles that are much more economical to run. In fact, you may even wish to consider investing in an electric car, which is much cheaper to fuel up than one with a traditional combustion engine, and better for the environment to boot.
Yes, you may pay a little more for the purchase itself, but there is government assistance available too, and you will still save a significant amount of money over time, even with the initial cost.
Needs vs. wants
I heard a friend’s child say that they needed ice cream the other day, and it made me think how smart of her! After all, she was using a well know NLP technique to get her mother to comply, albeit unknowingly. This brings me to my point about needs and wants, and separating the two, because in fact even as adults we often confuse them.
Enough healthy food to feed your family is a need rather than a want.
However, you can start to retrain your brain and save more money by identifying whether a purchase is a need or want before you buy it. Then you can cut back on the wants and hopefully make some decent savings on the monthly budget, making your family even more frugal.