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Budgeting Tips For Big Families

Maama, for many of us, money is a sensitive subject. It’s far easier to turn a blind eye and believe that our financial problems would go away independently. Taking the time to look at where your money is going, on the other hand, will help you feel more in charge. The first step toward resolving your financial concerns is to tackle them head-on. In this article, I’ll be sharing budgeting tips for big families. 

How to budget for a big family 

Having a large family necessitates a great deal of budgetary discipline, but it is possible, and these basic budgeting tips will help you save some money. Below are some simple budgeting tips for a big family:

Set goals 

Determine the reasons behind your desire to budget your money. If you have clearly defined goals to work toward, you will be more driven to stay within your budget.

Include all members of your family in this process. Allow your children to make suggestions. Choose a family objective that everyone can agree on, such as going on a family vacation or buying a car. Assign your children to different roles.

Your objectives will be short-term, such as paying off credit card debt, or long-term, such as retirement savings.

It’s liberating to have defined objectives. You now have a clear idea of how you want your money to be spent. Most people who lack defined goals spend their money haphazardly and wind themselves in debt.

Make a chart or a spreadsheet with your objectives. If at all feasible, do this as a family. Make a practical plan to reach your goals now. How much money should you set aside each month to achieve your objectives? Where will you get this money…your salary, extra income?

Read This Next: 13 Awesome Hobbies You Can Make Money From

Separate needs from wants 

Now is the moment to exercise self-control. You must divide your expenditures into needs and wants. A need is anything that your family requires, such as food and shelter. A desire is something that you can live without; for example, eating out at a restaurant or going to the mall on a whim.

Make sure your children are included in this process. Learning to distinguish between necessities and wants is the foundation of excellent money management and can help kids develop healthy money habits for the rest of their lives. 

When we are stressed, we frequently use spending to lift our spirits. You can give your children a wonderful gift by teaching them to find other ways to improve their mood, such as via exercise.

Create a budget 

Now that you have set goals and separated your needs from wants, what’s next?

When it comes to creating a budget for a more prominent family, you should take the time to sit down and do so. 

This is where you’ll have to make some difficult decisions. You’d need to cut your spending if they were higher than your income, as mentioned earlier. You might also look for strategies to increase your revenue. Keep in mind the goals you set as a family. Which expenses can be reduced to help you achieve your objectives?

You need to know how much money is coming in and leaving out. You will be doing yourself a great favour by sitting down to build a budget. Maintaining a strict budget will assist you if you have a lot of debt. 

Plan things out 

One of the essential budgeting pieces of advice for large families is to prepare ahead. Plan out your meals so you know how much money to spend on groceries—plan to save for large purchases and goods you will require. Your budget will be easier to manage if you plan.

Learn to say ‘No.’ 

Having a large family almost certainly means you’re constantly bombarded with requests and queries. Saying “no” to those requests is perfectly acceptable. Because, let’s face it, once you say “yes” to one, you’ll be expected to say “yes” to all of them. The simple solution is to stick to your guns and refuse to give in.

Savings is an essential component of any budget plan

Your budget must be in order. If you have extra money, that’s fantastic; put it towards your savings. Your funds should be used for three things:

Long-Term Savings

This is money that you wish to build over time to assist you in achieving your long-term objectives. The most crucial thing you can do is set up monthly automatic transfers from your bank account to your savings account. Don’t put your trust in yourself to remember to send money. You’re preoccupied, and you’ll forget!

Emergency Savings

The money you save aside for emergencies is known as emergency savings. If you lose your work or become injured, your emergency savings should cover your living expenses for at least three months. Make monthly deposits into a separate savings account once more.

Short-term and Seasonal Savings

These are funds set aside for short-term goals (for example, a family vacation) and seasonal needs. Seasonal expenses are expenses you pay for at specific seasons of the year. Separate this account from the rest of your savings. Set up automated payroll deductions. This money should only be used for seasonal needs and short-term aims.

Read This Next: 25 Superb Ways to Save Money for Moms on a Budget


Budgeting is an essential part of a family’s money management plan. Wealth creation isn’t necessarily about how much you make but more about how much money you can manage and grow. If you diligently apply the budgeting tips above, you’re on your way to a financially free life.

Remember that motherhood is a journey made easy when we have the right people in our corner. 

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