This post brought to you by BMO Harris Bank N.A. Member FDIC. All opinions are 100% mine.
We are a family of 5 and 3 fur babies and finances are always on my mind. I’m the one that handles the budget and tries to stretch it as far as we can but that alone doesn’t help. I have lots of little ways to keep our finances in check and since we talked about how to manage different household situations over the last few weeks from having a new baby to sending one off to college, I decided to share some tips on how we keep our finances in check. They are simple, but will really help you in the end.
Keep your Finances in Check with 5 Simple Steps
1. Open a Savings Account and have your employer, if they don’t already do, transfer 5% or what will work for your family at the moment into that account. Once the money is out of sight it’s out of mind and you will see how easy it is to save a little at a time and it will pay off big in the end. Transfer any extra earnings like Bonus or raises into savings as well, you adjusted to a certain income, everything above and beyond can go into a Family savings account that will be able to sit there for emergencies, family vacation or maybe a splurge to a Theme Park, but all the extra expense will not have to come out of your Monthly Budget.
2. Set a monthly Budget. That is very important; I have my budgets set into different categories from Food to kids to emergency expenses; each month I have a certain budget and if I don’t use it, I’ll just roll it over to the next month and so on; trust me emergencies will come and you are happy you have a little left from your budget to put towards that. Stick to your budget is also very important!
3. Use coupons! That’s not a joke or disgrace at all. Trust me, using coupons will help me put extra savings into our savings account, instead of paying the store for the things I need, I pay myself into savings for the things I WANT with the money saved! It is unbelievable how much money you can save by simply using coupons. I was able to cut our grocery bill from a family of 5 with 3 dogs from $800 a months ($200 a week) to $200 a month ($50 a week). Yes!! If I can do it, you can too!! That’s a savings of $600 and that will easily pay for a trip, a new car or emergency repairs!!
4. Open a separate account for your groceries. I have two checking accounts one we use for everything from the kids to monthly bills and the other account I fund with just Grocery money for the month. That way I can keep our food purchase separate from the regular account and always see how much we spent and how much we have left over at the end of the month to move to savings. Has worked for almost 5 years for us and we are loving it.
5. Keep a spreadsheet for your budget. Lay it all out for your husband and you to see. Show all your bills, credit cards and monthly expenses, you will see it’s amazing the things you didn’t realize you paid that you may be able to get cheaper elsewhere like Internet or TV setup. Also don’t ever use credit cards unless you have the funds to pay them off at the end of the month. You don’t want to add additional expenses to your budget that you don’t really have to. It’s always easier to put money into savings to pay for something down the road then to find extra money in a budget because you splurged on a $500 bed and now you have to come up with monthly payments that are now cutting down your budget!
These are just a few of my very own tips that help my family stay on budget and keep our finances straight; would love to hear what tips you have to keep your family on budget.
BMO Harris Bank knows that life events can sometimes be shocking, unplanned and unforgettable. With the five-week long BMO Harris Bank Scavenger Hunt Sweepstakes they take us through an interactive game experience geared around such life events. This week we are on week 5 and you will get lots of tips and idea revolving around your finances, to get you through a smooth transition for you and your family.
Be sure to enter for your chance to win the
BMO Harris Bank Scavenger Hunt Sweepstakes!! Don’t forget to follow BMO Harris on Facebook to keep up with all the savings tips and ideas they share. Each week opens a new environment that focuses on a life stage moment, where you can discover relevant financial information and collect tokens for a chance to win anywhere from $500-$2,000.
How do you keep your Finances in Check? Would love to hear it!
Daisy says
I used to despise using coupons because I don’t like jumping through hoops. However, the tip to use them is truly a good one because it does help financially. I started using them more over the past few months and think that I was crazy for overlooking this important tip before this. I love saving with coupons now!
Amber Edwards says
That is such an awesome idea to have a separate account for groceries! That would really help me to stay within budget!
Amber Edwards recently posted..Top 20 Crime Songs (Part 1)
Jennifer Soltys says
Use coupons and deal hunt FOR SURE. I also try to make extra cash however and whenever possible. I am always freaking out about finances!!
Jennifer Soltys recently posted..NCAA® Final Four® with Unilever Sweepstakes
brett says
me too, even if there’s no need. but we have little kids and the future is so uncertain right now!! scary!
brett recently posted..Portable Ice Maker is Great for Camping (Luma IM200SS) #Giveaway
Pam says
Those are all good tips. I am a huge fan of coupons. People don’t realize how much they can save you until you try them!
Clair says
I love the idea of automatically transferring 5% into a savings account. For us it would be out of sight and would add up to a nice little nest egg.
Clair recently posted..Homemade Fajita Seasoning Recipe
Nicole B says
I really like your idea of having a separate grocery account. I have a hard time of keeping track of exactly what we buy for groceries every month. It would force me to stick to a reasonable grocery budget.
Nicole B recently posted..Mixed Vegetable Meatloaf Muffins Recipe #QuakerUp
Nancy says
Oooooh, I’m going to try opening a separate account. I think that would help A LOT.
LauraOinAK says
I love that idea of a different account for groceries. Years ago, I used to buy gift cards for the grocery stores (fundraiser for my sons’ school) and stick to just that amount. It made it easier to keep things in check and avoid those impulse purchases.
LauraOinAK recently posted..Learning a New Language with Mango Homeschool Edition
Kristin says
I really need to use coupons more often. This could be really helpful!
Kristin recently posted..Spring Cleaning Tips For Cleaner Air & Floors
Emily says
We need to be better about a budget!!
Ellen Christian says
It’s so important to have a savings account. We always save something even if it’s just a little bit.
Ellen Christian recently posted..How to Make Yogurt
Tammi says
Have a separate account for just groceries is a great idea. Of all our expenses, this is the one that too easily gets out of control! Thanks for the helpful tips!!
Tammi recently posted..Weekend Staycation
Kelsey Apley says
We actually take out cash for groceries and cash for household every two weeks. It is a great way to stay on budget. We know how much money we have to buy groceries, then for household we buy cleaners, and such with it. Or if we want a night out we will use it for that as well.
Kelsey Apley recently posted..$1.50 Off Breyer’s Gelato Indulgence (First 15,000)
Tara says
I need to get better about the coupons. We used to not shop unless we had some and now life is so busy I don’t take the time. It truly makes a big difference.
Tara recently posted..Media Kit
Sarah says
We budget, use coupons and pay cash for big purchases!
Sarah recently posted..Thirty One Flash Sale March 16-22!
Tammilee says
Such great tips! I love using an excel spreed sheet
Tammilee recently posted..The new Disney Maleficent Trailer and pictures from the movie!
Angela S says
I use coupons but never thought to keep a separate account for groceries. That’s an interesting way to keep on budget. Thanks for the tips!