For most families, money is pretty tight. It is often hard for many families to cover all of the bills. Honing your budgeting skills can make it a lot easier for you to do so. If you are struggling with this and are feeling that you are losing the battle, read on. Below, I share with you four reasons to persevere, stick to your budget.
You need to save for your children’s future
At the top of the list of reasons is the fact that doing so enables you to put some money aside to give your children as good a start as possible. The cash that you put into their junior ISA can be used to help your child to achieve important milestones. For example, learning to drive and running their first car.
Being able to drive, opens up a world of possibilities and opportunities for them. It means that they can get themselves around for work and studying and gives them independence.
Sticking to your budget will save you money
Living within your means will help you to avoid getting into debt. It is estimated that British adults spend around £900m servicing their debts. A significant percentage of that money is effectively wasted because it is used to pay fees and interest to lenders.
Sticking to a budget will enable you to avoid wasting hundreds, every year, doing that. Every penny that you pay out in interest and fees is lost to you and your family.
You will be setting a good example for your children
When you live within your means, you set a good example for your children. Their adult spending habits are formed at a surprisingly young age. So, it is important to set a good example. This book contains several excellent suggestions that will help you to do this and teach your children about money, at the same time.
Living on a budget can help you to stay healthy
Provided you can afford to eat well and money is not horribly tight, living on a budget can be good for your physical, mental and emotional health. For example, growing your own fruit and vegetables will keep you physically active and ensure that you spend more time outdoors. It usually also means that you are less tempted to waste money on buying food that has very little nutritional value.
It always feels good when you manage to stick to your budget. Every time you manage to do so, it gives your confidence a little boost and helps you to realise that you have the necessary skills to cope with most things life might throw at you.