Saving as a Family

November 20th 2015 | Categories: Money, Family & Relationships | | Tags: savings |

At Invest Blue, you and your goals are our number one priority. We are passionate about helping people achieve their individual and family dreams. Your family goal could be a holiday, a new car, or a new home. Or perhaps your primary target is to build a strong financial plan that better allows you to manage your daily household expenses.

Whatever your goal or current expenses may be, saving is a great opportunity to bond as a family. It’s also a chance to teach your kids about the importance of saving and the rewards that come with it.

Here we have a few handy tips to make saving fun and beneficial for the whole family:

Figure out what you want to achieve

Thinking about your financial future doesn’t have to be scary. Over a nice family dinner or a relaxed afternoon, talk about your dreams and goals — both as an individual and as a family.

Encouraging your children to set goals is a healthy habit that will inspire them to dream big. Bring your current expenses into the discussion, and explain how a small contribution from everyone could help you all to achieve your goals.

Take small steps towards your goal

Planning your goals and methods of achieving them will provide your family with a game-plan to work towards. Try breaking your overall targets down into smaller, achievable milestones, and track your progress. You may even find that a visual ‘goal chart’ on the fridge is a great way to motivate you and your children.

Instil good habits

Establish what amount each person should contribute per week, and strive to remain consistent in this as you move forward.

Younger children might help by doing chores around the house, having shorter showers, or looking after a vegetable garden to save on groceries.

For older children who are working, encourage them to contribute financially. This will help to teach them great saving habits, a good work ethic, and responsibility as they enter the real world of adulthood.

Money-saving tips

Here are a few other basic saving tips that the whole family can help with:

Shop for the best price. Use the internet to compare prices of groceries, clothing, white goods, and so on.
Find affordable ways to entertain the family. Play board games, have a movie night on the couch, or go to a local playground — it’s fun and free!
Lay-by larger purchases rather than use a credit card.
Unplug devices and turn lights off when they are not in use.
Use a water-efficient shower head.
Organise your bills. Try to pay them as soon as possible — you don’t want to pay a late fee simply because you were caught unaware by the due date.
Plan your weekly meals. Not only does this help prevent unnecessary takeout purchases, but it is also an opportunity to include children in important family decisions.

It’s possible

Whatever individual or family goals you may have, saving towards them together can help to engender great financial habits at a young age, encourage family bonding, and ultimately help you to achieve your dreams.

If you would like to know more about how you can save as a family, or talk about a more extensive plan to make your dreams a reality, the Invest Blue team is here to help. Get in touch.

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Source: AMP

What you need to know

This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, Invest Blue Pty Ltd and its subsidiaries operating as Invest Blue, 1300 346 837 and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investments. Please contact us if you want more information.

Invest Blue Pty Ltd (ABN 91 100 874 744) and Subsidiaries trading as Invest Blue, is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited, Australian Financial Services Licensee and Australian Credit Licensee.