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Money saving tips for Frugal Family

As the world grows complex, it becomes necessary that the work of saving money should not be restricted to just parents, but kids should also participate in the process.

February 25, 2015 3:10 IST | India Infoline News Service
With each passing day, the gap between income growth and inflation is getting wider and wider, where inflation is causing havoc on one's pocket. Such changing scenarios are forcing families to take control of their spending, which at times mean a complete change in the lifestyle. As the world grows complex, it becomes necessary that the work of saving money should not be restricted to just parents, but kids should also participate in the process. So, here are the ways that a family could adopt in pursuit of a comfortable life.
 
Meals Planning: The idea of choosing a nearby restaurant over cooking is not good, in terms of both money and health. This is a new concept, which is taking toll on both health and wealth. The best way to escape from craving of eating outside is to plan meals in advance. One could decide each morning or at the beginning of a week about which meals would be prepared for the entire day or week. Planning will save from psychology of surrendering to fast food meals or expensive dinner outside.
 
Party at home: In old days, the concept of meeting friends at a restaurant was totally absent. People entertained their guests at home willingly and happily. However, now people wish to meet at a theater or a game or at a coffee shop, which becomes an expensive affair. Similarly, one can engage kids in different activities within the home itself, without the need of taking them out to spend money on games such as bowling alley.
 
Energy Efficient: Power is shrinking, but bills are riding the opposite way. With kids at home, it becomes important to make them learn about the need for turning off switches when not in use. Saving energy is a habit, which could be easily taught to children.
 
Weekly Expenses: Divide the budgeted monthly expenses into weeks and distribute it among the family as per their expenses. One may keep a reward for a family member who is able to save from the fixed weekly budget. In this way, a family could positively control their expenses though little incentives now and then.

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