When it comes to creating a budget, it’s important to know what to expect and whether you should save everything extra or only put a little back each time. Saving for something as big as a down payment on a home requires work and sacrifice, but it can be made easier if you get the entire family involved. That way everyone is on the same page, and no one will feel cheated. You’ll all be making some changes, and in the end everyone will get the benefit of a nice new house to live in. Here are 10 simple things to consider when you’re creating a budget that everyone in your family can feel good about.
1). Everyone should contribute.
Not everyone has to contribute money, though. Your children may be too young to work, but can they agree to cut back their allowance? Can they decide to wait on that new toy they want? Will those shoes last a bit longer? It’s important that they’re safe and comfortable, and that they have what they need, but beyond that there are ways they can help out simply by working with you to reduce some of the costs that you would have with them.
2). Limit the number of snacks you buy.
It’s one thing to do away with all snacks, which probably isn’t necessary. Your family need enough food to be healthy. But you can spend less by buying store brands and buying in bulk when things are on sale. You can also agree to cut back just a little bit, which will be good for your wallet and may also help reduce any health problems that could be developing if you’re getting too much sugar in your diet.
3). Eat at home more often.
One of the places you don’t want to sacrifice is getting enough good food. You may want to eat more meals at home, though, and cook more often. By avoiding going out to eat or going through the drive-thru on the way home, you save a lot of money that you can put toward your house buying budget.
4). Limit your soda.
Even though buying a house means sacrifices, it doesn’t mean you should change your entire lifestyle. Giving up everything you and your family enjoys isn’t necessary, whether that means an occasional soda, your coffee in the morning, or a dinner out sometimes. You want to have money in your budget for things you enjoy or need, even if you don’t do quite as many things or spend as much money as you did before.
5). Make community change jar.
Remember that there has to be room for some fun, too. By adding all of your spare change to a jar, you can save it up and then use it to do something. That way your whole family gets a treat, but you’re not handing over as much money as you would have been before. Your kids can watch the change accumulate, and help count and roll it. Then they can also decide how it should be spent, so everyone is included.
6). Find free things to do around your town.
Most towns and cities have a lot of free events to get involved with. Go to those when you want to do something fun, and you’ll have the chance to get out and enjoy the day with your family. All it will cost you is a little bit of gasoline in the car, unless it’s close enough to walk to.
7). Choose a picnic in the park instead of a restaurant for lunch out.
Want to have lunch out? Make up some sandwiches and snacks, and head to the park. Your children can play, and you can relax and enjoy the beauty of nature. Saving for a house can be stressful, but being outdoors for a while can help with some of that stress. Don’t underestimate the value of that time spent, either, because your children will remember that.
8). Ask your kids how they feel.
By giving everyone in the family some input, everyone can stay on the same page where budgeting is concerned. Unless your children are too young to understand, make sure you talk to them about what you’re doing and why. Get their input. The decisions are ultimately up to you, but it’s always nice to have your entire family included. That way no one feels left out of the process, or like they don’t have a voice.
9). Don’t forget date night.
The home buying process is one that can add stress and strain to everyone in the family, and it’s important to have a break from that. If you and your spouse have date nights, you shouldn’t give those up. You can do them less often or find ways to spend less on them, but they’re still important ways for you to connect and talk. Continuing them can help you keep your sanity as you save up for a home.
10). Keep your ultimate goal in mind
Knowing what your ultimate goal is gives you something to strive for, and also helps you celebrate as you reach smaller goals and milestones. Decide how much you want to have for a down payment, along with when you can realistically get to that point. Then, schedule small victories and be sure to recognize them. It’s important that you feel good about what you’re doing, and that includes everyone in the family.
2 Point Highlight
Remember that there has to be room for some fun, too.
By giving everyone in the family some input, everyone can stay on the same page where budgeting is concerned.
