Financial Tips for Parents and Families
Sometimes it’s easy to mismanage money when you have various money coming in and out of accounts. In order to start managing your money in an appropriate way you begin to realise where you can gain savings.
We have put together valuable tips which we beleive will help you, and your family be able to gain a better grip of your money and even save for the future.
Take note of what you buy
When you are buying for a family rather than just yourself, you’ll vastly notice that your shopping habits will become more unstructured as you have to sometimes buy products from shops immediately- things such as plasters when you children has a minor accident, it all adds up.
If you begin to take note of all expenditure which you are doing things will begin to become more clear, this can be easily achieved by created a spreadsheet. An example of one is in a photo above, where the individual has logged all small purchases as well as money coming in.
Put a little by every month
With online banking, it’s a lot less complicated to start putting by a little bit of money with every payday. Doing this allows you to have available funds for the finer things in live like – increasing a budget for a family holiday or funding a day-out. Whether it’s putting by a few hundred a month or a few pound, saving money over a long term allows you to create a cushion for when you need to use it and can help you out in various situations where you lack funds.
We’d suggest opening a saver account with you bank, which can be done using your banking app. After the creation you can transfer money in and out of your savers account as you please- no risk, no fuss and all from the comfort of your own home in a matter of minutes.
When doing tax, use the latest software
In present date, if you or your accountant aren’t doing the families taxes on cloud accounting, it would be worth making the switch from storing data on a single hard drive to an easily accessible, fast, safe and secure cloud space.
Why would you want to have your data online on a secure pin activated webpage? Multiple reasons- one of which being the fact that you yourself can access all of your information straight away, without having to use your hard drive or go through your accounting company in order to do so. It also means that there’s no risk of losing data, as one of the major problems with taxing is having to store and back-up on outsourced hardware, you’ll be able to store it on an online cloud, where it’ll always be available and won’t go missing.
With cloud accounting and accountants you’ll never have to fill out all your tax again due to a corrupt file on your hard drive or USB pen, whilst being able to have a look at your taxes whenever you please n matter if you are on your phone, laptop or tablet.