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When it comes to family finances, you need to be savvy. Unfortunately, many of us make silly mistakes with money, and we don’t even realise we are doing it. Fortunately, by reading the post below, you will discover some of the most common money mistakes and how to avoid them. Something that means you should have plenty of cash for family fun times like heading to the beach or taking the kids to a theme park!
Struggle to pay of masses of debt
One of the most common financial mistakes that people make is that they struggle and strain under vast debts. At the same time, trying to pay them off and provide for their families.
The thing is that there is help out there for those in debt, including declaring bankruptcy. However, that is not the only option as it is also possible to get an individual voluntary arrangement (IVA) as well. That is an agreement where you pay off some of the debt. Then the rest gets written off. You can even use this IVA payment calculator to find out how much you will need to pay out, and how much would be written off before you apply. Something that can provide you with a much more viable option to deal with your debts.
Not shop around
Busy and exhausted, it can be hard to find the motivation to shop around for the best deals on every single item you buy. However, when it comes to big-ticket items such as cars and electronics, you can be losing out on some pretty spectacular savings.
In fact, wherever possible, be sure that you find a service that allows you to collect quotes from multiple providers. Then you can be 100% sure that you won’t be paying a penny over what you need to.
Paying out for too many subscriptions
Subscriptions are quite popular these days, from everything from TV to snacks to beauty products. They can seem very tempting, too, as you often get higher-priced items for a fraction of the cost. However, paying out for too many subscriptions can severely impact your finances. After all, they will automatically be deducted every month whether you need the products or services they are offering or not.
With that in mind, try to keep your subscriptions to a minimum. That is one for TV and film, and really consider whether you need any of the others at all.
Not track your income and outgoings
Now, budgeting is really financial management 101, and we should all be doing it. However, when you are busy with family and work, these things can easily get pushed to the bottom of the pile.
Of course, to succeed financially, you need to keep track of what is coming in and what is going out as efficiently as possible. To do this, some families choose to create spreadsheets. Although many people prefer to use apps now as they can log spending on the go and easily get a visual of where their money is going.