16 Financial Tips for Struggling Families

A struggling family is not a healthy feeling for any parent. It can be excessively tough and stressful to provide for one’s family at a time in history when costs increase every year. Saving money, paying debts, and controlling a budget while raising a family is no easy feat.

Here are some financial tips for struggling families that can help parents control their family’s income and debts.

Identify Key Financial Stressors 

Examine income, expenses, and debt. Identify key financial stressors on your budget. From there, you can explore how to address them.

Create a Family Budget for Everyone 

Let everyone participate in creating a family budget. To start, outline essential and non-essential expenses. Then, spending limits should be set to reduce non-essential expenditures and retain more money strictly for essentials or savings.

Track Progress Every Month 

Create some financial goals at the family level. Check on your progress every month. Review spending and expenditures every month to understand how your budget is functioning. Based on your learning, decide whether revisions are needed or whether your present budget is worth keeping.

Use Payday Loans for Emergencies 

Payday loans are available when you need them. They are easy to access, even with bad credit. The money is given to you instantaneously. If you get pinned down in an emergency, apply for a payday loan. Then you repay it, and that’s it!

Consider Side Hustles 

Side hustles, part-time gigs, and part-time work add up quickly. Jobs like dog-walking, tutoring, babysitting, and freelancing are all potential avenues to earn extra income.

Reach Out for Community Assistance 

Call utility companies, local churches and community centres, and government programs tied to support for groceries and housing.

You may be surprised by the sheer amount of temporary or ongoing assistance available for someone in need.

Make Meals at Home 

Instead of going out to eat, make meals at home. Many meals you buy at a restaurant can be made at home for a third of the cost – sometimes less. Save even more money when you buy what’s in season and on sale instead of the regular price.

Make Your Grocery List Wisely 

Look through the weekly grocery store flyers and note what’s on sale. Try to buy store-brand foods over brand names. Buy in bulk to save on price. Avoid impulse buys. You can spend less at the grocery store and walk away with more food in many ways.

Sell High-Value Items You Don’t Use 

Any clothing, jewelry, handbags, antiques, electronics, or furniture that you do not use can be sold for profit. Use online marketplaces to sell individual items or throw a local garage sale to move products out quickly.

Utilize Thrift Stores and Discount Retailers 

Thrift stores will allow you to find what you’re looking for at a fraction of the cost you’d pay elsewhere. If you’re decorating, need furniture, or need a new wardrobe, thrift stores can save you money.

Evaluate Monthly Subscriptions 

If no one watches Netflix, cancel it. If you pay for a gym membership but only work out once a month, work out at home and remove the bill. Review all monthly subscriptions and cut expenses where it makes sense.

Set Up Automatic Bill Payments 

Avoid late fees and protect your credit with automatic debit payments using pre-authorized debit systems. Prioritize housing and utilities, and note when these bills are owed so you never miss them.

Start Small Contributions to a Savings Account 

If you’re already struggling, you likely do not have an emergency fund or the means to start one—at least, that’s what most think.

Start small. Create momentum by automatically removing a small amount of money from every paycheque and putting it into savings.

Negotiate with Creditors and Debt Collectors 

Call those you owe money to. Contact creditors to discuss hardship options. Appeal to those you owe a debt to request reduced payments or a lower interest rate. So long as they continue to receive payments, many companies are willing to work with you to make your month-to-month more reasonable.

Carefully Explore Credit Cards 

Credit cards are not a long-term fix, but they are one of several ways to cover emergency expenses as they arise. Ideally, you want to find a credit card with the lowest interest rate possible and avoid using it for expenses you cannot pay back within two weeks—unless necessary.

Invest in Financial Education 

Take the time to learn more about finances, not only for the kids but also for the parents. Financial education should touch on budgeting, debt management, and savings. Build the skills to manage family finances more effectively.