Gone are the days when saving money was the preserve of the comfortable. These days, everyone needs to cultivate the habit of saving; if not for anything, to take care of the family’s future needs. Having a little amount set aside from the daily expenses can come in handy for

Whether you are a low-middle income earning family or a high net-worth individual, these tips below can help you to save for your future family needs and stay financially secure - relatively.

How to save for your future family needs

1.     Track your expenses

What exactly are you spending your earnings on? Perhaps that’s where to start from. If you don't know where each penny goes then maybe you are not ready to save.

To start with, get a pen and paper, or a writing App on your device and start tracking how you spend your income. Take note of every single purchase you make monthly down to those cash tips, airtime, and data subscriptions. Keep track of everything. Then put a figure to what you spend monthly.

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2.     Make a budget

Next, you need to make a budget. Allocate your expenses according to your present earnings. This will help you plan your spending and limit overspending. In other words, cut your cloth according to your sewing material.

Don’t forget to add the amount you would be saving to your budget. Now that saving is on of your goals, it has become part of your monthly budget.

3.     Set a specific saving goal

If you don’t have any short-term or long-term goal to save towards, saving could be vague and uninspiring to you. So, set attainable short or long-term goals for your savings.

You could save to make a down payment for a car or to buy a mobile phone. You can have a long-term goal like buying your own house. Just make the goal specific. With a specific goal in mind, saving for future family expenses is more fun and exciting.

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4.      Set your financial priorities right

It’s one thing to have a saving goal, it’s another to intentionally make decisions that can help you achieve your goals. One of such decisions is prioritizing your spending.

There is a difference between needs and wants. If you keep spending your money on your wants, it may be difficult for you to meet your saving goals.

Do a list of all the things you need and want. Prioritize the things you need, first of all. After sorting all your important needs and saving meeting your saving goal, you can get a few items that you want, why not? But the idea is, your wants must not be your priority.

5.     Automate your savings

I don’t expect anyone in this day and age who is serious about saving for the future of their family to resort to a manual way of remitting their savings. People are not just that disciplined. When the banks deduct your savings directly from your monthly earnings, life is much easier for everyone.

Apart from the traditional banks, you could also use any of the numerous saving Apps that are now available in Nigeria to save for your family. Some of these Apps even go as far as rewarding you when you hit a set saving goal.

6.     Carry the family along

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Since it’s a family-saving project, all members of the family should be carried along. Even the kids who don’t earn can contribute by helping make a grocery list or help to set a reminder for your expense review. Nothing is too small.

You need the cooperation of the family members. When they know why you are saving, then they will understand when they are not able to buy an item even if it appears like a “nice to have”.

The ultimate goal is to ensure the financial well-being of the family, and all hands must be on deck to achieve this.

7.     Cut down on your expenses

Saving is never convenient. If you want to save just what is convenient for the family, you may never be able to meet your long-term goals or achieve financial stability as a family.

There will always be many expenses to make at each point in time. However, cutting down your expenses is the antidote.

Cook at home instead of buying food from restaurants, plan your groceries beforehand and go with your list to the mall.

It will also help to buy in bulk and buy off-season. Take advantage of sales and coupons. If need be, buy fairly-used items, especially, items that you buy recurrently like cloths for your rapidly growing kids.

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8.     Plan occasions in advance

Planning all your events for the year ahead of time is one thing that can help you in saving for future family expenses.

For birthdays, anniversaries, family vacations, and any other occasion that would incur finance start planning and putting aside some money months ahead. This will help you avoid 11th-hour unplanned spending which could eat deep into your finances and saving.

9.     Start today

The best time to start saving as a family was yesterday. The next best time is now. You never know when more expenses will be added to your present bills, so start with what you have and where you are now as a family.

With the passing of time, you may be able to increase the amount that you save monthly, and eventually buy that beautiful dream house or pay for your child’s university education.

10. Be balanced

Yes, you need to save and spend wisely, but no one is saying you should deprive yourself of some enjoyment of life. It’s all about balance.

As you save for the future, you can still make time and set aside finance for recreation and go on your annual vacation as a family. All you need is proper budgeting and planning.

Here you go. Those are some ways you can save for future family expenses. How about you, what has worked in your family? What does work? Feel free to share your thoughts in the comment section. 

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