I do not believe in a paper exercise budgeting with spreadsheets, apps and plentiful monthly reviews. It’s like calorie counting diet for weight loss, which hardly work for most people (including myself). Real healthy people do not go on diet. They choose to live a lifestyle by understanding the basic fundamentals of healthy habits. Same can be applied to your financial health.
Fundamentally, we need to live within our means. We need to accept that we must limit our spending based on what we earn and save at least 25% every month. We should not allow banks, credit cards, loan dictate how much we can borrow. This unhealthy habit makes everyone run in an endless cycle of debt. Buy or Rent places which you can afford. Only buy goods and services within your affordability factor. Once in a bluemoon, we need to have a ‘cheat’ day where we go buy something nice for ourselves. However, we need to save up before we buy that special item, holiday, car or service which we always dream of. End of the day everyone needs a realistic goal in our lives to push ahead.
Two Super Tips on How to Save Money Further!
Always save up and spend on good quality luxury goods once in a while as a reward over impulse shopping buying & hoarding. Sometimes we need to reward ourselves. Similar to eating good quality Michelin Restaurants over fast food franchise chain food.
Honestly the air miles accumulated for the year is sufficient for 2 short breaks a year to a different city for family of four all inclusive. It’s like free money. Various level AMEX provides travel insurance cover for free.
Family Traveling Guidelines
I have used all 4G networks in the UK and the one I highly recommend is Three Network. My 3 key recommended points are a) unlimited data b)Free data roaming in EU and US (>71 countries) c) simple honest easy bills. I do not need to carry a GPS unit as I have Google Maps on phone.
As a young family of four, we always go for accommodation where we can have a kitchen to cook at night as our kids go to bed early. With the rise of AirBnb we can afford better accommodations with friendly host with bigger and more affordable accommodations compared to hotels!