Exercise: Family Saving
Together for a Goal!
Managing finances is often a challenge for one person, let alone the whole family! However, when every member of the family is involved in making conscious decisions about money, saving not only becomes easier, but can also be great fun.
This exercise is designed to involve everyone in the household in the process of building financial stability, teaches responsibility and shows how acting together can make a real difference to the household budget. After all, what works in Poland may not be the same as in other countries, so it is important to think together about solutions that suit your realities.
Instruction:
Get the whole family together – parents, children and maybe even grandparents if they live together. Prepare a large sheet of paper or whiteboard and something to write on. Divide saving behaviour into three categories to help you organise your thoughts. In each of these, your task will be to come up with at least 10 concrete examples of savings behaviour that would work in your home in Poland. Remember, creativity and reality count!
Categories and examples of savings behaviours:
- Fixed expenses:
- Here we focus on regular charges, which often seem unchangeable, but here too you can find room for improvement.
- Examples:
- Negotiating the price of subscriptions (TV, internet, telephone) with suppliers.
- Changing your electricity supplier to a cheaper one or one with a savings package.
- Regularly checking and switching off unused appliances (so-called stand-by).
- Shopping:
- This is an area where impulsiveness often takes the lead. This is where you can save money on everyday necessities, from food to clothes and medicines.
- Examples:
- Creating a grocery shopping list and sticking to it.
- Comparing prices of products in different shops (online and in-store).
- Buying clothes on sale or in second-hand shops.
- Everyday life:
- This category covers everything from transport to entertainment and education. Here often lies the potential for small but aggregate savings.
- Examples:
- Choosing public transport, cycling or walking instead of the car.
- Using free sources of knowledge (libraries, online courses) instead of paid ones.
- Organizing home game nights instead of frequent outings to the cinema or restaurants.
After some brainstorming together, you will have a solid list of ideas. Remember that every little step makes a difference! Ready for a family challenge? Good luck!
Summary and next steps
Remember that saving is a process, not a one-off action. It will get easier with each passing day and month and your savings will grow, giving you the peace of mind you crave. Start small, develop good habits and avoid financial pitfalls.