Column Day. This week I get into managing money as a family. As you can probably imagine, raising a family of six isn’t cheap. But I share a few tips we’ve picked up on saving money and sticking to a budget.
One easy way to save that I mention in my column is simply cutting out cable TV. Coincidentally enough, a fellow Herald columnist wrote yesterday about his family’s first year of cable-free living. He saved more than $100 a month by dropping cable. Over a year, that’s like an extra mortgage payment.
We’ve never had cable. We watch a few TV shows online, and sometimes we borrow seasons of shows from the library. It means being slightly behind the times — we’ve only recently discovered that Modern Family is hilarious — but we save a fortune.
The other thing I think is important when it comes to money is to give some away. It’s easy to look at the bills and think you don’t have enough, but I always try to keep perspective that we have more than the overwhelming majority of people in the world, and more than a lot of other North Americans as well.
Being generous is more a state of living than a condition based on what’s in your wallet. And I think it’s actually good for us. Money has less power over us if we don’t hold onto it so tightly.