For some people, the phrase ‘living on a budget’ is synonymous with miserly behaviour, financial hardship and/ or poor choices in life – but for others it is a sign of freedom and happiness. For those who find themselves in a tight spot and savvy lifelong savers alike, living on a fixed budget can be a liberating, exciting and very smart choice.

While living on a budget can have its difficulties (saying no to that new pair of shoes or that big night out can be tough), it can also bring you closer with your family, friends and loved ones. Here are just a few of the benefits of setting a budget – and sticking to it.

Spending quality time with your family

Having little money to spend on restaurants, theatre and cinema trips means that your family will be more likely to spend time together enjoying the free things in life. These can include (but are certainly not limited to):

  • days spent out at the park or beach
  • picnicking by the sea or lake, instead of eating in a restaurant
  • creating arts and crafts together
  • visiting local museums and free concerts
  • playing games and engaging in sport

Building memories that will last a lifetime

When you spend time together doing the fun and exciting activities listed above, you will begin creating memories that your children will always fondly recall. Think back to your own childhood – do you cherish the gadgets, high priced meals or expensive outings, or the quality time spent with your parents and siblings?

Get to know the history and heritage of your town

By spending time exploring the wilderness, mudlarking along riverbanks, visiting heritage sites and attending free festivals, your whole family will learn loads about your local history.

You’ll teach your children valuable lessons about money

Adults may struggle with finances because they were not properly taught about budgeting as children. By showing your children that you are being responsible with your funds you are also setting a positive example that will last a lifetime. By showing them that money does not grow on trees and instead results from hard work and savings, you are helping them to build a successful future.

While you may have initially greeted the idea of living on a budget with dread and distress, as you can see – budgeting has many benefits for you and your family.