How to support your family on your salary

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These days, its not easy supporting your family, costs go up, nappies don’t buy themselves and its increasing hard to make sure that you are providing for those loved ones without working all the hours that god sends…

Whatever your salary is, using it effectively and efficiently to support your family adequately can certainly be a challenge. It takes a great deal of sound planning and foresight to ensure you don’t miss any mortgage payments and have fuel bills are paid on time.

Here are some tips on how to support your family with whatever salary you have.

Know what you earn

A salary calculator from can help you calculate your earnings and understand just what it is you take home after deducting income tax, National Insurance contributions, student loan repayments and pension contributions. Depending on how you pay tax, it should give you a relatively accurate picture of how much you can afford to spend each month on essentials and also how much you will have left over to save for the next month or year.

Look to the future

To budget effectively you need an accurate picture of your finances for as far in advance as possible. I have written before on here about budgeting for the arrival of that wee bundle of joy. But just those big life events aren’t the only things that we should take note of when it comes to budgeting. If you have known expenditures in the future which are greater than the average outgoings then you will need to take those into account when working out your weekly or monthly spending patterns. The repayments on a car or mortgage are both regular payments but you need to account for the unexpected too or one-off costs (such as anything you pay annually, quarterly or bi-annually).

Consider your job security

It is important to remember that salaries are not always constant entities; they can fluctuate just like any other costs. Give a thought to your job security and review your contract to see if you have a set period for wage reviews – if you feel you deserve a pay rise then raise the issue with your superiors. You’ll need to present your case professionally but it doesn’t hurt to ask. If there are any cutbacks or pay reductions at your firm then consider whether you’ll be able to support yourself once this comes into place. If not, then look into the options available for earning a second income. If you don’t have the time to commit to another regular job then look for ad-hoc work you can take on – such as freelance writing or consulting. Even completing surveys or trying new products can bring cash rewards so consider if any of these avenues are suitable for you to make up for any shortfalls in wages.