The tough economies make it hard on families to manage their household budget. The cost of living continues to increase and many are seeking alternative ways to create extra income streams. According to a recent British study 34 percent of parents feel their finances are being stretched to the limit. For this reason, most potential homeowners learn new budgeting techniques before buying a home.
The British study breaksdown the percentages surrounding the average family budget and their ability to conrol finances. Around 19 percent of parents stated they didn’t feel they maintained any control and 56 percent claimed their budgets have become worse within the last year.
Though some families have a hard time managing their personal finances they still seek to become homeowners. Most homeowners now seek creative financing alternatives and work with quality mortgage brokers such as those at 1300 Home Loans make it easier.
Catherine McGrath, ambassador for Your Bank from Barclays, said: “With the cost of raising a child having increased by four per cent in 2013, now costing at least 148,000 (pounds sterling) to raise a child to 18, this is putting an even greater strain on family finances, so it is now more important than ever to tackle this head on and help your bank understand how they can assist.”
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