Bangalore: With the soaring economy, everyone is trying to cut costs wherever possible. With cost of living getting so expensive, family find the budget swelling in almost all commodities from food to fuel. It may not be fun to be living on a budget but doing so will definitely provide you some financial security. Reducing family spending demands for certain changes in your spending habits that each member has to follow with a sincere commitment in order to be successful. Because reducing family spending can have a ripple effect through each person. The financial stability of the person can improve only when they develop good money habits within the family. Here are several simple ideas you can use for reducing family spending: Maintain a Family Notebook If you have more than four members in your family, handling expenses and keeping a track of your money can be a bit difficult. In order to avoid this confusion and monitor your money consider having a family notebook that contains all the details of each person's spending. With the help of this book every family member can review where each person is spending money and on what items and where everyone can make cutbacks. With this data you can tally your budget and work on it saving every buck.