How Can Your Family Save Money?

How Can Your Family Save Money?

How Can Your Family Save Money? | We’ve all noticed and the statistics prove that the cost of living is at its highest at the moment. There is almost nothing that hasn’t become more expensive, while many people have not received any raise or have even lost their income due to the pandemic or because of some other reason. Such a situation is particularly difficult if you lose your job but have a family to support. So, whether you’ve lost income or are finding it increasingly challenging to make the ends meet, take a look at the following tips that might help you save some money for your family.

Budget as a team

There is no reason why you shouldn’t include every family member in revising your budget. After all, it’s not that you want to improve your financial situation for yourself alone. Including kids in the process will teach them a valuable lesson about financial literacy and how budgeting is a family affair after all. You should all set savings goals together and work towards achieving them. That doesn’t mean your kids will be deprived of everything. If, for example, one of them wants to buy the latest game console, they will benefit from learning how to budget and be frugal.

Spend less on groceries

The average family of four with kids under age 5 spends between $600 and $1,150 per month on food at home. The older the kids, the higher the bill, too. However, there is usually room for savings in this department. To begin with, never go shopping without a list and never buy anything on a whim. Write down what you need to buy and go shopping periodically. Next, read sales flyers. Each store has them and match what’s on sale with what’s on your list and plan your meals around sale items. Another tip is to avoid grocery shopping when you feel hungry and stressed, since hunger and stress can lead you to buy stuff you don’t really need.

Review your obligations

You should also review your financial obligations. If you have any loans, it might be the right time to pay them off and avoid paying interest rate. Also, you might be paying some insurance premiums that you don’t need. For example, if you have taken out a personal loan, car loan or home loan, you might have been sold consumer credit insurance as well. While it does provide protection against accidents, sickness, disability and death, you might not need it and should actually claim consumer  credit insurance refund. There are reliable companies offering assistance in the process and they don’t even ask for a fee if you don’t get a refund.

Cut back on subscriptions

Another problem many people have is the number of subscriptions you have. It’s tempting to have Netflix, HBO, Spotify, Disney+ and other great sources of entertainment, but the total monthly expenses might be quite high. Limit yourself to one or two subscriptions but make the decision regarding which ones with the whole family. No family really needs all streaming services available.

Save energy

Another way to boost your family budget is to trim your untility bill. This is not only budget-friendly, but also eco-friendly. Upgrade your HVAC system, replace old plumbing fixtures and light bulbs with more energy-efficient ones. Teach your kids to turn off the water when they’re brushing their teeth or wash dishes and to adjust the thermostat, so that you don’t spend a fortune on heating or cooling.

Save on parties and celebrations

You might be spending a lot on decorations and party costs. Think about going the DIY route when it comes to decorations, for example. When it comes to throwing parties for kids, a visit to a dollar-store and snacks instead of a full meal can go a long way towards improving your financial situation. Finally, consider holding the party at home instead of at an entertainment center.

Entertainment can be free

They say that best things in life are free. So, take a look at the options available to you in terms of entertainment. Having a nice, relaxing afternoon in a local park instead of visiting an expensive amusement park will help you save a lot of money while having a great time with your family. Alternatively, you could join a hiking group, pack a picknick and kick back on the grass. Finally, many municipal parks offer free outdoor movie screening during the summer, and you can enjoy popular films while sitting on your chair or blanket.

None of these tips will save you a fortune, but if you manage to save a little by following each one, you’ll be surprised with the total amount left on your bank account. As they say, look after the pennies, and the pounds will look after themselves.

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