9 Money-Saving Tips for Families

Having a family of your own is not always easy. You have to know how to properly manage your finances and still be able to save. The money you save will be for your future, your children’s future, and for emergency expenses.

So, here are some money-saving tips perfect for a growing family!

1. List Down and Organize a Shopping List

If you are able to list and prioritize what to buy at the grocery store, you will be able to plan how much you will be spending. This tip helps prevent overspending and impulse buys. Be sure to gather all the coupons you can get your hands on, so you can deduct it from your expenses.

Another tip for grocery shopping, avoid shopping on weekends. Try earlier in the week when it is not so crowded. This way, you can avoid being stressed and be able to focus on shopping wisely.

Many parents also find it helpful to shop without the little ones. Bringing the kids along when grocery shopping is not only hectic, but can lead to more impulse buys!

2. Re-think About Your Yearly or Monthly Services/Subscriptions

We all have subscriptions that we don’t really use or need. What about your gym membership? or cable TV? Maybe you are subscribed to something you found online? Whatever it is, really think about it and decide if there are subscriptions that can be eliminated. Even if you are only able to save about $50 a month, this tip will save you hundreds a year.

3. Sign up for Rewards Programs

Various companies have started using a type of “rewards” system. For some, you earn points every time you make a purchase in their store. You can then use these points to pay for part of your next purchase. Other companies might have introduced a loyalty card program that allows you to earn an item or percentage off after so many purchases. If this is somewhere you would be shopping anyways, take advantage of these programs! Allow the points to accumulate and earn more savings opportunities!

4. Don’t Just Throw Things Away, Sell Them!

You might have a lot of things in your closet or garage that you no longer need. Instead of throwing them away, you can try selling them! Have a garage sale, or maybe sell them online. You’ll be surprised how useful someone else may find these items. There are several online shopping platforms, like eBay, craigslist, and even on Facebook! This one is worth a try!

5. Second Hand is Not a Bad Idea

Never buy something brand new when you know that you can get the same thing, second hand, at a cheaper price. This time, it’s your turn to buy something someone no longer needs. From cars, gadgets, toys, clothing…you name it, the internet has it! You can also visit a neighbor’s garage sale. a plus to buying second hand is the ability to negotiate on the price of an item.  Don’t be afraid to offer what you think is fair! Just make sure you inspect the condition of these items thoroughly before making an offer.

6. Keep an Eye Out for Discounts

Was there something at the mall that caught your eye? Maybe when you looked at the price tag, you said to yourself, “never mind.” Well, if you are willing to wait, you can usually get these items at a lower price. Look for back-to-school discounts, holiday sales, Mother’s Day sales, etc.

7.Buy When Everyone Else is Selling

This concept can apply to almost anything you can think of buying. An example would be after a holiday; some retail stores will hold a huge clearance event. So, you can plan on buying holiday gifts early (in January!) rather than during the actual holiday season. You can avoid the overpriced items, plus you won’t have to worry about sitting in long lines during the holiday shopping season! Another example of this would be buying seasonal clothing. Try buying clothes right after the season you may have worn them (when they are on clearance!).

8. Look After Your Health

It’s important for all of us to take care of our health. Being ill can cost you money. You can do your best to avoid buying expensive medicines, paying hospital or doctor bills, and such if you put effort into living a healthy lifestyle.

9. Don’t Shop Using Your Credit Cards

Always consider the importance of paying in cash or use your debit cards. Using your credit card can be helpful in some situations, but it will just be an extension of your paycheck. With credit cards, interest rates are added to the actual cost of what you bought. That’s just another weight on your shoulders. With debit cards, you know your real limit and be able to base your expenses on the money you really have.

 

Sources:

https://www.goodfinancialcents.com/simple-money-saving-tips-for-families/

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https://www.pexels.com

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