Saving money with your family doesn’t always require drastic steps. With the help of a few small and simple habits, you can make a big impact to your bottom line. There might be a brief adjustment period (depending on your current spending habits) but getting your family on board with your money-saving efforts goes a long way towards building financial flexibility.
With the additional wiggle room in your budget, you can pad your savings account, send extra money towards any debt you have, or use the funds to plan new and exciting family trips! With that in mind, here are 4 easy to implement money saving tips for families.
1. Shop Smart
Avoid the trap of overspending by preparing a list of exactly what you need before you arrive at the store. This will help you resist the temptation of purchasing things you don’t need. In addition, this strategy will help you buy everything you need for the week, in just one trip to the store. As you know, more trips means more money!
2. Shop Around
Apply this piece of advice to everything you purchase (if you have options). Here are a few commonly purchased goods or services that you should shop around for; any type of insurance, cars, a mortgage, flights, television/internet/phone services — just to name a few. When you force businesses to compete, you as the consumer win.
3. Head to the Library
In 2018, many people forget that their public library can be an amazing source for entertainment. In addition to books, most libraries often a wide variety of music and movies. Far too many families purchase items that they’re unlikely to use multiple times (such as books and movies) when it would be much more cost effective to rent them for free.
4. Plan a Staycation
We are by no means saying that you can’t ever leave your town. Travel is amazing — for the kids and adults in your family. However, you should also keep in mind that you can have plenty of fun in your own backyard, if you plan properly. Stop and think for a moment… How many times have you said “oh that looks fun, we should really check that out.” But you never actually went. You should go! Whether it’s a nature hike, a park, museum, or some other family friendly activity — “getting away” doesn’t require airline tickets and a hotel. Vacations are about spending time together and making new memories.