Trying to figure out how you can raise your family on a budget and save at the same time is no small feat. Raising a child from birth to 17 years will cost you significant amount, yet you haven’t even paid for their tertiary education. This does not mean that it is impossible to save some money, because you can. All you need to do is get the entire family involved in saving. Cultivating this mindset will help your child when he or she finally gets a family. Here are five saving tips that every family can benefit from, regardless of their income.
Plan Your Meals
Without realising it, people spend more money on food than any other expense. Raising a family will result in a high grocery bill. What you need to do is reduce the number of days you eat out and introduce meal prepping. When you prepare meals for the week in advance, you will save a lot more. You will also not have to keep buying snacks when you are too tired to cook.
One big mistake most people make is going for shopping when they are hungry. What ends up happening is they get into debt because they buy more than they need. Before you go shopping for clothes or groceries, ensure that you are not hungry. It will also be helpful if you create a shopping list and stick to it. This step will help you make your budget effectively. You can also install apps on your phone that will help you find the best deals on the items that you want to buy. There are also some apps that allow you to take advantage of coupons.
Be Energy Smart
Have you thought about how much money you spend each day on energy bills? A good starting point is to use something like usave’s energy comparison service in the UK. Otherwise there are things you can do within the home to increase your energy efficiency. For instance, make sure the attic is well insulated, seal drafts around the windows and doors and use natural sunlight for all your heating needs. Turn off any electronics when they’re not being used and don’t leave anything charging longer than it needs do.
Invest In Reusable Items
There are plenty of used items that are still in pretty good condition out there. There is also the option of buying items that you can re-purpose. These re-usable items are great because they allow you to save money you would have spent buying other gadgets. You can use this money to pay for other things. Instead of paper towels, for example, buy washable cloths.
Entertain At Home
Birthdays and other celebrations are a dreaded time for parents on a tight budget. However, emphasise on making memories instead of spending money, and you will be fine. The birthdays that your child will remember are those they spend sledding and hanging out with friends, all of which can be done at a low cost. For instance, you can host a sleepover with cake and pizza.
As a parent, you, no doubt, want to provide the best for your family. If you do not make a lot of money, find creative ways that still offer quality to your family. Your savings account can always have a decent amount even if your income is minimal.