5 Money Saving Tips for Families


Raising a family is a daunting enough task without having to deal with financial stress too. Are you looking for money-saving tips that are specifically set out for families? We’ve got you covered.

Budgeting

Family budgets are always the first thing to be brought up and they are valuable. Making sure you are keeping track of all the wage earners and how that is brought into the equation and making sure all outgoings are accounted for is important. There are loads of tools out there that you can use to make a budget but sometimes just writing a list of known income and expenditures is enough to make you realize how much everyone is making and spending.

Boost Your Savings

Savings are an often-overlooked area because of the ‘why save when you can spend now’ mentality, especially in the age of digital everything, but saving for big expenditures, like the furnace breaking or the window being smashed, is a really good way of ensuring you are not left broke due to one small accident.

If you are looking to kick start a fund like that there are guides that allow you to review how to sell your policy with life insurance for cash that may leave you with enough to open a savings or investment portfolio for when the rainy day comes.

Apply for Benefits Where They Exist

These are not available in all regions so be sure to do your research on what support is available for families who are struggling in your local area.

Whether it’s free school meals or food stamps, these were all programs designed to help families out, so investigate what is available in your local area and speak to your local citizens advice to find out what you can claim. There’s nothing shameful about reaching out for support when you need it.

Do Your Research

There are certain things that all kids need. Some can be bought in bulk and others need to be adapted to.

Pushchairs and car seats are a legal requirement, for example, and while nappies are non-perishable, buying more than a week’s worth ahead of schedule is not a good idea as babies grow fast. Research the different products children need and make sure you are ahead of the game, especially when they get to school age. No one wants to be the kid that goes to school with last year’s backpack.

Buy Second Hand

Have you ever visited a thrift store? Or bought something from Craigslist or Facebook Marketplace?

All these places can be full of treasures so the next time you’re looking for a new appliance or a new table for your dining room, why not check all these places first before rushing out to a store? You can often find new items at rock bottom prices too so not everything is second hand. And, our top tip here is don’t forget to haggle. You can easily get a couple of dollars off by being nice and offering to pick up the item in person rather than the seller having to deliver.

Jeff Campbell

Jeff Campbell is a husband, father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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