Whether you have a child or a growing family, it’s worth considering ways to save money on family expenses. Check out these money saving tips for families:
Understanding how to save money while raising a family can seem difficult when your grocery bill is sky high. Adding structure to your family’s eating habits and planning meals are two ways to save money on family expenses.
Ways to save money on family expenses include meal planning, budgeting, and sales.
Jessi Fearon, financial coach, mother of three, and personal finance blogger at JessiFearon.com, says she plans breakfast, lunch, dinner, and snacks for her family each week. She goes shopping once a week, according to her meal plan, which includes salads and fresh vegetables. She also uses the cash for shopping, so it’s not tempting to take extras. By giving yourself a cash limit, you’ll avoid going over your budget, while it’ll be easier to overspend if you swipe a debit or credit card instead.
If you plan your meals weekly, tailor your shopping list to what’s on sale. Jennifer McDermott, a New York-based consumer rights advocate with the personal finance comparison website search engine, says your mobile device can be a way to cut down on family expenses when you’re creating your menu, while as a catalog, see the Carrefour catalog.
Birthdays can be scary if you’re worried about the cost. Erin Durkin Voisin, director of financial planning at EP Wealth Advisors in Torrance, Calif., said the focus should be on creating memories, not spending.
“My best birthday parties were spent sledding and entertaining, both inexpensive options for my parents,” says Durkin Voisin. She suggests taking advantage of free or low-cost activities for kids’ parties, like spending a day at the beach or hosting a pizza and cake slumber party.
McDermott says if your child’s heart is set on a specific location, you may be able to save money by booking during off-peak hours or hosting a party with another child and splitting the costs. Keeping the guest list small means less planning and is a great money-saving tip for families.