Attempting to figure out how you can save money while raising your family isn’t a small feat. According to a study from the U.S. Department of Agriculture, the cost to raise a child that was born in 2015 until they are 17 is $233,610 – and this amount doesn’t include paying for their college education.
Now that’s a lot of money.
So, what are tips on how you can create a family budget to help your family save money? Let’s take a look.
1. Food and Finances
It can be challenging to find ways to save money on food when you have a family to feed. However, you can do this by adding some structure to your eating habits and by planning meals.
Only go shopping for groceries after you have planned the menu for the week and know exactly what you need. It’s also smart to use cash for your grocery shopping, which will prevent you from picking up any extras.
2. Reduce Electricity Consumption
Each year, you are spending approximately two to three percent of your total salary on your home’s electrical costs. While this is true, there are several things you can do to reduce these costs.
For example, you can push your thermostat a few degrees up or down (depending on the season) and make sure everyone knows to turn off lights when leaving a room. You can also find more tips on how to save on your electric costs when you head to the Texas Electricity Plans site.
3. Keep Your Kid’s Parties Simple
If you are worried about the cost, a kid’s birthday party can be a sore subject. However, you don’t have to go “all-out” to throw an amazing party.
Consider inviting a few of your child’s friends over and having a slumber party or participating in some type of free activity, like going roller skating, sledding, or something similar.
4. Consider Shopping at Secondhand Stores
Purchasing clothes and shoes brand new for your children is often a big mistake. After all, they are going to grow out of these things quickly.
A great way to save money is by shopping at yard sales, thrift stores, and consignment shops. You can find great items for a much lower price than what you would pay in a traditional retail store.
5. Find Frugal Ways to Have Fun
Entertainment and vacations are two huge budget traps for most families. One of the best ways to save on these expenses is to think of fun ways to spend time with your family without spending an arm and a leg.
For example, plan a camping or fishing trip, or go hiking in the woods. You don’t have to spend a fortune to create amazing memories with your kids.
6. Plan for the Holidays Early
If you want to save money, the holidays can be challenging. As a result, you should start planning for this upcoming expense as early as possible. Consider opening a separate savings account for the funds you are going to use for holiday gifts.
By doing this, when the holiday season arrives, you know exactly how much you have to spend. Also, consider shopping the clearance rack at various retail stores throughout the year. This offers you a great way to save a little money while still getting great gifts that your kids and others will love.
Make Saving Money Part of Your Lifestyle
If you really want to become a “saver,” you need to make saving money an integral part of your lifestyle. By doing this, you can feel confident that if times do get rough, you will have the funds you need to get your family through the tough patch.