Could you use a few realistic ideas for boosting the family finances? In the challenging economic environment of 2022, who couldn’t? Fortunately, there are several excellent tactics for strengthening your family’s fiscal stability without getting a second job or selling everything you own. Besides making a simple weekly meal plan to save money on groceries, many families use real estate hacks to bring in extra cash or review their insurance needs and make the proper adjustments. Here are details about how you can get started.
Plan Each Week’s Family Meals
For so many money-related questions, planning is the critical element of success. Couples and parents who make detailed meal plans tend to spend much less on groceries. The good news is that you don’t need to be a gourmet chef to get the job done. Every weekend, take an hour or so to write out basic menus and the necessary ingredients for the upcoming week’s dinners. Some of the best low calorie meals are also budget-friendly and easy to prepare, which is a plus for every family.
Then, shop for the items using a written list to avoid impulse buying. This technique can save as much as 30% on their food bills. One way to pump up the savings is to join a wholesale shopping club for a small annual fee. On average, even considering the price, consumers cut their yearly grocery bills by about $1,000 just by buying all their food items at the club store. Most merchants also offer discounted gasoline, which means members can save even more.
Hack Your Way into Real Estate Investing
Did you know that the typical US family spends more than one-third of their total income on housing? That’s a significant chunk of money to drop every month to have a roof over your head. But what if it were possible to turn your home into a source of income that covered the mortgage payments and more every month? You’d be able to put the extra funds toward anything, including retirement accounts, vacations, or whatever you wanted. That’s where house hacking comes into the picture.
It’s a new idea based on the old concept of buying a house and renting it out to someone else. The twist is that hackers build income streams by renting out individual rooms on a short-term or long-term basis, leasing storage space in garages, offering outbuildings as short-term rentals, etc. The point is that there are dozens of creative ways to hack your way to extra income.
Do a Thorough Insurance Checkup
Insurance is the often-overlooked piece of the budgeting process. Consider that most individuals carry several kinds of coverage, including auto, home, life, health, dental, renters, and other types of insurance. But life happens and needs to change from year to year. That’s why it makes sense to do an annual review of all your policies. People tend to spend less on auto policies and a bit more on others as they age. Work with a licensed agent who can help you review every contract, make necessary adjustments, and find potential areas of savings by bundling some policies together. Be incredibly attentive to changes in health insurance details, as carriers tend to amend contracts regularly.