Family Finance Tips to Help You Get Back on Track
If you’re tired of carefully managing the family budget only to realize that you’re still coming up short each month, you’ll need to take steps to minimize your expenses whenever possible. Raising a family is expensive, and it can be incredibly frustrating to practice discipline and still barely scrape by from paycheck to paycheck. When you’re ready to take control of your finances and start building up a nest egg, consider the following tips.
Get a Membership to a Wholesale Store
If you find yourself going to the store every few days, you’re probably spending more on groceries than you’d like. When your family is growing and you’re looking for ways to save a few bucks, it’s usually advisable to sign up for membership at a wholesale retailer. Wholesale stores like Sam’s Club and Costco are easy to find in most states, and the savings will most likely be well worth the cost of membership. For everyday household staples like disinfectant wipes, shampoo, and over the counter medications, you’ll be hard pressed to find better deals at traditional retailers.
Switch to a Different Insurance Company
Finding the right insurance policy for your needs can be time-consuming, so many couples opt for the first company that jumps out at them from a commercial. While your insurance policy might not seem like a pressing issue in your budget, it’s always helpful to pay the lowest rate possible for a fair policy that covers your basic needs. When you’re on the search for affordable insurance, check with a local insurance agency.
Avoid Purchasing New Cars
You want the best for your family, but that doesn’t mean that you have to spend more than you can afford on a brand new vehicle. Many couples race out to a dealership shortly after discovering that they’re expecting a baby, hoping to trade in their sedan for a new SUV or minivan. If you need to get a family-friendly vehicle while still adhering to your budget, skip the new car and opt for something used, but still safe and reliable. In addition to saving on the initial purchase price, you’ll also be able to save on taxes and insurance.
Plan All Meals
If you’re a working parent, you probably find yourself swinging through the drive through several times per week because you’re just too exhausted to make a nutritious dinner. While it won’t make a dent in your wallet to eat out every once in a while, routine trips to restaurants can have a huge impact on your budget. To feed your family healthy meals while sticking to your budget, sit down and spend a few minutes to plan your meals for the week.
Start a Garden
When you’re determined to make sure that your family eats a healthy diet, you might be tempted to splurge on organic food at the grocery store. While it should absolutely be a priority to make sure that your family is eating well, there are plenty of ways to cut costs while still meeting your goals. If you have a backyard or an area on your patio to store planters, you’ll be able to grow a few low-maintenance crops like beans and summer squash.
Get Rid of Cable TV
To live below your means, you might have to find creative ways to reduce your cost of living. If you’re the parent of young children and you’ve noticed that you’re spending less time watching TV and instead playing the same kids’ movies on repeat, it might be advisable to cancel your cable subscription. Streaming services like Netflix and Hulu are known for having a wide variety of kids’ shows available on demand, so you’ll be able to keep your kids entertained for less than 20 dollars per month.
You can see more articles like this on my site. Here’s one on saving $345 on getting salon color at home! Setting your kids up for success with money is another good one. Ways to save $500 for the upcoming holidays by planning now.
Don’t forget to check out the 10 things the rich do to stay rich and you can too.
We have a wholesale store membership and it’s MORE than pays for itself. With a house full of growing boys, it’s totally worth it.
These are excellent tips. The easiest ways to save are often the ones we don’t even think of. Bookmarking!
Club stores are one of my favorite ways to save money. You may have to buy in bulk, but it’s worth it for the money you save.
These are good strategies. The more little adjustments you can make, the better. I need to work on meal planning for starters.
Such great simple, and easy tips! I need to go and look at getting some new insurance.
These are great tips. We have a Costco membership and stopped having cable, and it’s been great decisions for us.
yes. The family that saves together, stays together. That should be a real thing for families. Too many are in dreadful debt
It’s good to have everything in order and to keep your expenses on the minimum if you can. These are great ideas! As you’ve mentioned, there are plenty of ways!
This is definitely a good list of tips, some I have used to save money! It’s good to stay within budget by getting rid of the excess and spending only on the things that you and your family needs.
What great tips to get a family back on track financially! I will have to try some of these as we slipped a month or so ago and need to get back on track!
These are excellent tips! I have such a hard time saving!
My husband and I have recently done a lot of these and its amazing how much money you can save. Cable is a big one for us, its so expensive to have all those channels you don’t watch. Instead we have Hulu and Netflix and catch the same great shows and movies for way cheaper!
Planning meals is probably the biggest help. Eating out eats holes in your pocket!
I travel so much that it can be hard to find ways to save. Luckily I have started cooking more while in hotels, as opposed to eating all the time.
What great finance ideas. I know I need to take some of those tips. lol
Thanks for these tips on how to save money. My sons call me “The Turnoff” because I always turn off lights. Haha. We do meal planning too. That saves a lot too. I will have to look into getting membership at a wholesale store.
These are all great tips to save money. Lately, there are so many things on the market that is difficult to resist, like that wonderful washer and dryer. But since ours is still working well, I would have to pass. I think one of the other way to save and get your finances is for you to know the difference between a need and a want.