Saving money while raising a family can be a serious challenge. Research shows that most parents will have spent over $280,000 by the time their child reaches the age of 18. Building savings while paying for family essentials is by no means an easy task, but there are lots of ways to lower your expenses. Every family can benefit from considering ways to reduce their monthly costs. On that note, here are some simple money-saving tips for families.
Focus on food costs
Food is a large expense for most families. According to thestreet.com, the average four-person family spends almost $11,000 on food every year. This makes it one of the biggest monthly costs for families. Luckily, there are countless ways to slash your food costs whilst still enjoying a healthy and nutritious diet. Switching to a more budget-friendly supermarket is a simple way to lower your grocery bills. You can also save significant amounts on your weekly shop by choosing store-brand food and looking for deals in the discount section of the supermarket. Another simple way to keep food costs low is by not eating out at restaurants. Preparing food at home is far cheaper and tends to be healthier as you know what is going into your meals.
Choose low-cost fun
Popular activities like going to the cinema or visiting a theme park can be expensive, particularly if you have a large family. However, being frugal doesn’t mean that you have to miss out on family fun. There is a fantastic selection of free and low-cost activities to keep your family entertained. You can go on a family walk, have a picnic in your local park, or arrange a family board game night at home. Swapping expensive activities for low-cost alternatives will help you stick with your budget and save more. For instance, have a cozy movie night at home with snacks instead of going to the cinema.
Become coupon savvy
Becoming coupon savvy is another great way to save money on family expenses. You can use coupons to cut the cost of various everyday items including food, clothes, and activities. Vouchers can also be used to gain discounts on treats (i.e. a Sephora discount code can save you money on cosmetics and beauty products). Search on coupon websites to find the latest discounts and vouchers. In most cases, you can download the discount code for free or sign up to have coupons sent to your email.
Keep celebrations simple
Birthdays can become a huge expense for families and cause stress for parents who are worried about money. It is important to celebrate birthdays as a family but try to keep celebrations simple. Instead of going out for an expensive meal, cook a special family meal at home and spend quality time togetherinstead. Remember to focus on making memories rather than spending money. Sleepovers and themed parties at home are low-cost ways for parents to celebrate their child’s birthday without spending lots of money.