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Whether you’ve got one child or a growing brood, it pays to consider ways to save money on family expenses. Check out these money-saving tips for families:
1. Focus on food costs
Figuring out how to save money while raising a family can seem difficult when your grocery bill is sky-high. Adding some structure into your family’s eating habits and planning meals are two ways to save money on family expenses. Giving yourself a cash limit can keep you from going over budget, whereas it may be easier to overspend if you’re swiping a debit or credit card instead.
2. Keep birthdays simple
Birthdays can be a source of dread if you’re worried about the cost. Erin Durkin Voisin, director of financial planning at EP Wealth Advisors in Torrance, California, says the emphasis should be on making memories, not spending money. If your child’s heart is set on a specific venue, you may be able to save by booking at an off-peak time or having a joint party with another child and splitting the cost. Also, keeping the guest list small means less to plan and is a good money-saving tip for families.
3. Choose frugal fun
Vacations and entertainment are two big budget traps for families. Entertainment or travel doesn’t have to be extravagant to be fun and memorable. Swapping out a trip to the movies or an amusement park with a bike ride or a museum visit on a no-admission day are money-saving tips for families that don’t require a huge lifestyle overhaul.
If you don’t have the budget for a pricey vacation, try an inexpensive staycation at home. Pitch a tent in the backyard or be a tourist in your hometown. In addition to museums, state parks and historical sites often have low or no admission fees, and you can save even more by packing a lunch instead of eating out.
4. Plan ahead for the holidays
If you’re thinking about how to save money while raising a family, prep for the holidays early to avoid a shopping frenzy late in the year. Shopping earlier in the year is another way to snag deals when you’re looking for ways to save money on family expenses. Remember to set a budget if you’re spending on credit so you don’t go overboard. Limit yourself to what you can afford to pay in full to avoid interest charges.
5. Talk budgeting and saving with your kids
Learning how to save money while raising a family isn’t just for moms and dads. You can also get children involved by having regular budget talks. You don’t have to get into all of the nitty-gritty details about your income or expenses, but you can go over the basics of spending and saving. What children learn about money when they’re younger can come in handy later when they’re raising families of their own.
Culled From Discover
