As a parent of a growing family, it can often be stressful trying to manage your finances. With so many expenses to cover from household bills, to groceries, school costs, paying for activities, entertainment, clothing and so much more, it can be easy to become overwhelmed. However, the good news is that there is a range of different things that you can do to reduce your expenses each month and save some of your hard-earned money.
Managing your expenses effectively, finding bargains and taking advantage of deals can help you to reduce your outgoings, allowing you access to more disposable income each month. You could choose to pay your bills with Afterpay so you can divide your bills into smaller payments, making them easier to manage or you can start to develop positive financial habits in your home to decrease your outgoings. When it comes to saving money, it’s important to be creative and take every opportunity you can to reduce your costs.
Let’s take a look at some useful money-saving hacks you can use to save some of your hard-earned money each month when you have a growing family.
- Assess your food costs
- Avoid extravagant spending
- Shop pre-loved
- Seek out free entertainment
- Reduce your household bills
- Start increasing your savings
When you have a growing family to feed, your grocery bills can get out of hand fast. To keep your spending on track, it’s important to have a plan in place before you reach the supermarket. Set out a meal plan for the week, including snack foods. If possible, try to plan your meals around deals that are on in your local supermarket. With a conscientious approach to your grocery shopping, you can reduce the temptation to impulse buy, spend less time in the supermarket and reduce your food costs.
Of course, you want to show your family that you love them and everybody enjoys splashing out from time-to-time. However, it’s important to minimise any unnecessary extravagant spending. For example, instead of spending a fortune on your kid’s birthday parties why not arrange a simple birthday party with their friends at the beach. Not only will simplifying things be more cost-effective but these simpler occasions often are the ones best remembered down the line.
Shopping in second-hand shops, vintage stores, thrift shops and charity shops is not only great for the environment but it’s great for your pocket too. Bring your kids with you when you’re shopping and have fun searching through the rails to see who can find the best bargain. This is a great way to increase your children’s awareness of the environmental impact of fast fashion, to help them understand the value of money and to spend quality time together.
Going to bars, restaurants, theatres and cinemas can be expensive. Instead of parting with your hard-earned cash for a meal in a fancy restaurant, why not pack a picnic and go to a local park instead. Rather than going out to the movies, try staying in for a family movie night. You will save yourself a lot of money with this little hack and you and your family will have a more relaxing, enjoyable time together doing something a little different.
Leaving your AC system running all day is a guaranteed way to drive your utility bill sky-high. Not switching off appliances when they are not in use and leaving lights on in a room that nobody is using can all lead to you spending much more than necessary on your household bills each month. Hold a family meeting and discuss how you can lower your energy bills as a family. With everyone pitching in, you can help to develop energy-saving habits in your home that will be beneficial to both the environment and your bank balance.
Lowering your costs and cutting out unnecessary spending is the first step to reducing your expenses each month. With less money going out, you will be able to start saving a little bit each month. Over time, as you develop better financial habits, you can increase your savings each month, allowing you access to more disposable income that you can spend on yourself, your home, your family or you can choose to stash it away for a rainy day. With some savings in the bank, you can enjoy more peace of mind when it comes to your family finances in the future.