Providing for your family can be incredibly expensive, with so many different needs and responsibilities. If you’re looking to boost your savings, take a look at these simple ways to save your family money.
1 . Set savings goals
If you want to save money for your family, it’s helpful to set savings goals. Your goals might involve saving for a particular item or focus on spending categories. Here are a few ideas to inspire you:
- I’d like to reduce how much I spend on luxury items.
- I aim to save X amount per week/month.
- I’d like to save X amount to add to my emergency fund.
- I aim to reduce spending on groceries by X amount per week.
When you are setting savings goals it’s best to be as specific as possible. Set an amount, a date, and an approximate deadline.
2. Low-risk investments
If you want to save money it’s helpful to boost your earning potential. There are plenty of low-risk investment opportunities that can help you to earn more. A Certificate Of Deposit is a wise investment option for beginners, all you have to do is pay a lump sum into the CD account. By leaving the amount untouched for a set time frame you’ll earn on the premium interest rates.
Robo advisors are also a great low-risk investment option. These are digital apps that provide automated investment opportunities. Once you input your details, the Robo advisor recommends investments. If you are happy with these, the app makes small investments and manages your portfolio.
3. Budgeting Apps
To save money you definitely need a budget. Luckily there are so many budgeting tools that can help you. Try tools like Mint, Honeydue, Clarity Money, or Pocket Guard. There are many benefits of using budgeting apps such as:
- Organize your spending into different categories.
- Set savings goals based on your needs.
- See where you can reduce your expenses.
- Some apps allow you to compare bill providers.
- Monitor your bills to stay on track.
- Access financial reports to inform your spending.
- Check your credit score.
4. Mindful Spending
Saving money is all about mindful spending. Before you spend any money you should carefully think about your decision. The financial choices we make affect how much money we can save. With careful spending habits, you can make well-informed choices and save more. To help you practice mindful spending consider these questions:
- Is this an item my family really needs?
- Could I find a less expensive version?
- Does this purchase add value to my family’s life?
- Can I budget for this item?
- Should I take more time to think about it?
5. Free Days Out
During the summer we all want to spend quality time with our families. The issue is, a day out can get pretty expensive. Luckily, there are plenty of free days out that can help you to save money.
As part of the ‘Museums On Us’ program, hundreds of museums across the U.S are offering free admission for children/families. Visiting a museum is a fun and educational day out and there are so many to choose from. There are plenty of other free days out whether it’s hiking in the forest, a picnic, bike ride, or a trip to the beach.
6. Plan For The Future
Saving money will help you to plan for your financial future. To ensure that your family is financially secure there are many important steps to take. Do many people wonder why you need an estate plan? An estate plan is important because it involves writing a will, and planning what will happen to your assets when you pass away. To protect your family financially, it’s important to create an estate plan. There are many other steps you should take to protect your family including:
- Choose an appropriate life insurance policy.
- Find the right retirement plan.
- Meet with a financial advisor for wealth planning services.
7. Find Inspiration
To help you save money, there are plenty of inspiration resources online. To get you started on your journey, try these fun podcasts.
- The Family Finance Show: Throughout these episodes you’ll learn about managing your family expenses, reducing debt, and saving money. There are lots of themes including helping your kids to save money; investing for newbies; and buying a new home.
- Money Box: Here you’ll learn exactly how to make the best of your money. Topics include saving, investing, retirement, and budgeting.
8. Plan Before Shopping
Before you go grocery shopping, plan out all your meals and household products. When you know exactly what you’re going to buy, it’s easier to reduce your spending. Impulse buys and a lack of planning can lead to overspending and waste. When you’re planning your meals, have a budget in mind. Be on the lookout for deals, and avoid too many luxury items that you don’t need.
9. Money Saving Resources
To help you save even more, check out these super cool money-saving resources.
Flash Food: The Flash Food app can help you to save money on your groceries. You can search for nearby discounts, saving up to 50% on foods that are close to their sell-by dates. It’s a great way to save money and reduce food waste.
Too Good To Go: Another awesome app to fight food waste. Use the app to find a local store and shop for discounted food. It’s super easy to use and you can get some seriously great deals.
10. Second Hand
Buying second-hand items can help you to make great savings. Whether it’s clothing, household items, electronics, or toys, there are so many options. Many people believe that second-hand means poor quality, but that simply isn’t the case. You can get many amazing quality second-hand items. For some of the best second-hand items try Letgo, Wallapop, or ThredUp. There are lots of advantages to buying second-hand items including:
- Save money to put towards important savings goals.
- Go green and reduce your carbon footprint.
- Support charity stores that rely on second-hand trade.
- Find unique one-off items that no one else has.
11. Free Stuff
We all love a freebie, and thanks to the internet there are plenty of freebies to be found. Take a look at Facebook Marketplace, lots of people offer free goods here when they are having a clear-out. It’s the best place for free furniture and homeware, whether it’s plates, lamps, or cushions. Before you shop for brand new items it’s well worth seeing if you can get something for free! Sites like Facebook marketplace can help to save your family money.
12. Go Green
Taking care of the planet is incredibly important and it can also help you to save. There are lots of ways that you can go green and save around the home:
- Reduce your electricity usage (from your TV to your lights and electronic items).
- Switch to a renewable energy provider, (these are generally less expensive).
- Use low-flow tap fixtures to reduce your water consumption.
- Ditch single-use items as much as possible.
13. Grow Your Food
Growing your own vegetables can help you to make savings on groceries. Before you get started you’ll need to create a compost pile. You can make a compost pile by recycling food waste and adding brown matter like cardboard and wood. It’s best to get a compost tumbler to aerate the pile. There are lots of vegetables that are pretty easy to grow, some great options include garlic, onions, potatoes, and spinach. If you don’t have a garden there are a few vegetables that you can grow indoors.
14. Price Comparison Sites
To save your family money, check out a few price comparison sites. By comparing prices, you can ensure that you’re getting the best deals on your goods and services. A few of the popular price comparison sites include Shopzilla, Price Grabber, and Bizrate. For price comparison apps try ShopSavvy or Red laser. Before you commit to a purchase, ensure that you do a bit of shopping around.
15. Review your budget
Once you’ve put a budget in place, the hard work isn’t over! Over time, your financial situation will change, so you should review your budget every once in a while. By going back to your budget you can look for further savings opportunities. Reassessing your budget is a great way to stay on top of your finances. When you review your budget ask yourself these questions:
- Am I hitting my savings goals?
- Could I adjust my budget to save more?
- Where am I spending the most?
- How could I reduce my spending in this category?
Saving money can sometimes feel difficult, but all you need are a few savvy hacks. With the help of these fifteen tips, you’ll get that little bit closer to your savings goals. Remember you don’t have to create your budget alone, ask your family members to contribute. Your family may have a few more money-saving ideas!