As a parent, you’re probably already aware of how expensive raising children can be. From the moment you discover you’re expecting a baby, the expenses begin. There are prams and baby clothes, to diapers and toys to take into consideration. Saving enough to buy groceries each week and being able to fund a financial emergency is important. So, with this in mind let’s explore how you can become a frugal family, with these easy money saving tips.
As parents, expenses get bigger as the kids get older! Sadly, despite working hard and having good jobs, many parents struggle to make ends meet, especially during the end of the month. So finding ways to save money is essential. Here are some easy tips.
Toys are incredibly expensive. From sing-along dolls when they’re little, to collectables and current fads during school age, kids need a lot. Moreover, the latest tech and games when they’re teens becomes a costly affair. The best way to combat this is by considering second-hand options as much as possible. For birthdays and Christmas, consider purchasing one main gift and the rest as little favors or “needed” items such as clothes, shoes etc.
Try Frugal Fun
You don’t have to spend huge amounts of money to make happy memories. And it’s easy to feel pressured into taking your children to the latest theme park or the cinema, especially if all their friends have gone before them. But, you can still make some great memories and have fun on a budget. Look for free days out online or visit attractions that only request a donation rather than an entry fee. Bring a picnic instead of spending money on food, and limit bigger days out to once a month.
Budgeting accurately is essential. Knowing how much you’re spending can help prevent mistakes in your weekly spends, which in turn keeps you out of debt and in better control of your money. If you’re unsure of where to start, check out this Creditfix budget calculator for some guidance! If you already have a budget in place, there’s no better time to revisit it and see where you can tighten your belt and make improvements.
Limit Your Dining Out Options
All families love dining out, it is fun. Also, it is great to let someone else cook for a change. However, going out several times a month and paying for starters, mains, desserts, drinks and other charges will quickly eat away at your budget. Try to avoid dining out altogether or go just once a month and try somewhere with lower prices.
If you have room in your budget to dine out more than once a month, you could still make savings. Consider searching for money-off vouchers and deals where kids eat free at certain times of the day. If you’re really worried about your finances, try not to panic. Reach out to a financial advisor or a debt advice service for more information apart from using the easy money-saving tips for family mentioned above.