Almost 3 out of 10 adults don't have emergency savings accounts. That means if an unexpected expense hits you, you're going to be hurting for money. Many families don't know how to budget and find themselves stuck in very sticky financial situations like late fees and even foreclosures.
Are you trying to figure out how to get your family's finances in order with great tips for saving money? Continue reading this article to learn the best budgeting tips for families.
In This Post:
- 1. Decrease Food Costs
- 2. Don't Go Overboard on Holidays
- 3. Check Out Second Hand Items
- 4. Find Budget-Friendly Fun Activities
- 5. Do Your Research When Buying Big Items
- 6. Use Reward Programs
- 7. Coupons and Sales Ads
- 8. Drive Instead of Flying – Road Trip
- 9. Work With Kids to Get Rid of Things You Don't Need
- 10. Teach Kids to Say No to Buying New Vehicles
- Winning With These Budgeting Tips for Families
1. Decrease Food Costs
Food costs will take a big chunk out of your budget. Figuring out how to reduce the amount of money you spend feeding your family is a good place to start.
You can get everyone involved by having each member of the family figure out the budget-friendly meals they like. You don't want to force your family to eat meals they don't enjoy, but figuring out what everyone wants can be difficult. When you have everyone help out, that will take a load off your mind and get your family on board.
2. Don't Go Overboard on Holidays
Whether it's a birthday, Christmas, or another holiday, if you go overboard it could wreck your entire budget. Even if you are well-behaved throughout the entire year, you could throw your entire budget off with one crazy holiday spending spree.
Spending is often done emotionally, so avoid shopping when you're feeling sad or if you're feeling guilty for not buying your family more gifts.
3. Check Out Second Hand Items
New items are almost always more expensive than second-hand items. If you can find people that have things that you need, don't be afraid to buy the off the Facebook market, craigslist and other places.
People pay a premium to buy their things new. You can get the same thing for a fraction of the price when you buy used and you're still getting the same product.
4. Find Budget-Friendly Fun Activities
Entertainment can be pricey. If you're going out to theme parks and you're spending money on going to the bowling alley, movies or other places, you can spend hundreds of dollars without even realizing it.
Figure out things you and your family like to do that are inexpensive. You'll still get the fun and bonding you love, but you won't have to put yourself into debt to do these cheap or no-cost activities.
5. Do Your Research When Buying Big Items
When you want something, it is tempting to buy it right off the shelf. Instead of buying your big purchases the first time you see them, do some research. Look at other local stores, search online, and see if there are any promotions coming up that will allow you to get these things for less.
6. Use Reward Programs
Almost every company has some type of rewards program. The rewards program might give you cash, credit, or percentages off when you do certain activities. Many programs give you a percentage of your purchase off when you make a certain amount of money in purchases.
7. Coupons and Sales Ads
Paying attention to sales and clipping coupons from places like the Kroger sales ad can make a big difference in how much money you're putting out. If you get really organized and have books to keep your coupons, pay attention to store cycles, and buy in bulk, you can save a lot of money using coupons.
8. Drive Instead of Flying – Road Trip
Flying might get you there faster, but it will also cost a pretty penny. If your whole family is flying, you're looking at thousands of dollars depending on the location.
Get your whole family in on planning your next road trip, so they don't complain about the extra time traveling. You can make your road trip fun by planning special places to eat and sights to see along the way.
9. Work With Kids to Get Rid of Things You Don't Need
If you're storing a lot of things you don't need, you might be paying for a storage building. If you're paying for a storage building, you're putting out money every month for things you don't even need.
Getting rid of things you don't need will keep you from paying for storage and it can help you get some extra cash. There are plenty of people looking for things you might think are random. Why not make some money and get them out of your way?
10. Teach Kids to Say No to Buying New Vehicles
The smell and sheen of a new vehicle might be appealing, but you are paying a serious premium for being the first person to drive it off the lot. There are many pre-owned vehicles you can purchase that look like new. Many vehicles that are available right now have less than 10,000 miles and only were driven by one person.
Teaching your kids the importance of buying what you can afford is very important and one of the ways to do that is by buying a used vehicle. You can always have it inspected to make sure there is nothing wrong with it if you're worried about how it is going to run.
Winning With These Budgeting Tips for Families
Now you know more about how to budget and keep your family's accounts in order. Using the above budgeting tips for families, you'll be able to create a great life for yourself and those you love.
Do you want to learn more about budgeting and other important matters in life? Our site is full of content to help you with finances and more. Look through our website and see which other articles are of interest.