As a family there are certain expenses you have to pay, such as rent or a mortgage, household bills, and car insurance, while other costs like clothing, food, and entertainment may vary.
While there are some high expenses that you cannot avoid, there are other costs that, if left unchecked, could cost you more than they have to. To make the most of every dollar and start putting more into the bank, consider these five easy tips for creating family savings.
1. Plan Meals
One of the biggest ways that families spend frivolously is eating out. On average, a planned meal at home costs between two to five dollars per serving. Even at a budget fast-food restaurant, the cost of a meal is usually five to eight dollars per person.
A planned meal is not only cheaper, but it is usually healthier as well. Eating at home can help your savings and your health, which both pay off in the long run.
2. Create Family Goals
A family that saves together, stays together. Though it may sound silly, it is quite true. Setting goals in general and working towards them as a family unit creates a sense of camaraderie and teamwork. A financial goal can also generate excitement and make room for fun family bonding.
For example, you could create a “Family Fun Fund” and have everyone contribute their loose change or any size contribution to the fund. You can set a goal of reaching a certain amount by a specific date and agree upon a family activity once the family savings goal is met.
3. Force Savings
For those who struggle with budgeting and properly allocating savings before miscellaneous spending, finance experts suggest forcing savings. Have the money automatically taken off of your paycheck before you even see it.
For some, just not being able to see the money sitting there is enough to keep their hands off of it. For others, another precautionary measure could be to have it sent to an account that cannot be easily accessed. Some common choices are a 401(k) or a savings account that would require you to visit the bank to withdraw money from it.
4. Sell and Shop Consignment
Families tend to acquire large amounts of new items on a regular basis. And many times, older items are often packed away or left in the back of the closet to never see the light of day again.
Rather than harbouring these items, you can sell them to a consignment shop and get a little return on your investment. While you are there, check out what the store has to offer. You might be shocked at the treasures you find for budget prices.
5. Get Creative
You do not always have to go out to have fun as a family. Get creative and try different, free things in the house or around the neighbourhood. Some fun suggestions include:
- Game or movie night
- Cook together trying new recipes
- Go to the park
- Read books together from the library
These are just a few ideas for saving on the common expenses that families have. For those more expensive costs, you should definitely shop around. Whatever you choose to help you save, make sure that it is the best choice for your family and then watch your family savings grow!
Great tips – it really is eye opening when you really look at where your money is going!
I like the idea to sell items; I have made a good profit selling old items… better to make a few dollars than have it sitting in the closet collecting dust!
We really do have to sit down and make up a budget! I’m afraid we don’t always know where all our money goes!
If you do go out. Make sure you pick the nights where kids eat free or they are half price. Avoid ordering appetizers or desserts or alcoholic drinks since they are marked up the most. Pack your lunch most days (same reason as eating dinner at home). Buy takeout (no tip involved) if you plan to eat out. If you order a pizza do a walk in order since it will save you a bundle especially if you are getting a cheese only or pepperoni only pizza since there are big deals on those in the walk in. Invest in a travel mug and bring your coffee from home to your office (no Timmies or worse Starbucks -lots of bucks involved)