5 Money-Saving Tips for Big Families

Having kids and growing your family one pair of happy little feet at a time is truly a blessing, but no matter how many sources of income you might have, your wallet might seem a little empty from time to time. To manage your finances even with just one child in your home can be challenging. With more family members, you want to make sure everyone is happy, well-fed, clothed, and that they have all those essentials to grow up into happy, healthy people.

Now, even with a solid paycheck, frugal moms and dads often want to take a closer look at their finances and rethink their spending habits. To make your family life a little more financially-savvy, here are a few tips to help you save up more, and still enjoy all the perks of your big, loving family!

Swaps and lending work great

Yes, we all want the best for our little ones, and that often means spending piles of money on new shoes that they’ll grow out of in a heartbeat, new strollers, new books. You’d be surprised just how many of those items, some of them brand-new, some used, wait for new families for the fraction of the price. Sometimes, you can even find families to give away their kids’ things, lend them temporarily, and then help them find a new home later on.

You can even make arrangements to swap something you don’t use for something you desperately need and save quite a pretty penny. Second-hand stores are another frugal option that many parents avoid for no good reason – the clothes are often of high quality and you can easily find different sizes for all family members!

Get better at shopping

We all know what happens when you head over to the store on an empty stomach: you come back home with a truckload of goods, you either won’t eat or will sit idly in your cabinets for weeks. Although it’s good to stock up on certain foods and keep your fridge full, you can certainly make better buying decisions every day.

One of the simplest solutions includes timing your shopping. Always go when you’re least likely to make impulse purchases. Also, make sure to write a thorough list, and stick to what you need. Do some research, and you’ll likely discover less-known brands that cost half as much as that famous item positioned to dominate the store shelves. Finally, you can buy off-season items and save so much when you, for example, get new winter jackets for kids during the summer.

Driving with a frugal twist

Some habits cost more by nature, and owning a vehicle comes with all kinds of expenses. From paying for gas, going to a mechanic for a routine maintenance checkup, all the way to getting new winter tires, driving can be a costly activity. That’s why you should find smart ways to cut your expenses in such activities. For example, you can opt for a car that’s fuel-efficient and family-friendly, and that will cost you less down the line.

Also, you can find a petrol credit card that will provide you with different perks such as a cashback program and fuel discounts. This strategy alone can help you save hundreds of dollars on an annual basis. Your driving method can also affect the bottom line, so make sure you drive in a steady, controlled manner and avoid excessive braking, which tends to cause more wear and tear on the vehicle and waste fuel in the process.

Create a budget for your family needs

Planning ahead is one of those essential habits in a large family. When you have so many members to keep in mind, you need to be smart with all of your expenses and spending choices. Setting priorities by determining your family budget is one of the most reliable ways to keep your expenses in check. Create a monthly budget plan based on your income and your needs, and look for ways to save in one segment, when you know you need to spend a bit more elsewhere.

Quality time doesn’t have to be expensive

It’s only natural that you want your kids to experience all kinds of wonderful adventures and provide them with the same goods that their peers have. Sometimes that’s not an option, but you can always teach your kids to have fun in ways that don’t cost too much, if anything at all.

Teach them to spend quality time reading, hiking in nature, creative writing, in playtime with their friends, bonding with their pets, and the like. There are so many free activities your kids can enjoy every day, be active and healthy, and all without wreaking havoc on your family budget.

Big families are a source of immeasurable bliss for all, but the many challenges that come with organizing time, as well as budgets for big families, can be overwhelming. Use these tips to make your parenthood a little easier and a little more manageable, and hopefully, you can reallocate the saved funds towards something, the entire family will benefit from in the long run!

1 comment:

  1. This comment has been removed by a blog administrator.