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20 Money-Saving Hacks for Parents

20 Money-Saving Hacks for Parents

Regardless of your marital status, income, number of children or the amount of debt you carry, you want to save money. There are countless ways to save, but it helps to take a general, broad look at the ways parents can save throughout the year, in different areas of their lives. The following 20 hacks will help you save money across the board, from groceries to travel to gift giving.

Groceries

American families spend an average of $146 to $289 per week on groceries. Begin saving today with the following hacks:

1. Plan Meals Around Deals

If you want to save at the grocery store, everyone knows that planning is essential. Do your research and find out what will be on sale for the upcoming week. Plan meals around those sale items and use a recipe website if you’re lacking creativity.

2. Use Couponing Websites

Couponing is a time-consuming art form, but one way to ease into it is to use couponing websites. These sites remove the need to sort through pages of circulars and cut out what you need. Instead, you can search the databases for what you need. Try The Krazy Koupon Lady or Passion for Savings.

3. Create a Cooking Group

If you’re close with your neighbors, consider creating a cooking group. Each family in the group cooks dinner one night per week for the other families in the group. This way, you can enjoy a few nights off from cooking, as well as added savings from buying cooking items in bulk.

4. Order Online

Be honest with yourself and admit if you’re an impulse shopper. If you are, it might be wise to get your groceries delivered. Or, you can order ahead and pick up your groceries to avoid going into the store altogether. While these services come at a cost, it might be worth it if you’re prone to impulse buys.

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Gift Giving

Does it seem like your budget is shot every month because of birthday parties? Your kids won’t have to miss the parties if you consider the these hacks:

5. Stock up on Gifts for Birthday Parties

Toys go on sale every January, so use this time of year to stock up on a variety of inexpensive gifts. Keep a stockpile and add to it whenever you spot a good deal. Set a limit for yourself, such as no more than $5 or $10. When the inevitable party invitation arrives, visit your stockpile instead of the store.

6. Have Your Kids Hand Write Cards

Instead of paying $3 or $4 for a birthday card, have your kids create one. Kids love to get craft and people love handmade cards. Plus, your wallet will appreciate the added savings, come the end of the year.

7. Opt for Christmas Wrapping Paper in Solid Colors

Purchase Christmas wrapping paper after the holiday season at a discounted rate. Choose papers in solid colors like green, blue and red, and then use it throughout the year for birthdays and other holidays.

Kids’ Clothing and Toys

Clothing is a necessity and toys are important, too. Save money by purchasing clothes at the right time and finding toys in the right places. Consider the following tips:

8. Shop During the Off Season

Clothing is expensive. Smart shoppers gauge their children’s sizes and shop in August for the next warm season and at the end of February for the next winter season. Get into the habit of doing this every year, and the savings will be significant.

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9. Join a Toy Library

Toy libraries rent or lend toys to families. It’s a great way for your kids to receive something new to aid their development — and it also teaches them responsibility. As they care for the toys, they learn the concept of borrowing. Plus, they get to experience a variety of toys at very little cost to you.

10. Embrace Consignment

There are many different ways to consign today. Clothing exchanges, consignment stores and online mom swaps make it easy for anyone. But online consignment stores likely provide the most options.

Vacationing

Planning a vacation usually comes with some anxiety as you consider the costs involved. If you want to save money on your next vacation or make your vacation dollars stretch as far as they can, consider these hacks:

11. Join a Home Swap

Instead of paying hefty hotel fees, opt for a home swap. You can explore other countries and live like a local. The experience will be rich, and your dollars will stretch much further. Websites like Home Exchange match you with an appropriate swap family.

12. Avoid Busy Travel Days

This is a simple hack, but it’s an easy way to save. Flying Monday through Thursday is cheaper than flying over the weekend, but Wednesdays are the cheapest. Plan your trip from Wednesday to Wednesday to get the lowest fare.

13. Plan Early or Late

Planning early comes with many perks, such as being the first to book at the lowest costs. As soon as you get your child’s schedule for the upcoming year, plan vacations around days off. Opt for non-holiday days off from school, such as teacher in-service days, to avoid spiked rates. On the flipside though, spontaneity is sometimes rewarded through last-minute deals.

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Social

Children become involved in more activities as they age, and parents immediately notice how expensive it is to stay involved with social activities such as sports and clubs. Consider the following tips:

14. Make Playdates

Instead of opting for “Mommy and Me” classes that cost money, socialize with other moms and babies by creating your own group. Use social media to connect with area parents or try Playgroup Meetup.

15Implement a One-and-One Rule

There are many free activities to participate in if you look in the right places. When your children become interested in joining clubs and sports groups, implement a “one-and-one” rule. This means they can join one paid activity and one free activity every season. Examples of free activities include reading groups or story time at the library.

16. Create a Babysitting Co-op

Check out local churches and community centers for babysitting co-ops, or groups of parents that agree to help one another babysit at no cost. If there isn’t one available in your area, create one. Also, there are sites to help connect families such as Babysitter Exchange.

Bills

You don’t have to like them but you can budget for them. Get your monthly budget in the green with these simple strategies:

17. Check Your Family Plan

Cell phone bills are a big expense, and they typically grow every year, especially as your children become responsible enough for a phone. Check out the site My Rate Plan to see if you’re overpaying. And be sure to shop around for better rates every year.

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18. Cut the Cable

There are many ways to enjoy television without paying a hefty bill. Streaming video services like Netflix and Hulu offer more economical options for TV than cable.

19. Minimize the Water Bill

Reduce your water bill by replacing leaky faucets and adding aerators to them. Aerators reduce water flow by up to 60%, which can equal a huge potential saving. Fill a plastic milk container with stones and place it in the back of the toilet tank if you don’t have a low-flow toilet. This technique will minimize the amount of water needed to fill the tank.

20. Only List Teen Drivers Under One Car

To save money on your car insurance, only list teen drivers under one vehicle. List them as occasional drivers on the least expensive car to pay the lowest rate.

As you can see, there are plenty of ways to cut costs throughout the year with minimal effort. What are some of the hacks your family uses to save money throughout the year? Share in the comments!

Featured photo credit: Steven Depolo via flickr.com

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Published on November 20, 2018

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The Best Ways to Save Money Even Impulsive Spenders Can Get Behind

The truth is, there are many “money saving guides” online, but most don’t cover the root issue for not saving.

Once I’d discovered a few key factors that allowed me to save 10k in one year, I realized why most articles couldn’t help me. The problem is that even with the right strategies you can still fail to save money. You need to have the right systems in place and the right mindset.

In this guide, I’ll cover the best ways to save money — practical yet powerful steps you can take to start saving more. It won’t be easy but with hard work, I’m confident you’ll be able to save more money–even if you’re an impulsive spender.

Why Your Past Prevents You from Saving Money

Are you constantly thinking about your financial mistakes?

If so, these thoughts are holding you back from saving.

I get it, you wish you could go back in time to avoid your financial downfalls. But dwelling over your past will only rob you from your future. Instead, reflect on your mistakes and ask yourself what lessons you can learn from them.

It wasn’t easy for me to accept that I had accumulated thousands of dollars in credit card debt. Once I did, I started heading in the right direction. Embrace your past failures and use them as an opportunity to set new financial goals.

For example, after accepting that you’re thousands of dollars in debt create a plan to be debt free in a year or two. This way when you’ll be at peace even when you get negative thoughts about your finances. Now you can focus more time on saving and less on your past financial mistakes.

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How to Effortlessly Track Your Spending

Stop manually tracking your spending.

Leverage powerful analytic tools such as Personal Capital and these money management apps to do the work for you. This tool has worked for me and has kept me motivated to why I’m saving in the first place. Once you login to your Personal Capital dashboard, you’re able to view your net worth.

When I’d first signed up with Personal Capital, I had a negative net worth, but this motivated me to save more. With this tool, you can also view your spending patterns, expenses, and how much money you’re saving.

Use your net worth as your north star to saving more. Whenever you experience financial setbacks, view how far you’ve come along. Saving money is only half the battle, being consistent is the other half.

The Truth on Why You Keep Failing

Saving money isn’t sexy. If it was, wouldn’t everyone be doing it?

Some people are natural savers, but most are impulsive spenders. Instead of denying that you’re an impulsive spender, embrace it.

Don’t try to save 60 to 70% of your income if this means you’ll live a miserable life. Saving money isn’t a race but a marathon. You’re saving for retirement and for large purchases.

If you’re currently having a hard time saving, start spending more money on nice things. This may sound counterintuitive but hear me out. Wouldn’t it be better to save $200 each month for 12 months instead of $500 for 3 months?

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Most people run into trouble because they create budgets that set them up for failure. This system won’t work for those who are frugal, but chances are they don’t need help saving. This system is for those who can’t save money and need to be rewarded for their hard work.

Only because you’re buying nice things doesn’t mean that you’ll save less. Here are some rules you should have in place:

  1. Save more than 50% of your available money (after expenses)
  2. Only buy nice things after saving
  3. Automate your savings with automatic bank transfers

These are the same rules that helped me save thousands each year while buying the latest iPhone. Focus only on items that are important to you. Remember, you can afford anything but not everything.

How to Foolproof Yourself out of Debt

Personal finance is a game. On one end, you’re earning money; and on the to other, you’re saving. But what ends up counting in the end isn’t how much you earn but how much you save. Research shows that about 60% of Americans spend more than they save.[1]

So how can you separate yourself from the 60%?

By not accumulating more debt. This way you’ll have more money to save and avoid having more financial obligations. A great way to stop accumulating debt is using cash to pay for all your transactions.

This will be challenging, depending on how reliant you are with your credit card, but it’s worth the effort. Not only will you stop accruing debt, but you’ll also be more conscious with what you buy.

For example, you’ll think twice about purchasing a new $200 headphone despite having the cash to buy them. According to a poll conducted by The CreditCards.com, 5 out of 6 Americans are impulsive spenders.[2]

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Telling yourself that you’ll have the discipline to not buy things won’t cut it. This is equal to having junk food in your fridge while trying to eat healthy–it’s only a matter of time before you slip. By using cash to make your purchases, you’ll spend less and save more.

A Proven Formula to Skyrocket Your Savings

Having proven systems in place to help you save more is important, but they’re not the best way to save money.

You can search for dozens of ways to save money, but there’ll always be a limit. Instead of spending the majority of your effort saving, look for ways to increase your income. The truth is that once you have the right systems in place, saving is easy.

What’s challenging is earning more money. There are many routes you can take to achieve this. For example, you can work long and hard at your current job to earn a raise. But there’s one problem–you’re depending on someone else to give you a raise.

Your company will have to have the budget, and you’ll have to know how to toot your own horn to get this raise. This isn’t to say that earning a raise is impossible, but things are better when you’re in control right? That’s why building a side-hustle is the best way to increase your income.

Think of your side-hustle as a part-time job doing something you enjoy. You can sell items on eBay for a profit, or design websites for small businesses. Building a side-hustle will be on the hardest things you’ll do, be too stubborn to quit.

During the early stages, you won’t be making money and that’s okay. Since you already have a source of income, you won’t be dependent on your side-hustle to pay for your expenses. Depending on how much time you invest in your side-hustle, it can one day replace your current income.

Whatever route you take, focus more on earning and save as much as possible. You have more control than you give yourself credit for.

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Transform Yourself into a Saving Money Machine

Saving money isn’t complicated but it’s one of the hardest things you’ll do.

By learning from your mistakes and rewarding yourself after saving you’ll save more. What would you do with an extra $200 or $500 each month? To some, this is life-changing money that can improve the quality of their lives.

The truth is saving money is an art. Save too much and you’ll quit, but save too little and you’ll pay for the consequences in the future. Saving money takes effort and having the right systems in place.

Imagine if you’d started saving an extra $100 this next month? Or, saved $20K in one year? Although it’s hard to imagine, this can be your reality if you follow the principles covered in this guide.

Take a moment to brainstorm which goals you’d be able to reach if you had extra money each month. Use these goals as motivation to help you stay on track on your journey to saving more. If I was able to save thousands of dollars with little guidance, imagine what you’ll be able to do.

What are you waiting for? Go and start saving money, the sky is your limit.

Featured photo credit: rawpixel via unsplash.com

Reference

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