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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 January 8, 2021

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

How To Pay Off Credit Card Debt Fast: 7 Powerful Tips

Ever wondered whether your credit card debt is the reason you’re in a bad financial situation? You can’t enjoy any fun activities because a good chunk of your money goes toward debt payment. Heck, you’re even behind on some of your monthly bills.

The effects of clumsy debt management are too many to list here. This guide is going to help you discover how to pay off credit card debt fast and start chasing your financial goals.

Debt problems are the last thing anyone wants to encounter. But things can get out of hand when all the “little debts” you take accumulate in interests.

What if you knew some simple and proven ways to be debt-free quickly? Implementing them would mean better financial health for you. It becomes possible to free up cash for your “wants.” These include taking a trip or buying something you’ve always desired. All that while paying your bills on time!

Let’s not wait any longer. Here are 7 powerful tips for paying off credit card debt fast:

1. Pay More Than the Minimum Credit Card Payments

Many people only pay the monthly minimum on their credit cards. Truly, that’s the right amount for staying on good terms with your credit card company. But you need a different approach if you’re looking to achieve financial independence within a short time.[1]

Most of your payments go toward interest costs when you only pay the minimum amount. A substantial sum of your balance remains standing. As a result, it becomes more expensive to eliminate your debts.

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You don’t want to wait more than 10 years to get rid of debt while it’s possible to do it sooner. All you have to do is double that $100 minimum payment to $200 or go higher.

The good thing is that minimum credit card payments are affordable in most cases. By paying a higher amount, you reduce your interest costs, lessen your borrowing period, and boost your credit score.

2. Start With High-Interest Credit Card Debt

If you have more than one credit card debt, prioritize putting the extra money toward the ones with the highest interests. This debt pay-off strategy, known as the debt avalanche method, is essential for being debt-free quickly.[2]

First, you need to list down all the credit card debts you have in the order of their interest rates. Next, you choose the one with the highest interest and pay a significant amount toward it each month. It can be an amount twice or even thrice larger than the minimum payment.

At the same time, you make monthly minimum payments on the other debts. Their interest charges won’t be as costly as that of the first debt on your list. You only move on to the next high-interest debt after the first one is gone. Remember that your focus is on the interest rates and not the balances.

3. Revisit Your Budget

Budgeting is useful for tracking your financial moves. Once you create a budget, some tweaks along the way can make it work for you better. One situation that requires you to revisit your budget is when you’re struggling with debts. It might hurt a bit to slash some expenses. But you also don’t want to miss out on achieving financial freedom in the long run.

You can reduce some variable expenses to free up more cash for credit card debt payments. They’re the ones that change from time to time. Some examples are groceries, fuel, and clothing.

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Other opportunities for cutting down your spending lie in non-essential expenses. Instead of dining out all the time, you can cook at home more to save money. You can also share some subscriptions with friends and pay a fraction of the cost.

If you’re determined enough, you can eliminate all your unnecessary expenses and focus on paying off your credit card debt first.

4. Avoid Using Your Credit Cards

Do you want to know how to pay off credit card debt with a low income? One simple way is to stop using them. Having your credit cards everywhere you go means that you’ll be more tempted to buy unnecessary stuff. In this case, you spend money that you don’t really own and get deeper into debt.

The quickest fix to stop the debt build-up is spending with cash. You’ll be more aware of everything you can afford at any particular time. If you decide to keep one or two cards to ease the transition, always make wise choices. For instance, only use them when experiencing financial difficulties.

It’s best to categorize your fun activities under “discretionary spending” in your budget. This way, you won’t need more debt to kill your boredom. By halting your credit debt from accumulating, it’s easy to pay down what you already owe and be happy with the progress.

5. Start a Side Hustle to Boost Your Income

You’re probably turning away a lot of money by not monetizing your skills. Everyone has something that they’re good at doing. And you can use that to generate extra income for attacking your credit card debt.

If you look around your neighborhood, you can find several side hustle opportunities. It can be pet sitting, tutoring, or lawn mowing. You can start an online business by offering services such as digital marketing, content creation, and web development. Such skills go in high demand on freelance sites and job boards.

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Finding clients on social media is also a good strategy to utilize your skills and make more money. Facebook groups, Quora Spaces, and subreddits are some places to look for side jobs. You only have to join a niche-specific platform, share your services, and respond to any opportunities.

It’s possible to learn a skill, practice it, and earn from it. Use the free resources online or purchase some e-courses to get started.

6. Sell Your Used Items for Extra Cash

Starting a side hustle isn’t the only way to generate extra money. You can turn unwanted items into cash for paying off credit card debt. Whether it’s an old TV, book, or furniture, there is always someone itching to buy your used stuff.

A garage sale, as much as it’s old-fashioned, is perfect for getting your neighbors and passers-by to buy from you. You keep all the money because there are no business permits or taxes involved. While you may not make much cash, it’s better than leaving your stuff to go defunct in your storage.

Other than that, you can sell your used stuff on online marketplaces. Facebook groups are great places to start if you want quick approvals and hence sales. You only have to ensure that your listing follows Facebook’s commerce policies.

When selling any pre-owned items online, ensure they’re in good shape to avoid problems with your buyers.

7. Know When to Seek Help With Your Debt

Asking for help with your credit card debt can be challenging to do. But letting it drown you is a road you don’t want to take. While you may feel embarrassed at first, it’s the best way to get back on track when you run out of options.

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There are tons of non-profit credit counseling organizations that can offer you free guidance on how to escape the debt trap. An example is The National Foundation for Credit Counseling. They simply review your finances and help you determine the source of your financial problems. After that, they match you with an actionable debt management solution.[3]

In extreme cases, the debt solution can be:

  • Debt relief – where your debt is partially or wholly forgiven
  • Debt consolidation – taking out one loan to repay others
  • Debt settlement – the creditor forgives a significant portion of your debt
  • Bankruptcy – legal process for seeking relief from some or all your debts

It’s necessary to carefully weigh your options before deciding on the way to go. Find out how it might affect your credit score and any other risks.

Wrapping It Up

Debt is a major setback when you’re trying to prosper in life. Paying off credit card debt is essential if you want to reach your financial goals. That means having more free income, a good credit card score, and even a chance to retire early. You become more productive each day because of the peace in your mind.

So, you now have some tips on how to pay off credit fast. Go ahead and get rid of that good life progress killer!

More Tips on How to Pay Off Debt

Featured photo credit: rupixen.com via unsplash.com

Reference

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