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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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Last Updated on April 3, 2019

How to Nix Your Credit Card Debt in Less Than 3 Years

How to Nix Your Credit Card Debt in Less Than 3 Years

Debt is never a fun thing to be in. But, there are many actions that you can take that will help you rid yourself of the burden of debt once and for all.

By coming up with a set plan, eliminating your debt can feel much easier than constantly thinking about it.

This post will provide some tips on how you can do this to help you nix your credit card debt in less than 3 years.

Hint: there are ways that are easier than you think.

1. Consider Consolidating Multiple Credit Cards If Possible

This may not be applicable to you, but if you have multiple cards – it is something to consider. Keeping up with multiple bills is time consuming.

It will depend on the balance you have on each. Consolidate ones you can but do not do it to the point that you get too close to the maximum limit. Also, it is ideal to pick the card with the lower interest rate.

Consider if there are any fees or alternatively, rewards, with transferring a balance to another card. Watch out for fees. Note that some cards offer rewards for transferring a balance to them. This is extra cash that can help go towards paying off your debt.

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Having one or two cards can make nixing your debt much simpler than keeping up with the balance of a bunch of cards. Keeping track of paying the minimum towards a bunch of cards is time consuming. Spend the time to consolidate instead to make the overall process simpler going forward.

My tip: Have one main credit card. Have a second one that you use for necessities – such as groceries or gas – that offers rewards for those purchases (a lot of cards do) and set the second one on auto-pay. You should be able to pay off a smaller amount on auto-pay if it is a necessity. If you think you cannot, then you may need to cut down a lot on expenses.

Why do I suggest doing this? Having one thing set to auto-pay is one less thing to think about. One less thing to waste time on. Same idea with consolidating to one main card. Tracking down too many is a hassle.

2. Try to Pay the Full Balance You Spent Each Month at the Very Least

You need to pay off the amount you are spending each month when that bill comes in. This is the amount you spent THAT month.

Do not let the debt keep accruing while you work on paying any unpaid debt that has accrued. It will become a never-ending battle. Try as best as you can to be current on paying for each month’s expenses when that month’s bill comes out.

If this is a strain, consider why. You may need to cut expenses. Or you may need to consider other cards. Or look at where this money is going.

3. Pay Extra When You Can – Every Small Amount Counts

This cannot be emphasized enough. If you are looking at a lot of credit card debt, it can look daunting, but each extra amount that you can put towards the debt will really add up – no matter how small it is.

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It does not just reduce the principal amount that you have left to pay off, but it reduces the amount that is collecting interest. You will always save money with that reduced interest.

4. Create a Plan on How to Pay Extra

Back to the main point, having this plan is giving you one less thing to think about.

This plan should be a plan that works for you. If it does not work for you, your spending habits, and your views on debt, then it will not be an effective plan.

For instance, if a set plan of an extra $50 (or another amount that you know you can afford) works for you, then do that. Set that aside every month and pay that extra amount. Treat it like a bill. Choose an amount that works for you and pay it like clockwork as though it was a bill you had to pay each month.

Little amounts will not nix it entirely, but they will help tackle it and having a set plan can make it less of a chore. Creating a new plan of how much to put towards it each month is an unnecessary added stress.

5. Cut out Costs for Services You Do Not Use

If you are signed up for subscriptions that you do not use because of some free trial or for some other reason, cut it out. Your overall financial position will look better.

In turn, that will make cutting your credit card debt easier. Look at your statements to find these expenses. If you do not use them, you may forget you are paying some unnecessary amount each month. Cutting it out can really add up in savings that you can put towards other needed expenses.

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6. Get Aggressive About It

Consider these points:

Depending on the interest and the level of debt, you may need to give up a few indulgences. For example, instead of ordering delivery or going out to eat, cook at home. Everything adds up.

Other things may be more of a sacrifice. It may be a trip you wanted to go on, or a daily latte habit you’ve picked up. In these instances, consider how important it is to you and if it’s worth the sacrifice. And if it is a costly expense, think whether you can wait to indulge.

Cutting an extravagant expense can really help make a dent in your overall debt. Try not to add to debt when you are trying to pay it off. It will be a never-ending battle. Make it less of a battle with these tips and it will feel easier.

Bottom line: Do what you can to make this process easier for you. Implement steps that do this. It takes time now, but will help overall. Also, keep track of your spending and paying down of your debts. Which is the next point.

7. Reevaluate Your Progress at Set Intervals

Doing a regular check-in can help you see your efforts pay off or maybe indicate that you need to give this a bit more effort. If you check every 3-6 months, it will not feel so much like a chore or feel so daunting.

By doing this, you will be able to better understand your progress and perhaps readjust your plan. Bonus: if you see it pay off, it will feel great to do this check-in. You will get there.

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Finally (and most importantly)…

8. Keep Trying

Do not get discouraged. Pushing it off will make it worse. Just keep trying.

Once your debt becomes lower, each monthly payment will reduce the balance more. Why? You are paying less towards interest. It will be a snowball effect eventually and it will become much easier to manage. Just get to that point. And know once you do, it will feel easier and motivating.

Start Knocking out Your Debt Today

The best way to eliminate debt is to get started right away. Begin by implementing the above steps and watch your debt just melt away. Try out some of the above strategies and see what works best for you. Soon you’ll be on your way to a debt free life.

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Featured photo credit: Pexels via pexels.com

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