Budgeting Tips for Growing Families
When your family is growing, it’s more important than ever to find ways to conserve and set aside money. Whether you’re struggling to make ends meet or you’re thinking ahead to avoid financial setbacks, follow these tips to get up to speed with financial planning.
Focus On Debt
If a large portion of your current budget is dedicated to paying off debt like car payments, student loans, and credit cards, it’s time to get aggressive about paying down debt. In most cases, it’s best to tackle the smallest debt first and work your way up towards the largest debt. By putting your extra money towards debt, you’ll be able to free up quite a bit of extra cash each month once you’ve finished paying off loans.
Buy in Bulk
Stores like Costco and Sam’s can be well worth the membership if you have a growing family. These wholesale clubs are able to offer lower prices on household needs like toilet paper, toothpaste, and ingredients for everyday meals. Once you’re a member, you might even be able to save money at the gas pump.
Switch Insurance Companies
Many auto insurance companies gradually raise the price if you’ve been with the company for a few years. Most families never think about the money they could be saving by switching to a different insurance company, but the savings can often be substantial when you take the time to call around and find a new insurance agent. If you’re not satisfied with your current auto insurance payments, call around and see if you’re able to find a more affordable local insurance agency.
Purchase Gently Used Clothes
If it seems like your kids are growing out of their new clothes each month, it makes sense to stop purchasing brand new clothes. Consignment stores are becoming more popular as parents seek new ways to save money, and you’ll likely be able to find brand name, gently used clothing to suit your budget and your kids’ style.
Shop at Farmer’s Markets
It’s important to provide your family with fresh fruits and vegetables to promote health and well-being. However, fresh veggies are often the most expensive items at the grocery store. If you’re tired of paying exorbitant prices for organic fruits and veggies, stop by your local farmer’s market to find fresh, locally grown foods that are in season. When you purchase produce from your local farmer’s market instead of the grocery store, you’ll be able to sidestep the extra costs of shipping and transport since the food was grown locally.
When the kids are bored during time off from school, it’s tempting to head to the movies or Chuck E. Cheese with their friends in tow. While these special treats are great once in a while, the expenses can add up quickly. To save money and keep the kids happy, come up with creative ideas for entertaining at home or at free areas like parks or hiking trails. If you’re in need of a little inspiration, browse sites like Pinterest for fun, age-appropriate arts and crafts.