Money gets tighter when you have a family and sticking to a household budget can be difficult. The good news is, there are plenty of ways to take control of your spending and cut your monthly expenses. Here are some of the best money-saving tips for families.
Running a car is expensive and many families own two or even more vehicles. Becoming a one-car household could save you hundreds or thousands of dollars a year, especially when you factor in ongoing costs like gas, insurance, tax, and vehicle maintenance.
Owning one car will slash your monthly outgoings and it’s also better for the environment as it reduces the carbon emissions associated with transport. You can save even more money by shopping around to find the cheapest car insurance. For instance, Root Insurance provides a quote based on your driver behavior rather than your demographics. Being a safe driver could save you up to $900 a year on your car insurance!
Transitioning to a one-car household can be a challenge. You will need to discuss the changes with your family and check that having access to one vehicle will work for your schedule and lifestyle. Check out this blog by theartofsimple.net for tips on becoming a one-car family.
The average US household spends $4,643 a year on groceries according to the Bureau of Labor Statistics. Groceries are a big expense for most families, but there are plenty of ways to slash your spending. Try these tips to trim your family’s grocery bill:
- Write a shopping list and stick to it. This will stop you from spending money on things you don’t need. Shopping online can also make it easier to track your spending.
- Shop in budget-friendly grocery stores and switch to store-brand products.
- Buy products that are on offer and bulk buy when there are discounts.
- Check the expiry dates on products and make sure that your family consumes all of the food items that you purchase. Eat what is in your pantry rather than buying new food.
- Sign up for a store loyalty program to get discounts and special offers.
There are loads of subscriptions to purchase such as Netflix, Disney+, Sky, and even food subscription boxes. It’s easy to let the number of subscriptions your family has multiply and the costs can add up quickly.
Sit down and go through your monthly subscriptions. Decide which ones are the most important and try to cut down to just one or two subscriptions if possible. For instance, could you downgrade to the free version of Spotify instead of paying for the premium subscription?
Family expenses quickly add up and most families would like a bit of extra cash left over at the end of each month. Fortunately, there are dozens of easy ways to lower your expenses without sacrificing your quality of life. These tips will help your family spend less and save more each month.