Sign In/Sign UpTRENDING BASIC MONEY MANAGEMENT TIPS
TRENDING BASIC MONEY MANAGEMENT TIPS
07.07.2020 / Budgeting « Back to all articles
6 Easy Money-Saving Tips for Big Families
Big Family, Not-So-Big Budget
When a family grows, the budget might not grow along with it. Some people might see this as a problem, but some folks are willing to sacrifice in the financial department and invest more heavily in the family department! That said, it can still be difficult to make it all work. Here are a few tips to save money with a big family.
Set Honest Expectations
This is the most important step. If a big family is expecting to live as if they were still a childless couple, or as if everyone in the family were bringing home a paycheck, they will be mistaken. Do not be deceived by the lifestyles portrayed on TV or Facebook. Understand the situation at home and make the financial plans appropriately.
Eat at Home
Restaurants are expensive. Even if the meals themselves are relatively inexpensive, the more mouths to feed, the higher the bill. As a rule of thumb, it is always cheaper to eat at home. The grocery bill might be higher but feeding a larger group from what was bought at the store will be a safer financial bet than eating out every night.
Maintain a Great Budget
If no one is planning where the money goes, the money has the potential to be used recklessly. A great budget needs to be made and maintained to have financial security. The kids may want to go to the zoo, but if there is no money in the budget, that fun day will become a nightmare when bills come due. But a budget also helps to save up for the bigger events by not wasting it all on the little things.
Find Free Ways to Have Fun
There are plenty of ways for a family to have fun without spending money. Local libraries offer more than books, such as youth programs, playgrounds and sometimes fun classes. The parks and museums in town are usually cost-free, too. This also forces creativity in the group to come up with their own fun without being dependent on someone else’s idea. Also, spending a little extra on a quality game or season passes can open up ideas later on that cost nothing more.
Buy in Bulk
When shopping, it is cheaper per unit to buy in bulk. There are some big-box stores that sell food, clothing and even medicine in larger packages at a greatly reduced price. This may make for a more intense grocery run, but it will be worth it in the long run.
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07.07.2020 / Budgeting « Back to all articles
6 Easy Money-Saving Tips for Big Families
Big Family, Not-So-Big Budget
When a family grows, the budget might not grow along with it. Some people might see this as a problem, but some folks are willing to sacrifice in the financial department and invest more heavily in the family department! That said, it can still be difficult to make it all work. Here are a few tips to save money with a big family.
Set Honest Expectations
This is the most important step. If a big family is expecting to live as if they were still a childless couple, or as if everyone in the family were bringing home a paycheck, they will be mistaken. Do not be deceived by the lifestyles portrayed on TV or Facebook. Understand the situation at home and make the financial plans appropriately.
Eat at Home
Restaurants are expensive. Even if the meals themselves are relatively inexpensive, the more mouths to feed, the higher the bill. As a rule of thumb, it is always cheaper to eat at home. The grocery bill might be higher but feeding a larger group from what was bought at the store will be a safer financial bet than eating out every night.
Maintain a Great Budget
If no one is planning where the money goes, the money has the potential to be used recklessly. A great budget needs to be made and maintained to have financial security. The kids may want to go to the zoo, but if there is no money in the budget, that fun day will become a nightmare when bills come due. But a budget also helps to save up for the bigger events by not wasting it all on the little things.
Find Free Ways to Have Fun
There are plenty of ways for a family to have fun without spending money. Local libraries offer more than books, such as youth programs, playgrounds and sometimes fun classes. The parks and museums in town are usually cost-free, too. This also forces creativity in the group to come up with their own fun without being dependent on someone else’s idea. Also, spending a little extra on a quality game or season passes can open up ideas later on that cost nothing more.
Buy in Bulk
When shopping, it is cheaper per unit to buy in bulk. There are some big-box stores that sell food, clothing and even medicine in larger packages at a greatly reduced price. This may make for a more intense grocery run, but it will be worth it in the long run.
