Saving money doesn’t happen by accident. It requires a plan, strict focus and disciplined follow-through. But with all hands on deck, you can reach your goal a lot faster. Instead of trying to cut back on spending alone, consider getting the whole family on board. Here are three ways to save money as a family.
1. Pick an Area to Cut Back On
The first way to save money is to pick an area to cut back on. As a family, discuss where your expendable funds usually go. Families typically spend their extra money on food, clothes, entertainment, or travel. Where does your family spend theirs? Once you figure out where the money is going, you can decide which category you can live without. This is also the time to discuss alternatives. If you decide to cut back on eating out, you may decide to cook at home more. If you lower the entertainment budget, you may create a family game night at home instead. By replacing pricey expenditures with low-cost alternatives, your family can pocket the difference, resulting in instant savings.
2. Have a Garage Sale
We all have unused items lying around that could clear up some space and bring in a little extra cash. If you are trying to save money, start by selling things you no longer need. Have your family sort through old clothes, toys, books, and electronics and price all items that haven’t been worn or used in the past six months. Use social media to let people know you’ll be having a garage sale, and place signs up around your neighborhood to direct people to the correct house. After you’ve sold everything, deposit your earnings into your family’s savings account where it can accrue interest until you’re ready to spend it.
3. Find Free Fun
The third way to save money is to take advantage of free activities. You can even turn this last option into a friendly competition. Challenge the whole family to stay on the hunt for free events and reward the person who unearths the most fun one. Plenty of companies sponsor zero-cost entry nights at family-friendly establishments. You can call the helpdesk, or check the calendar on the website, to find specific dates and plan ahead. Free events help ensure that your family stays entertained without breaking the bank.
By practicing transparency with your financial goals, your family can come together on one accord to achieve a united objective. With everyone working in sync, becoming more financially disciplined will be a breeze. Use these three tips to save as a family now so you can enjoy the payoff later.