Frugal or thrifty families are aware that expensive travels and trendy clothes do not necessarily make a happy family. Reducing financial costs can actually help relieve family stress. Keep in mind that even the smallest changes in your lifestyle can be beneficial to your family budget. When you learn the importance of saving money with your family, you will be more inclined to make tiny changes and save more.
Below are some simple suggestions you can do to ease your monthly finances, avoid cash loans and save more:
Avoid expensive hotels
When having family vacation, try renting an apartment instead of hotel. You will be able to save a lot and you can get yourself a kitchen to reduce some expenses. Try Craigslist, Vacation Rentals by Owner, Airbnb, or HomeAway for home apartment listings.
Assess your housing costs
Most of the time, it is difficult to save money because housing costs is the biggest cut on family budget. Usually, it is recommended to keep housing costs to 25% or less of the budget. If you own a home, you may be able to refinance your mortgage at a lower rate and free up some money that you can put into investments or savings. If you’re single, you can even take in a roommate or two and charge them rent to save money on housing costs.
Buy used stuff
As much as possible, buy second-hand stuff such as used cars and used furniture. You would be surprised at the great deals you can find. There are great deals out there for most of the things you want or need, you just have to know where to look.
Lessen energy consumption
All appliances that are not used should be unplugged. Make it a habit at night to check your house to ensure that you have unplugged or turned off any unnecessary lights, electronics and ceiling fans. If you are travelling for a few days, you could even unplug your stove and hot water tank.
Make an organized grocery shopping list
The more organized you are when you go grocery shopping, the more money you can save. Create a list of items you need to buy, use any related coupons, and use the exact budget for the grocery. Moreover, try to shop early in the week when stores are the least crowded to avoid added stress.
Buy clothes in thrift stores or in sale
In thrift stores, you can come across the perfect item from time to time, sometimes barely used. At a minimum, you can use thrift store shopping in exchange of your regular retail shopping, and save some money. It can a good habit especially when buying kid’s clothing. Since they outgrow clothes so quickly, thrift stores offer an opportunity to buy good quality clothes for low prices.
Prepare your meals
By taking the time to plan and prepare your family’s meals, you can avoid getting your food delivered, which is way expensive than cooking at home. It can be a healthy choice as well for the family’s food.