Families are more hard-pressed than ever to stretch their dollars as far as possible. You can become an expert in getting more bang for your buck with a little effort. Start with these top 10 money-saving tips for families.
10. Prioritize Shopping During Sales
Any purchases that aren’t an immediate emergency should be postponed to take advantage of sales. Holidays and sales events like Black Friday or Amazon Prime Day are prime times for deals. Sign up for promotional materials to keep you informed of sales and coupons. Buy seasonal items during off-season clearance sales to save more.
9. Become a Preferred Customer
Many stores have “preferred customer” memberships that offer store rewards. Some even offer cash back. A free “club card” at many stores will get you lower prices daily and earn rewards. Some grocery stores also provide gasoline discounts after specified accumulated reward points. “Club Cards” can also make returns easier without needing a receipt.
8. Prioritize Online Opportunities
Online shopping, especially products that include free shipping can save you gasoline costs and valuable time. Another advantage of online shopping is the vast amounts of coupons and discounts you can find online. Besides the particular store, dedicated sites and apps provide coupons and codes to practically every major online and physical store.
7. Pay Bills on Time and Pay Down Debt
Paying for things on credit can often be double the amount of paying in full in cash. Paying more than the minimum required amount will reduce debt faster. Pay off the highest-interest debt first. It’s crucial to pay bills on time to avoid costly late charges. Late fees take more of your money and also harm your credit.
6. Be a Do-It-Yourselfer
So many little things that need fixing around the house don’t require the services of an expensive expert. You can learn the skills needed to perform these easy-to-do repairs by watching a video on YouTube. For almost anything you can think of, there’s a video where someone will tell you what you need and walk you through it step-by-step.
5. Become Savvy With Healthcare
A common misconception is that the cheapest monthly healthcare program will save you the most money. Look at where you spend most on healthcare. Is it doctor visits, prescriptions, major medical, or emergencies? A higher premium might save you in the long run with lower co-pays. Take advantage of discount pharmacy cards like GoodRX to save on prescriptions.
4. Grow or Cook What You Eat
In some areas with the right weather, growing a garden is easy and inexpensive. In others, the water costs and time outweigh the savings. Also, consider how much money you spend on dining out. Eating out averages around $16 per meal compared to $4.23 for a home-cooked meal. And chances are, the home-cooked meal is healthier.
3. Maximize and Limit Grocery Trips
Frequent trips to the grocery store to grab items here and there increase your gasoline bill. Plan for what you need and try to limit your trips to once per week, every two weeks, or once a month. Take advantage of sales, printed and online coupons, or use a smartphone app. Buy in bulk to save more.
Read More: The 15 Best Grocery Stores in the US
2. Splurge Smart
When you decide you have some extra money to spend, make sure to splurge wisely. Look for discount times and days at movie theaters, museums, and other attractions. You can borrow movies for free from the library. Seek out free entertainment and events. Go to the park, lake, beach, or river for the cost of gas and a picnic.
Read More: The 15 Most Affordable Grocery Stores in the US
1. Share Things
Many sites online offer opportunities for sharing and bartering, such as swap.com. Even if you don’t want to exchange products or information with a stranger, you can do so with others in your own community. Swap babysitting, tools, sporting goods, clothing, and more. Sharing saves money and reduces the clutter of owning things you use occasionally.
Read More: 10 Ways to Save Money on Healthcare Costs
