Ways to Save Money with the Family Budget
Americans are becoming smarter about how they spend their money, and they’re not afraid to do things a little differently to be a smart spender. We’re becoming more aware of debt and how it affects so much of our lives, and we’re not shy about shopping at discount stores or using coupons and online deals to purchase what we want. But with all the helpful tips out there that are commonly being utilized, individuals are still constantly looking for ways to trim their family budgets and save money.
Check Your Debt
DailyFinance shares that the average American’s net worth has drop by as much as 40% because of poor credit issues. Bad credit will prevent you from making purchases, and even keep you from getting a job you’re applying for. If you want to be a smart spender you would be wise to check out NerdWallet's list of credit cards with 0% interest rates on balance transfers and consolidate as much of your debt as possible so you can pay it down without the excess interest. By consolidating your debt and carrying 0% interest you could save thousands of dollars and pay off your debt quicker than if you continued to maintain separate accounts.
Teach Your Kids
Money Crashers reveals that from the time children are born until they reach adulthood it is expected that parents will spend about $227,000 on their individual needs. If you teach your children about money while they’re growing up, you can save money because they will be smarter spenders too. Some teaching tips:
-Give kids an allowance and teach dividing the money into three parts:
-The difference between needs and wants.
-Bills and budgeting.
-Let them figure some things out for themselves.
-Involve them in the family finances and model healthy spending.
You may have heard of some of these tips before, but don’t discount how important they are. When children are taught to take on financial responsibilities when they're old enough like buying some of their own clothes, or saving up for the toy they want instead of expecting mom and dad to buy it, not only does the family budget benefit, but they will have money sense for when they’re older and have to learn financial planning for when they graduate from college.
Be Bold and Creative
Back when animal pelts were as good as cash, bartering and trading were a way of life. And with individuals looking to save money, trading, bartering, and swapping are becoming popular again. If you need expensive items, especially if they’re only going to be used short-term, then swapping may be a solution. If you’re looking to save money on school supplies, and want to save on technical calculators or other costly tools or books, check out some trading sites like:
-Paper Back Swap.
HowStuffWorks also suggests calling your phone, cable, or other service providers and tell them you’re thinking about dropping their service because it’s too expensive. Many providers don’t want to lose your business, so they are open to finding individualized deals to keep you as a customer.
Simple and Often Overlooked
MSN offers some other simple tips to help cut the family budget. Just a few of these tips can help you save big.
1. Use cooling curtains instead of the air conditioner.
2. Use cold water for laundry.
3. Utilize free online movies and shows.
4. Use the library for free music downloads.
5. Replace satellite radio with: Songza, Pandora, or Spotify.
6. Reversible ceiling fans for all-season use.
7. Dryel- not dry cleaning.
8. Throw clothes-swapping parties.
9. Save stamps and checks- pay bills online.
10. Energy saving insulated paint.
There are endless amounts of money-saving tips. Find a couple to start with, be consistent, and in time you will see a big difference.