Saving tips for Parents
Every penny counts when you have a family to take care of. So whether it is pregnancy costs or pricey baby gear that is getting you flustered about your finances. Becoming a parent is such a life changing experience that explaining this reality to friends without children is nearly impossible.
Unfortunately, one particular area that many new parents seem to struggle with is money management and having kids certainly adds to your monthly budget and being able to keep the checkbook balanced and in the positive can be a constant challenge.
However, we have some good news – Saving money can be surprisingly simple. Here are some basic but often overlooked money saving tips that just might help you. Try out these Saving tips for Parents:
- Set A Monthly Budget:
Having a budget is the number one tip for all parents and knowing what is coming in and going out each month can be a real eye opener. You never want to spend more than what you do, in fact spending less so you can save is ideal.
- Pay Down Your Credit Card Debt:
If you have credit card debt, don’t wait to pay it down. Interest accumulates quickly and with average interest rates in the mid-teens.
- Prepare Your Own Food:
Simple, fresh, healthy meals are the most budget friendly. Avoid eating out, bag your lunch to work, and stay away from making a stop for coffee every morning. If a new baby is only slightly breaking the budget, cutting out R100 lunches and R25 cups of coffee can restore balance to your finances.
- Use Hand Me Downs:
Share kids clothes with friends and family when you can. This can be a huge means of saving money and ensuring you have enough clothes available to prevent the washing machine from running on a 24-hour cycle.
- Buy Second Hand:
Check out garage sales and your local Gumtree ads, especially for items you won’t be using a long time. You can usually find great deals on bikes, sports equipment, baby gear, and toys.
- Shop Sales:
If you don’t like buying second hand, make sure you shop the sales. Buying your clothes at the end of the season for the following year when possible can be a huge cost savings. Just make sure your account for how much your baby will grow and buy age appropriate sizes.
- Go Grocery Shopping With A List:
This is an obvious way to save on your food bill, but never head to the grocery store without a list. It is best to have a meal plan before you go so that you know what it is that you need to purchase. Clipping coupons and shopping sale items are another great way to save.
- Shop At Your Local Farmer’s Market:
This is another way to save on your food bill, is to shop locally for what is in season. Your local farmer’s market may offer great prices for fresh local produce which not only saves you money, but also has the added bonus of being healthier.
- Don’t Purchase Every New Toy:
The kids may beg, scream and nag you for the newest and greatest toys, video games, etc., but you need to learn when to say no. Most kids today have so many games and toys that they really don’t know what to play with next. Keep it simple and let your kids use their own creativity instead of spending money on expensive toys.
- Clear Out Your Home:
The final tip is to clean out your home and get rid of stuff you no longer use. Having a garage sale or selling on Gumtree or OLX is a great way to get some extra cash and to get rid of the clutter, especially for new parents who have to fill the basement with items that are no longer child-friendly. Remember your saving tips for parents.