Saving Smarts: Tricks to Keep Your Family Within a Budget

At the beginning of the year, you excitedly created a list of New Year’s Day resolutions and a desire to save money probably topped this detailed list. If you want to do everything in your power to keep your family within a budget this year, you’re not alone. Saving money for your family’s future is a worthwhile goal and one many Americans struggle with each year. To help you accomplish this important task, consider adhering to the following simple tips.

Clip Coupons

Utilizing coupons for the products and services you buy is one of the easiest ways to save money. Buy a newspaper each Sunday and peruse its contents for valuable coupons. Depending on the type of coupons available, you might wish to buy multiple copies of the newspaper. Besides obtaining money saving coupons from newspapers, take advantage of digital coupons online. Only collect coupons for the products or services you know you will actually use. This is a skill that is learned with time, so be savvy and see how much you can learn and save using this process.

Cut Up Credit Cards

Is your wallet filled with colorful credit cards? If plastic is your payment method of choice, cutting up your credit cards might be in order. Paying for goods with cash only may drastically help you curtail unnecessary purchases. Making cash payments might also help you stick to a budget more easily. Utilizing an envelope system for budgeted items is a great idea. For instance, you might want to place fifty dollars in an envelope each month for a clothing allowance. Once you’ve spent this amount, you shouldn’t allow yourself to buy any additional clothing items until the following month. Investors often recommend putting your money in savings as an alternative as well.

Prepare Meals at Home

Dining out can be extremely expensive. This can especially be the case if your family is large. To help you stick to a monthly food budget, prepare more meals at home. Use leftovers to pack lunches with. See if you can cut back on lunches by taking advantage of school programs as well.

Bundle Service and Product Purchases

Bundling service and product acquisitions is a wonderful way to save money. For example, you might wish to purchase your internet, cable television, and cell-phone services from the same provider. Or, you may want to secure your home, automobile, and life insurance policies from the same insurance company.

Shop at Big-Box Stores

Making bulk purchases of items you regularly use can help you save more money each month. For example, buying a pack containing 20 rolls of toilet paper is often less expensive than purchasing a pack consisting of 4 rolls of toilet tissue. However, when shopping at big-box stores, you should always pay attention to costs per unit. A unit is an arbitrary measurement such as an ounce or a liter. Oftentimes, retailers will place smaller sizes of products on sale. During these times, the cost per unit of a smaller sized item might actually be less than the unit price for its mega-sized counterpart. 

Raid the Clearance Section

In addition to making bulk acquisitions, raid the clearance sections of your favorite retailers during shopping excursions. You can often save a ton of money on clothing and other seasonal items by selecting them from the clearance corners of stores. Before shopping for clearance merchandise, determine what types of items you need. For instance, you might want to look for a winter coat for one of your kids. Or, you may be interested in buying discounted holiday decorations. If you don’t enter the clearance section with a plan, you might end up buying more items than you really need.

For some people, saving money while sticking to a budget seems like an impossibility. Thankfully, armed with the right tools, most people can improve their financial condition over time. If saving money is a new concept for you, you might not know what to do with extra cash. Consider visiting a reputable financial service company in your area. The experts at places like these can help you manage and invest your nest egg. 

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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