They say once you become a parent, your money is no longer about you. In this blog, we share tips on how families can save big on everyday spending.
From being on time for school pick up to keeping the house tidy, raising a family is no easy task. And when you throw financial management into the mix, things can get even more complicated. Figures from the 2015 Consumer Expenditures Survey have shown that the average middle-income household will spend $12,980 annually per child. And we imagine that with the rising cost of living, this number would have only climbed higher.
With this kind of added expense, how can you make sure you still hit your savings goals and keep up with everyday costs, all while still providing for your children? In this blog, we’ll share simple hacks and tricks to help you cut costs.
Purchasing Generic or Homebrand Products
When you’re heading to the shops, set yourself a challenge to pick up generic or home brand products, instead of buying your favourite branded items. While it can be tempting to indulge in name brand products, they tend to come with a premium you don’t need to be paying.
Quite often, generic products are actually made from the same materials or ingredients as their name brand counterparts, they just don’t have their brand reputation. The good news about purchasing generic brand products is that they range from bread to canned goods and even cleaning products, so there are opportunities to save everywhere. So the next time you go shopping for groceries, medicine or homewares, try and buy the generic brand to save yourself some money!
Using Coupons on your Purchases
Coupons are a great way to help you snag a discount on your next purchase and can be found in a variety of places. If you’re making a purchase online, check out some applications that can provide you with coupons others have been using. A great example is Honey, a browser extension that automatically applies any coupon codes to your purchase, helping you find the best discount available.
If you’re shopping in person, there are some ways of sourcing coupons that you can use in-store. Try joining the loyalty programs offered by the stores you’re a regular customer of, as many companies offer discounts to their members.
Buy Toys & Gifts During Sales
Gifts are something that you’ll not only be purchasing for your kids on special occasions, but also for their friends for birthday parties. But gifts can be expensive, especially if your child has a few pals! To help you save, try to stock up on presents when stores are holding sales, like mid-season sales or even Black Friday, as you could benefit from amazing discounts. It might also be worth jumping online to see if you can find the toys cheaper elsewhere and asking stores if they’d be willing to price match.
Choose Streaming Services over Cable
The days of cable television being the most popular way of streaming your favourite shows are long gone and for a good reason. Streaming services provide a much cheaper, and more flexible way for you and the kids to catch all the shows and movies you love.
At the time of writing, you access a basic Netflix plan for only $8.99 a month or Disney Plus for $7.99 a month. Many young people prefer streaming services for the original and exclusive content they provide. And because you can stream these shows and movies on just about any device, your kid’s can enjoy their favorite movies no matter where they are at home.
Make a Budget
Between paying your mortgage to refreshing your child’s wardrobe, knowing exactly where your money is going every month can feel impossible. A sure-fire way to get a better understanding of your household’s spending is to make a budget. You can do this by sorting through your most recent bank statements to calculate how much you spend across certain categories. This can help you find areas where you can reduce costs and reign in your spending. You can learn more about how you can budget like a pro by having a read of our How to Budget and Save Money blog.
Experiment with Meal Prepping
No matter the size of your family, anyone can benefit financially and mentally from meal prepping. Not only is this a great way to save time for busy families, but it could also help you save on your grocery bill.
Before you head to the supermarket to pick up your essentials for the week, spend some time creating a menu for the week, including breakfast, lunch, dinner and snacks for in between meals. One way to cut costs further is to select a menu that uses the same ingredients, rather than trying to create an entirely different meal every time. Getting creative with canned goods or cheaper ingredients, like rice and pasta is also another way to save on food.
Once you’ve got your menu lined up, write down the ingredients you’ll need to make everything, which will now become your grocery list. This way, when you head into the supermarket, you won’t mindlessly add things to your cart and only purchase the items you need.
Avoiding Late Fees on your Bills
As a parent, you’ll often be left to juggle multiple tasks, which can make getting bills paid on time all the more difficult. And unfortunately, overdue bills can make you subject to late fees, which can add to your financial stress. However, with the help of Deferit, this doesn’t have to be the case.
Deferit is an online bill payment platform that can take the stress out of paying upcoming bills. To get started, sign up to Deferit, snap a photo of a bill you want paid and upload it to our site. We’ll pay your bill on time and in full, meanwhile, you pay the amount back in 4 interest-free installments. And if you do happen to miss a payment with us, you won’t be charged any late fees.
So what are you waiting for? Try implementing these tips into your daily life and enjoy the confidence it’ll give you in knowing you can provide for your children while still saving.