If you’re feeling the crunch of inflation and are still aiming to make wise financial decisions, we want you to know that you’re doing a great job! Times are tough, but making smart choices now will pay dividends (literally!) in the future.
Setting yourself and your family up for success for decades will make it all worth it, and we are here to partner with you on this journey.
Check out our top nine money-saving tips for families with young kids.
Create a Family Budget and Stick to It
Budgeting is one of the most direct ways to teach your children good money habits. When you tackle your budget, do so as a family, though keep it age-appropriate.
Together, you can set spending limits and create savings goals.
Bringing your kids into those savings goals can help you build a stronger case when you have to say no to that last-minute toy purchase!
Establish Savings Accounts & Retirement Early
Even if you can’t put as much into these accounts as you’d like, getting them started sooner rather than later will help in the long run.
Set up savings accounts for your children and have family members gift them money for their accounts for birthdays, and be sure that you’re planning to put some away for your own retirement as well.
The sooner you establish the habits of saving, the easier it will be to pass these lessons on to your children and maintain them for the long haul.
Shop Smart for Groceries
Plan meals ahead, create a shopping list, and stick to it to avoid impulse purchases. Plan out shopping trips in advance, and don’t make additional stops at the grocery store.
Have your kids help by letting them peruse kid-friendly recipe books to choose what sounds good to them. Take advantage of sales, coupons, and discounts. Consider buying generic brands or purchasing items in bulk to save money over time.
Also, try shopping at discount grocers or farmer’s markets for fresh, affordable produce.
Utilize Hand-Me-Downs and Secondhand Items
Children outgrow clothes and toys so quickly that it makes far more sense to buy used rather than new.
If your child has friends of a similar age or size or one that’s slightly older or younger, talk about ways that you and other families can share your resources.
Explore thrift stores, consignment shops, garage sales, or online marketplaces for gently used clothing, toys, and baby gear at a fraction of the cost of new items.
Embrace DIY
Get creative with DIY projects and homemade alternatives to save money on household essentials. Make your own baby food, cleaning products, and craft supplies.
Repurpose items or furniture instead of buying new ones whenever possible, or use resources like YouTube to help teach you how to repair anything that breaks.
Not only does this save money, but it also fosters creativity and resourcefulness.
Explore Childcare Options
Childcare expenses can be a significant portion of a family’s budget. Explore affordable childcare options such as family daycare, co-ops, or nanny shares.
Some preschools may offer longer hours than others at lower rates than daycares, so be sure to get creative in your research.
You never know who in your community or network is willing to explore this alongside you, so be open!
Have Fun at Home
Instead of costly outings, plan fun and engaging activities at home for your family.
Have a movie night with homemade popcorn, organize a scavenger hunt in the backyard, or find some cool arts and crafts projects.
(Bonus if your projects use recycled materials and supplies you already have on hand!)
This fosters creativity, helps the kids be imaginative, and allows you to prioritize your spending on other things.
Follow Grandma’s Advice
“Use it up, wear it out, make it do, or do without.”
This common adage was popular during the Great Depression, and it remains good advice even now.
Are there ways that you can reuse or repurpose things you already own?
Maybe you can learn to mend clothes instead of throwing out that holey blouse or cut down on unnecessary purchases that you don’t really need.
Honing your own creativity and resourcefulness is one of the most surefire ways to save money and limit waste.
Wait for It
Avoid impulse buying by implementing a waiting period before making non-essential purchases.
Sleep on it before making a decision to buy, and consider whether the purchase aligns with your budget and priorities.
By practicing mindful spending, you’ll reduce unnecessary expenses and save money in the long run.
You’ll also be modeling smart money habits for your kids that will benefit them for years to come.
Save More with SIG
Signature Insurance is here to help you navigate all of life’s ups and downs by protecting your most valuable assets.
Connect with us today to learn how we can help with your insurance needs, savings accounts, and more.