Hi babes!! I wanted to share 10 budget friendly family habits that I’ve discovered and honed throughout the years. I hope this blog post helps you and your family not only save money but also have fun doing so. Being budget friendly is often thought to be for people or families who have a low-income. I completely disagree. Being budget friendly is what makes a family make smart financial decisions to be able to afford more with their current income.
If you agree with this, then please read on and don’t forget to share this with friends and family who can relate.
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Discover Free Events
You’d be surprised how many free events occur in your area or in your nearest major city. If you make it a habit to research some sites that will keep you updated on those events, or sign up on their newsletters etc. then you will always have a couple of free events to take your family to. This is true especially if you live in or near bigger cities/counties such as Los Angeles, Orange County, San Diego, Toronto, Mississauga, New York, London etc. You will be in awe when you see your kids and family enjoying their time without spending a dime.
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Meal Plan + Home-cooked Meals
Meal Planning was something that I always thought was too much work. But once I got the hang of it, I figured out how to balance it with my current work schedule and now it’s become second nature. Every Sunday is our grocery shopping day – so ahead of time I plan the follow week’s dinner menu. But I like to take it a little further and also meal plan breakfasts, lunches and even snacks – they are easier than dinners. This is not only budget friendly, it also helps with time management.
Try to keep the spark of “eating out” special by making more home-cooked meals. The more you eat out, the less special a dinner date becomes. If you are eating out often, most likely your grocery will go bad and hence you are throw away and wasting a lot of food on a weekly basis.
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Put Money Aside Each Month
Sometimes we wonder how certain people can afford certain things when their family income is not a lot. The answer is because they are strategic with their finances. One way is to keep money aside each month. If you make this a habit, you will have enough money to either pay a major expense on a rainy day or have enough money to afford something you’ve always wanted as a family (i.e. family vacation, car down payment, that expensive purse etc.)
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Carpool
Most households now have a minimum of two cars – if you coordinate well with your spouse, parents or siblings and friends, especially when you are attending the same event or heading the same direction, you all are saving money. Gas prices are crazy these days so you will be surprised how much you will be saving once you make this a habit within your own circle.
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Alternatives to Childcare
After household expenses, childcare is one of bigger expenses on the list. Daycare is expensive everywhere in the world – so before you make a commitment to daycare or unless it is absolutely necessary, consider alternative options to childcare. Some examples include, pay a family member, get a part-time baby sitter or make a rotating schedule with a trusted friend or family member – one day you take care of hers, another day she takes care of yours. There are also some play places that are designed to drop of potty-trained children for a couple of hours, especially if you have errands to run or have a short meeting.
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Use Coupons + Track Sales
I was introduced to the world of coupons when I moved to California. All my friends and family were using some sort of coupon system – I believe it’s more limiting in Toronto, especially a few years ago. But you’d be surprised the more you search for it, the more you will discover. The States has a bigger market of course so there is a lot of competition to attract the buyer, therefore leading to a lot of attractive deals and sales. Whereas in Canada, the market is no way near the size of the States. However, that does not mean that your local stores do not have a coupon or sale system. Sign up for newsletter or loyalty cards – any savings is savings.
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Minimal – No Junk Food
Many of us don’t realize that junk food is more expensive than healthy food. It’s cheaper to buy a broccoli crown than a bag of chips. The Broccoli has way more nutrients and feeds more people than a bag of chips will. So begin prioritizing healthier options and both your body and wallet will thank you for it.
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Don’t Use Cable
There are so many cheaper alternatives to cable – Netflix, Amazon Prime and live streaming options. We are a very “busy” generation so sitting down to flip through channels is something the majority of just don’t do anymore, especially if you’re a millennial. Cable is an extra bill you are paying when you could easily use that money for something more meaningful like your gas or phone bill.
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Free or Inexpensive Extra Curricular Activities
Extracurricular activities are pricey – especially for families with more than one child. If you do a little digging around, try to discover free local activities your child can join, such as looking at your community center or local library. This is especially helpful for moms with babies and younger kids. Local libraries like to hold free events such as mom and child reading sessions. If you cannot find a free one in your area, then before you sign your child up to an expensive one, find affordable ones – again, starting with local organizations that are targeting budget friendly programs to make it accessible to all.
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Avoid Credit Cards
Cash is king – as the old saying goes. And it couldn’t be more true. Almost every financial expert that gives “true” advice about saving money and being budget friendly, will say to limit your credit card purchases. This makes the biggest difference and almost immediately. But I will go even further and say, unless you are trying to build and maintain you credit card, cut them!! Live off of the cash you have – credit cards manipulate people into buying things they cannot afford. If you are limited to the cash you own, you will naturally limit yourself to things you can afford and better prioritize your budget and spending. Note: Credit Cards are necessary for goals like credit building, loan services etc. But this point is addressing only the goal of being budget friendly.
There you have it. I hope you enjoy these 10 tips in becoming a more budget-friendly family. If you have any other tips, feel free to leave it in the comment on either Instagram, Pinterest or Facebook.
Happy Monday
