Saving money for your family is a necessity in this day and age, and making it a bonding activity is a great way to liven things up.
There are several ways that you can save money for your family, with the help of your members, and today, we take a look at a couple of them.
Use Discount Coupons When You Shop
One of the best ways to save money is to use coupons. Contrary to popular belief, it’s easy to find discount coupons for major retailers. Websites such as www.gopromocodes.com offer a wide variety of coupons that have been collated and organized based on the retailers that you want to purchase from.
By just doing a quick search on a site like this, you’ll be able to save money on a purchase that would have otherwise have been made at a regular price. Expect anywhere between 10 to 70 percent in savings from sites such as these.
Save Money First, Make It a Habit
One of the best ways to make saving money easier is to immediately set funds aside every month from your paycheck that goes directly to your savings account. This means that before you even set money aside for the groceries or utilities, you move a portion of your income as savings.
Make sure that the amount that you set aside is within a certain percentage, which increases as your income grows. By doing this, you will be able to develop a habit for saving and consider saving money just as natural as paying the bills monthly.
Ask your bank if they have auto-debit facilities to make this more comfortable for you to organize such a method.
Keep Up with Savings Trends
Another great way to save a lot of money is to follow what other people are doing. Following a savings blog allows you to get new savings ideas, which shift along with the times. There are a lot of creative ways to save money, and by following up on them, you are kept in the know when it comes to savings trends.
Stop Using Your Credit Card
Minimize the usage of your credit card because it incurs fees. If you do have to use your credit card, make sure you pay off the balance to avoid interest charges and other fees. The amount of money that you can save by avoiding credit card use is a lot compared to using it for most of your purchases.
If you have credit card debt, make sure you start paying that off immediately as well.
Pay Off Debt
Servicing debt costs money and so do interest charges, you should try your best to minimize the amount of debt that you have, and to set aside a portion of your income every month into settling the debt that you have incurred. By doing so, you avoid unnecessary fees that come with debt, and these payments could be better off used to add to your savings account.
Stop Eating Out
Eating out costs a lot of money, especially for those with bigger families. By being able to minimize the number of times a family eats out, you will be ready to leave that money aside to increase your family’s spending power somewhere else. A bag of groceries always costs less than a dinner out with the family.
Another benefit to the minimization of eating out is that it allows family bonding time to cook meals together at home.
If you want to eat out, minimize the frequency to just once a week, and reduce the number of deliveries and take out that you purchase.
Stop Giving in to Impulsive Purchases
Another great way of minimizing spending is to make sure that you and your family are trained not to give in to impulsive purchases. Keep in mind that you don’t have to buy something just because it’s on sale. Remember the psychology behind this: when you buy something for the sole reason that it is on sale, you don’t save money, but you still end up spending money.
Buy Clothes Off-Season
If you are preparing for the summer or winter months, then you should consider making your purchases contrary to the season. Retailers know that summer clothes will command higher prices in the summer and they will want to get rid of their winter stock. Buy your winter clothes then. The same principle applies to the purchase of winter apparel. You can always wait for flash sales to happen.
If you are creative enough, there are plenty of ways that you could be saving a lot of money for your family, and as a family. Times do get hard, and with the rising cost of living, it pays to pay attention to tips that might just increase your spending power by a lot.