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Simple Money Saving Tips for Small Families

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CNN came out with a report last year, which mentions the steep rise in the costs of raising a child. According to this report, the estimated expense on each child between birth and 18 years of age now stands at $227,000. This is 40 percent more than what it was a decade back. Of course, not just the cost of raising a child, the costs of almost everything has gone up steeply in the last few years. You are in trouble if your salary of earning hasn’t increased by this much at least.

Unfortunately, that has not happened with a lot of Americans. They are thus very close to the poverty line, trying desperately to make the ends meet. They desperately look for money at the end of the month to pay off the bills and meet other commitments. Many don’t have a credit card, or even a bank account. Rarely will they get a loan, except for a payday cash advance. Payday loans are small-dollar loans, which they can repay next month, so it’s not a problem. They would be in real trouble without this help.

Don’t let this happen to you. Yes, payday loans are there for you, but it’s always good to have more control of your life. Make a few changes – even the smallest lifestyle changes can give big benefits. Here are some money-saving tips that will help you manage your finances better. Your pocket won’t run dry. You can pay it back more easily, even if you take a payday loan with these practical money-saving tips.

Be Smart With Your Shopping

Make sure that you visit the store just once for your shopping. Going there again and again for an extra bar of soap or the loaf of bread you forgot to buy is going to cost you more money. You will waste gas and end up overspending. Prepare an extensive list of everything you need, and tick the items off after adding them to your cart. Take your time preparing the list, and check it once before you pay the bill.

Also, go to the store without the kids. You can resist spontaneous buying more easily.

It will also be a good idea to set a maximum budget for your shopping, grocery or otherwise. You will see, you will end up saving a lot of money this way. Finally, remember to shop early in the week when there is little crowd. A crowded store can make you stressful, which isn’t good for budget-conscious buyers.

Use Discount Coupons and Reward Points

Many stores issue discount coupons, and there are reward points too that accumulate with each purchase. You can redeem these points and coupons later to get good discounts. Always carry the coupons to the store. Check how many points you have, and the amount that can be struck off from the bill as discount.

Many buyers fail to use their reward points. They will also forget the expiry date of the discount coupons, thus wasting them. You can save a lot of money if you are organized and a smart buyer.

Don’t Purchase “Off the Shelf”

Always do your research first before buying, particularly if you are thinking of buying something costly. Take your time even if you are really anxious about buying it.

Browse the internet to find its lowest price, find out if a sale is coming up. Look at the retailer’s or manufacturer’s website to see whether you can find any coupons. Look for alternatives at a lesser price. With this approach, you may possibly spend hundreds of dollars in a year.

Don’t do this for small purchases, because you will only end up spending a lot of money. Set a threshold price – say $50, for instance.

Buy Secondhand

You will be surprised how much money can be saved by buying secondhand. This may take some getting used to, especially if you love brand new things. But it’s worth it. You can buy a lot of stuff secondhand, and often, they are in perfect condition too. Two things you can buy secondhand are books and toys.

Visit thrift stores and garage sales. You may even meet some of your neighbors too in these places. Many people are now buying secondhand to save money.

Entertain at Home

Everything is so costly now – a visit to the movie or eating out, for example. A day trip can be a disaster for your monthly budget.

Find out ways to entertain the kids at home and keep them happy. A home movie, a story session, board games… with popcorn… you will spend quality time together, have a lot of fun… and save loads of money. You don’t necessarily have to spend money to make them happy. They want your love and company, and not your money.

If you have to take them out, visit the parks in your neighborhood instead. Do some park shopping to settle on a couple of parks where they enjoy the most!

Don’t Fly If You Can Drive

There was a time when air travel was the default choice for most. But it has become so costly these days. Plus, there is also the hassle of security checks and the long waits. Plan a drive to the destination if you have to travel with a family, of course, if your destination is within a manageable distance. This will save you the cost of buying several airline tickets. You may rent a car if your family vehicle cannot carry the entire family. Or better still, take the bus or the train. That will save you even more money. Even the no-frills airlines will cost you more than a bus, train, or car trip.

Stay at home-stays or hostels instead of hotels or resorts.

Sell Your Home

Of course, this is a more drastic measure, but one that will help you get rid of that mortgage. You are likely to have a lot of cash in your hand even after the mortgage is taken care of. A home, as it ages, costs more because of the constant repairs. A rented property might prove to be more cost-effective.

Plan the Meals

A casual visit to Burger King or McDonald’s can set you back financially. You are splurging if you visit these diners several times a month. It is going to ruin your health too. Plan meals at home instead! This is healthier and financially better. Plan your recipes. There is a lot of variety to choose from. Perhaps once a month you can eat out.

A payday loan is there to help you for times when you are a little short of cash. But this cash advance is just to help you ride over the immediate emergency. It won’t serve your long-term financial worries. Try to increase your income, perhaps by starting a business on the side so that you have a second income stream. Save money wherever you can. Manage your money better. Plan for the long-term! In the meantime, solve your short-term worries by taking a payday loan.

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