In America, altogether we owe approximately $7.9 trillion in mortgages, about $849 billion in credit card debt, and roughly $992 billion in student loan debt. These numbers might make your own family’s debt seem small, but every year about 2 million families enlist the help of a credit counselor so that they can avoid filing for bankruptcy. Before your family gets to that point, there are a number of budget saving tips you could try to help you save some money.
Save on food.
Creating a family budget around food expenses can be difficult. The United States Bureau of Labor Statistics reports that the average household pays in excess of $3,000 for groceries every year. Some budget saving tips around grocery shopping include the following.
- Never go shopping hungry.
- Always use coupons.
- Spend less by planning meals, thereby reducing impulse purchases.
- Freeze or preserve foods to reduce waste.
- Buy whole foods as opposed to pre-prepared.
Cut back on unnecessary expenses.
Household money saving tips might at first be inconveniencing, but when you notice the savings on your household bills you will be glad you made the change.
- Turn off lights unless you really need them.
- Dry clothes outside during the summer.
- If you buy bottled water, consider a filter and reusable containers.
Remember that anything that is disposable is something that also makes the money you spent on it disposable. Use reusable cups, plates, and silverware to save money.
Find cheap or free alternatives.
When it comes to keeping the family entertained, the most easy money saving tips will you to not to spend any money at all. Look for free events, free entertainment, and free stuff online. Sometimes people give away trampolines, and quite often you will find that your city or local park holds free admission events. Why buy something when you can get it for free? Budgeting tips for families are best implemented all together, for the greatest impact.
It is also important to note that a late payment can damage your credit report and remain on your record for seven years. Paying down debt is not just important to mental and emotional health, but having good financial health will make other important life changes, like looking for a house or financing a car, much easier. Try these budget saving tips and get started right away.