Money Saving Tips for Parents
Kids are expensive. Bills are expensive. Life can be expensive. There is no question. But it doesn’t have to be stressful!
As every parent will know, there are times when you need to pull the shoe strings a little tighter and be a bit more vigilant in how your money is spent. Here are a few money saving tips for parents that will help in these much needed times.
Saving money doesn’t have to be hard
So many people become overwhelmed at the thought of having to sacrifice things they enjoy to save money. Often you can make small changes to your spending habits that will result in big savings. And even when the savings aren’t huge, every dollar adds up, so it is ultimately worth it!
Wait for sales
Avoid impulse buys. If you struggle to go to the shops and not purchase on a whim, stay away from the shops entirely. If there is something you have been wanting for a long time (or even a short time), wait for it to go on sale and search for the best prices.
Once you have found a few places that offer the best prices for the item in question, haggle! Talk the price down even more. This will not always be possible but there is no shame in asking. They want a sale and you want the best possible price.
Buy second hand
These days you can get a bargain almost anywhere. Take Facebook for example, it has opened up a world of opportunity to purchase second hand (and sometimes brand new) items from people in your local area. Buy swap and sell groups provide an array of products, brands and locations. More than that though, it is always at a fraction of the price of purchasing new.
Or Gumtree and Ebay. Say for instance when you need baby stuff. Everything from the cot to prams are excessively priced. These items don’t tend to hold their value which means you will be able to score yourself a bargain for something that has only been used for 6 months.
Or let’s think big ticket items, like a car. Yes buying a car brand new comes with its perks. The new car smell, warranty, capped priced servicing and almost guaranteed reliability. When you don’t have $40,000+ to spend on a new car however, alternatives need to be considered. You will actually be surprised at how many good quality and well-kept second hand cars are available to buy at an amount that is more achievable and suited to your budget. Just make sure you read this before you buy a used car.
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Forgo the artisan coffee
You hear it all the time. A barista made coffee will cost you $5, sometimes more. If you have just one coffee a day that equates to $35 a week / $151 a month.
Such a small amount of money can add up to quite a lot and this is such an easy way to keep money in your wallet.
Buy cheaper brands
Everyone has their favourite brands that they buy every time. For whatever it may be, chances are you haven’t given competitively priced options a go in some time. This is a great way to save a few extra dollars and half of the time the product substitute has very minimal difference.
Do you really need it?
This is what you should be asking yourself every time you make a purchase. In this moment, do you actually need it or is it a want? Could you comfortably do without the extra homewares from Kmart?
Have a goal
A lot of people struggle to save money for sake of saving money. Often these people find it easier when they have a goal or something to work towards. It could be buying a house, a car, a new TV or even just paying the electricity bill. For others, seeing a certain amount of money sitting in their savings is encouragement enough to continue and watch their money grow.
Everyone has different methods to saving money and what works for one family might not work for another. These money saving tips will help you find a way that you can comfortably see more money in your bank so you have it when you need it most.