Some Quick Money Saving Tips For Families

Save Money Live better: How To save Money paying attention to the little things and teach your kids financial literacy In the Process

Saving money is hard and you don’t need us to tell you that. Earned money comes in and seems like it just goes out to a laundry list of things that just pile up. In addition, it’s necessary to acknowledge up front that savings is only one part of the accumulating money equation, the other part is earning.

 Having said all of that, we aren’t going to focus on earning today, just fast saving.

Now, we always say here at Future Funders that money should be used as a tool to help you live the life you want. When it comes to savings, this thinking is no different. Maybe you want to save up for a down payment on a house? Maybe it’s just for a great night out with your family? Whatever the reason for your savings, it is an important skill to learn how to do effectively which we elaborate upon here.

But this article is not meant to be a generic guide on how to stably implement a consistent and reliable savings plan that will last you for years. The point of this article is to try to give you potential ways to save money, fast. Whether you need to save $100 or $1000, if you apply some of the quick tips below, it can help you out in a jam.

This by no means an exhaustive list, but meant to get you started looking for ways to save. If you have any other great tips feel free to share with us here.  

Let’s get started!

Stop Eating Out (or make some selective choices when you do) 

·        According to research, Americans dine out on average about six times a week with restaurants charging us about a 300% mark up on items they serve. Also according to research, the average cost per serving of a home cooked meal is ~$4 while average cost of eating out is ~$20.

In a simple example, if you have a family of four, cooking at home for seven days a week can save you about $448 a week. If you want to continue to eat out at your current rate and are note ready to give that up, maybe make some choices like not ordering a drink, skipping desert, or trying to go during times like Happy Hour when food is generally cheaper.   

Cancel Subscriptions / TV Packages

A recent survey found that Americans spend on average $273 a month in subscriptions (this is up from $237 in 2019). That is north of $3,000 per year or about $68 per week. Anyway you look at it, taking a hard look at what you can cancel here will result in some quick savings.

Cut Back On Online Shopping

This is a big one given that the average American can spend roughly between $10-$30 a week just on Amazon. There are tons of statistics out there around online spending, but only you know if this can be cut back in a jam which may wind up creating some large savings. 

Carpool

As of this writing the cost of gas is $3-$4 per gallon. Consequently the costs of taxis or ride share has gone up. Carpooling or more economical use of your vehicle may help you cut back on some costs for a short period.

If you are keen to keep up on the latest gas prices and information and find the cheapest locations, try Gasbuddy.

Camps For Kids

While some camps and activities are obviously very important and you may not want to skimp out on, the cost here can add up (overnight camps can range from $680 to $2,000 a week according to the America Camp Association).

Maybe there is a way to cut back here or plan some alternatives.

Drink Water

Besides being good for you, switching to drinking just water can help you in a pinch. The average American drinks about 45 gallons of soda per year (or roughly 480 12oz cans).

A can of soda can roughly cost you about $0.50 (if bought in bulk / consumed at home), so if you cut this out altogether this can save you ~$240 per year, or at least $5 a week (more if consumed not from cans purchased at home given the markup when buying from store / restaurant).  

Put The Kids To Work

Ok, so technically this isn’t savings per se, but if the money you are looking to save will be used for a joint benefit (say a family trip), it is fair to have the kids pitch in. If you are looking for creative ways to have them earn some dough, try some of our helpful tips.

Automate Your Savings With An App

Sometimes saving money is easy when you are forced to or don’t even think about it. There are several good apps out there that will automatically save money that comes into your bank account for you. Check here for some options.

Get A New Bank

Is your bank charging you a bunch of fees every month? is the interest rate what it should be? Maybe it’s time to make a change to your bank or try higher interest accounts at your current bank and save money in the process.

Coupons And Sales

It’s always great to find a deal. And when trying to save money this is a great way to go. You can even get the kids involved as “detectives” trying to spot better prices when they are out and about or you take them shopping.

A website extension, such as Honey’s browser add-on, looks out for coupon codes for you and can be helpful as well.

No-spend Day (Or Half A Day)

Not spending any money for a period of time can obviously help. More important than the savings though, it can make you think harder about what you are spending and find other opportunities to save.

Eliminate One Spending Habit A Day Or Week

Similar to the above, make a goal to find one spending habit and eliminate or cut back on it over a period of time. Maybe its shopping when you are bored, maybe its always driving vs. taking public transportation. Whatever it may be, you will be surprised how much you can save once you try.

Make A Budget

This one really should be closer to the top, but you can find ways to save by first knowing everything you are spending on. If you need a handy free excel template with instructions click here, if you prefer a budgeting app click here.

Try the 100 day envelope challenge

Okay, so it’s a little trendy, but it will actually physically make you put cash away which not only will increase the amount of savings you have after 100 days, but it will drill home the mindset of trying to save toward your goal each day.

Believe In Yourself

No matter what you choose, saving money is hard, especially when it feels like we are giving up things that we rely on; believing that you can do it and believing in yourself is half the battle. Remind yourself each day (we would suggest even writing it down) why you are doing it and how much progress you have made.

Final Thoughts…

However you decide to try to save a quick buck, we wanted to say again that we know it’s not easy and we are here with you. One way to get the family involved is to try to teach the kids along the way or to do things like instituting a family savings challenge. Once you start and get going, just seeing the progress will help you think of more creative ways to continue to reach your goal. Good luck!