The average family has roughly $20,000 in savings to help with emergencies and future purchases. Whether you have this amount or building up to it, saving money throughout the year can help. Even the smallest money-pinching solutions can add up, especially if you’re focused on your goal. In most situations, diligent money-saving measures can result in an extra $1,000 to $5,000 in your savings account in just one short year.
1. Make Lunches
The average cost for a child to have lunch at school can be over $2.50 per day. Unfortunately, most kids won’t eat all their lunch, which means a lot of money can go down the drain. By making your lunches, you can ensure your child is getting healthy and delicious food they’ll want to eat. What’s even better is that you’ll save money on the cost of daily meals, which will add up over the school year.
2. Explore Debt-Relief Options
When you constantly need to buy something new for your kids, it’s easy to get into debt. By exploring debt relief options offered by Strategic Consulting and similar financial services, you can learn how to pay this off for less. Whether this means paying less interest or getting the debt paid off quickly, it can mean massive relief for your family.
3. Trade Clothes and Toys
If you know any other moms in the area, ask them if they want to start a trade group for clothing and toys. Just write your child’s name on the tag of the clothes or the bottom of the toy, then trade with others for something you need. This will help you avoid buying things new, whether that’s a pair of jeans or a toy. If you don’t have friends to trade with, look online for a local mom group that might offer this same service.
4. Cook at Home
Dining out throughout the week can add up to thousands of extra dollars by the end of the year. Even a cheap bite to eat a few days per week can ruin your budget and cause you to dip into your savings. Fortunately, you can save quite a bit by cooking at home. This is especially easy if you make a menu at the beginning of the week and go shopping the day before for everything you need. When you already have the ingredients in your fridge, you’ll be far less likely to spend money at a restaurant.
5. Use Cleaning Towels and Homemade Solutions
The average household will spend over $20 per year on paper towels for their house. You can eliminate this cost by using washable cloths instead. You don’t even have to buy these; you can make them by cutting up old towels. Creating your own cleaning solutions for just a few pennies is another excellent tip since you’ll significantly cut cleaning costs down within your home.
6. Play Outside
Outside play is free, whether it’s at the park or in your backyard. You might be surprised by how much fun kids can have with a ball, a mud pit, or just a few toys and some water.
Reducing Costs in 2021
Saving money as a mom doesn’t have to be impossible. With the tips above, you can increase your savings without sacrificing fun or necessities for your kids. With a little bit of effort, you might save more than you ever thought was possible.
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