If your family dreams of buying a new car, going on a family vacation or buying a new home, saving money is probably one of your top priorities right now. Although saving money as a family can be tricky, saving up for your goals isn’t impossible; it just takes some planning. Here are five tips to save money for a big family purchase.
1) Keep Birthdays Simple
Birthdays are so important, especially for the little ones, but the financial pressure of birthdays can be a lot to handle. It’s normal to want to throw a big, elaborate party to celebrate your kids and loved ones. But if your family is saving for a big goal, like a new house, vacation, or a car, a simple sacrifice is to keep birthdays simple that year. Instead of having a massive party at an expensive venue, try having a smaller event with close family and friends. The most important thing about birthdays is the memories that you make, not the money you’ll spend.
2) Have Fun on a Budget
Who said that having fun has to be expensive? There are so many family-friendly activities that you can do that don’t cost a thing. Entertainment for the whole family should be focused more on creating memorable experiences than anything else. Your family could try going to the park to play or have a picnic, taking camping trips, going for bike rides, or having game nights or movie nights. There are tons of inexpensive ways to have frugal fun with the family.
3) Switch to Packed Lunches
Eating out every day can quickly add up. So, if your family is used to buying lunches every day, it’s time to make the switch to packed lunches. By spending a few hours a week on meal prep and packing lunches, your family could be eating much healthier meals at a fraction of the usual cost. At first, it might seem like preparing food at home is a big investment, but buying grocery items in bulk can actually save you hundreds of dollars a month.
4) Gamify Saving Money
Saving money can be a fun activity to do as a family, especially when you’re saving toward a specific goal. Everyone will enjoy seeing the savings increase as you get closer to where you need to be. In addition to regular savings, families can use fun activities like a savings jar where everyone contributes their spare change, or a fun money savings challenge to see who can save the most money within a certain time.
5) Get Thrifty
You never know the incredible finds you can get while shopping at thrift stores. There are several second-hand stores where you can find almost everything you need for your family at a fraction of the retail price, like home decor, household items, toys, books, and barely used clothing.
There are several ways to save money as a family without having to sacrifice too much of your comfort. Be mindful of your finances and transparent about these new changes, and in no time, you’ll reach your family’s financial goals.