5 habits your family can adopt to start saving some extra money

Having a family is a big accomplishment; it brings a new and fulfilling chapter in life. However, it requires a lot of commitment and meticulous planning to raise a family. It’s rewarding yet at time can be tough, more so when it comes to finances. Here are five habits that families can adopt to start saving extra money.

Cut down on junk and processed food

Junk food can be expensive and provides little or no nutritional value. Avoiding it will be beneficial to your family. Instead of buying a packet food and takeaways, you could buy fresh vegetables, wholegrains and other healthier options that are often available at markers for a low cost. Such measures will help you save a great deal and also contribute your family’s health.

Spend less on shoes and clothes

We are tempted to buy clothes which are in fashion, this is more so with children. Children quickly outgrow their clothes and we may spend a fortune on items that may not be worn a few months down the line. Buy fewer clothes for each season, enough to last them a year. By doing this, you won’t be forced to throw away a lot of clothes when the children outgrow them.

Cut down on toys too

Sometimes we overindulge when it comes to toys, buying more than our children need. A child will ask for a toy every time they see a new one. You could control this by introducing them to different activities so that they are not just thinking about toys all the time. Take them for picnics, play games and sports with them as opposed to spending long hours in front of the TV where they watch adverts which introduce them to new toys.

Reuse and recycle

Teach your children how recycling can beneficial for both your wallet and the environment. Teach them to reuse and recycle and you will raise responsible citizens. They could reuse toys and clothes, where the elder child passes them to his siblings. This can save you a fortune.

Teach your kids responsible resource use

Water and electricity consume a substantial portion of your monthly budget. The huge bills could be as a result of water and electricity which is left running for hours when not in use. Teaching them to switch appliances and lights off when not in use, turning off the gas and water could contribute towards reducing utility bills, saving your family money

These and many other savings tips might be just what you need to save for a new house, car or even for your family retirement. Practicing these money saving tips can also teach your kids a great deal about saving money and protecting the environment.