Cutting Family Costs: Ways to Save Without Sacrifice
By Kimberly Blaker
The cost to raise kids today is between $12,350 to $14,000 a year per child, according to a January 9, 2017, CNN Money report by Kathryn Vasel. Multiply that by two or more children, and it’s a substantial chunk of change. Fortunately, there are many ways to keep family costs down without sacrificing your family’s quality of life. Just follow these cost-cutting tips and watch your savings grow.
Feeding the Crew
With the rising cost of food, feeding your family is perhaps one of the most significant expenses you’ll incur. But with careful planning, it’s also one of the easier places to cut costs.
Coupon clipping can net substantial savings – as long as you only buy items you’d purchase anyway. For the best savings, look for grocery stores that offer double coupons. But do your math at these stores to make sure they don’t have a higher markup, or else your savings will go down the drain, or potentially cost you more. Also, set guidelines so you don’t use coupons for unnecessary purchase or when it’s a better deal to buy another brand.
Another strategy that can cut your grocery bill by at least a third is buying only what’s on sale. Flip through your store flyer each week, then stock up with a four to six-week supply of the sale items. After the first month, you should have plenty of stock to eliminate most non-sale purchases. Although you’ll invest a little more upfront, within a few weeks, you’ll recoup your investment and begin to see your grocery bill drop.
Avoid wholesale food clubs as well. When comparing prices, the savings are usually minimal and rarely compare to grocery store sale prices. Food clubs may be good for just a few staple items you’ve researched and know are always a better deal and that your family really needs and uses.
When grocery shopping, always compare the price per ounce on various size packaging. Contrary to popular belief, smaller packages are sometimes the better deal. Manufacturers have learned people go for the larger bulk size items because they’re often a better price per ounce. As a result, some manufacturers switch the pricing around knowing consumers will assume the larger package is a better deal.
Also, don’t let unanticipated fast food runs eat up your spare cash. Keep plenty of simple or frozen meals on hand to toss in the oven for emergency eat-and-run suppers. Better yer, make large batches of soups, casseroles, and other dishes and freeze them for simple meals.
Energy Efficiency
There are plenty of ways to cut overall energy use without sacrifice. Best of all, it’s better for the planet. So make the following part of your energy-saving strategy.
- Run your dishwasher only when full, and use the no-heat or air-dry setting.
- Keep your refrigerator out of the sun.
- Turn off the oven a few minutes before your meal is done cooking. The heat already built up in the oven will finish the job.
- Wash all laundry in cold water, except for sheets and towels, which need hot water to kill bacteria and odors. As an added bonus, it will reduce shrinkage and fading of colors.
- Clean the lint filter on your dryer before each use, and don’t overdraw clothes. Better yet, hang your clothes to dry.
- Evaluate your lighting needs. Use the lowest watt bulb possible that provides ample lighting. Better yet, use LED light bulbs for maximum energy savings.
- Keep your hot water heater between 115 to 120 degrees, as recommended by The Department of Energy. Warmer temperatures are wasteful, unnecessary, and can lead to scalding.
- When purchasing new appliances, compare energy efficiency. Paying a little more for the more energy-efficient appliances can save a lot of money in the end.
- Turn off your computer overnight and during lengthy interruptions.
Family Fun
Keeping the family entertained doesn’t have to cost an arm and a leg – or anything at all.
Make visiting your library a regular family activity. Libraries offer a wide variety of free entertainment, including books and magazines (print and digital editions), DVDs, music CDs, video games, and even computer games and software. If your library doesn’t carry the item you’re looking for, ask about its interlibrary loan program.
Local, county and state parks offer a variety of scheduled activities and programs from bird viewing and nature hikes to concerts and festivals. Parks also provide paved biking and rollerblade trails, hiking and nature trails, fishing, swimming, wildlife viewing, and more.
Instead of taking your family out to dinner or fast food, pack a picnic, and head to the park. You’ll not only save money, but you’ll eat healthier, too.
Don’t buy new computers and cell phones. Recent models can often be found in newspapers or online for a fraction of the cost.
Finance Savvy
The following suggestions can yield significant savings and make banking and loans work for you rather than against you.
If possible, double up on mortgage and loan payments. If that isn’t in your budget, you can still save by breaking each monthly payment into two. Pay half of your monthly loan and mortgage payments a couple of weeks early. Just contact your lended to make sure both early and partial payments apply to your regular monthly installments, and that interest will be adjusted accordingly.
Open your checking account at a credit union or bank that offers free accounts with no maintenance or check fees. Also, look into the many banks offering a cash bonus for opening a new account.
Store your credit card rather than carrying it with you, which can lead to impulse buying. Unless you’re disciplined enough to pay off your balance monthly, credit card interest eats up a lot of spare cash.
Auto Economizing
There are many ways to keep your driving expenses down. Try these for starters.
Increase the deductible on your collision to $1,000, unless you’re accident-prone, or have teen drivers. The cost difference can be significant. Also, carefully review all the other charges on your policy. Insurance agents often prepackaged or tack-on unnecessary coverages or higher coverage than you need.
Avoid purchasing a brand new vehicle. Opt for a low mileage model, one to four years old. You’ll save a fortune on depreciation.
Dress for Less
Save on household and clothing expenses by trying these money-saving ideas. You’ll be helping to protect the environment, too.
Hit the end-of-season sales and save 60-80% on kids’ clothing for the following school year. A one-size difference is usually a safe bet.
Visit resale shops for super savings on like-new children’s clothing. You can find these stores locally as well as online resale shops.
Reel in savings the way families in all income brackets are doing today. Hit garage and estate sales for clothing and other family and household needs. You can find top-quality, top-condition items, including toys, baby equipment, kids’ clothing, household furnishings, and more, for next to nothing.
