5 Great Money Saving Tips for Families


money saving tips for familiesIf you are searching for money saving tips for families it is quite likely that you are currently experiencing a few financial issues in your life. In light of the part-time job economic crisis impacting the nation, company pension compensations at an all-time low, and the cost of living consistently on the rise, millions of people are suffering from the same financial complications. Most families are left feeling as if, regardless of the steps that they take, they are not doing enough to meet the demands associated with the cost of living, much less anything related to their financial future, such as saving for college, saving to purchase a home, creating an emergency fund for unexpected events in life, and retirement. In this brief guide, you will be provided with 5 great money-saving tips that will optimize your financial health and the financial health of your family, as a whole.

1. Implement the 30 Day Rule
The first and most beneficial of all money saving tips for families is to implement the 30 day rule within your household. This is a very simple concept. When you consider making a purchase that is not deemed to be “necessary” for your household, you should avoid the splurge, wait a total of 30 days, and then revisit the consideration to determine if you still have a desire to make the purchase. In most instances, that initial impulse to buy will be eliminated and you will find that you no longer want the item. Once this urge has passed, you should take the money that you would have originally spent on the impulse purchase on place it into an interest-bearing savings account. This will allow you to make even more money.

2. Transform Your Unwanted Items into Cash
The next most popular of the money-saving tips is to transform all of your unwanted items into cash. This is relatively simple to do. All it takes is a little time, patience, research, and an internet connection. Simply clean out your closets, your attic, your garage, and all of the rooms within your home. You are likely to come up with clothes, books, jewelry, electronics, DVDs, CDs, video games, and a multitude of other items that you may sell on websites such as Amazon, eBay, Etsy, and the “Swip Swap” groups on Facebook. Once you have sold the items, simply stash the cash away in your savings account and watch your money grow!

3. Reduce Your Phantom Load
One of the largest monthly expenses for a family is the electricity that is used throughout the home. While changing your light bulbs and turning off electrical items when not in use are wonderful means of saving money, it is simply not enough. Many do not realize it, but, when items remain plugged in – such as the computer, the television, and cell phone chargers – they still consume power. This is often referred to as “phantom load”. If you truly want to save a little cash as a family, you should make certain that you reduce your phantom load by unplugging all items that are not in use.

4. Engage in Regular Maintenance
Each of the items within your home requires some degree of maintenance. When it comes to money-saving tips, engaging in regular maintenance of these items is at the top of the list. Examples of items that should be regularly maintained include your central heat/air conditioning unit, the fans throughout your home, your refrigerator, your deep freezer, and items that are similar in nature. By simply changing filters, vacuuming out coils, and cleaning these items, you may save hundreds of dollars each and every single year!

5.Ensure Cleanliness
The final tip of the money-saving tips for families is to ensure cleanliness. You should ensure that each member of your family practices good hygiene by taking their shower, brushing their teeth, washing their hands, and cleaning their clothes on a regular basis. Additionally, you should make certain that your home is as clean as possible, at all times. Ensuring cleanliness in and around the home will ensure that fewer sicknesses are spread throughout your home. As a result, you will spend less on medical expenses, over-the-counter medications, and fuel to travel to the doctor.

Conclusion
There are, literally, millions of money saving tips for families. In this guide, you have been introduced to 5 great and easy-to-implement tips that will allow your family to, potentially, save thousands each and every single year. If you would like to learn more about how to stretch your dollars, pinch your pennies, and increase the amount of money that you and your family have at your disposal, be sure to check out other money-saving tips at Free Money Wisdom today!

Written by Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER
and FACEBOOK
. Happy investing 🙂

Jon the Saver

This post was written by yours truly, Jon Elder. My mission is to help you succeed in your personal finance life. Join me on the journey to financial freedom! You can subscribe through RSS FEED or EMAIL updates. You can also find me on TWITTER and FACEBOOK . Happy investing 🙂

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