Now that parents can expect to spend $233,610 raising a child, it has never been more expensive to start a family. Itโs easy to see why so many parents struggle to save money โ especially if they have more than one child. Between food, clothing, toys, and education, things add up. Sometimes, itโs enough to put your budget in disarray. If youโre one of the many parents wrestling with their household budgets, here are some budget hacks to keep your frugal family out of the red.
1. Organize Meal Times
A familyโs grocery bill can be one of the biggest expenses in its budget, next to rent or mortgage payments. According to USA Today, feeding a family of four can cost anywhere from $146 to $289 each week. If you want to reduce your costs to reflect the low end of this spectrum, consider organizing the way you handle food.
Our favorite budget hack is meal planning. You’ll quickly find that a meal plan is an important tool for any frugal family. By using a meal plan, youโll know exactly what your familyโs eating each day of the week. It can help you avoid using not knowing whatโs for dinner as an excuse to use the drive-thru. Websites like eMeals and Food on the Table can help you choose simple recipes that can save both time and money. You can also check out our curated Favorite Recipes board on Pinterest for some great recipes.
Once you decide what your family will be eating, display the list on the fridge so your family will know what to expect and you can stay organized. Download and print our FREE weekly meal planner printable below!
Click here to download the FREE PDF file for the below Weekly Meal Planner
or click on the image to download the JPG.
Click here to download the FREE PDF file for the below Weekly Meal Planner
or click on the image to download the JPG.
We will add more free printables for you soon. Please click here to see all of our free printables.
2. Have a Plan B
It may feel like youโre putting out one financial fire after the next when youโre raising a young family. Between unexpected school costs and back-to-school shopping to unforeseen medical bills and household repairs, family life can drain any savings you manage to put aside. You need to have a backup plan in case youโre stuck with another bill or repair when your savings are depleted.
Many parents go online to borrow money when theyโre facing similar issues. The online borrowing experience is a great alternative to traditional banking for many busy parents. They donโt have to take time out of their day to visit a brick-and-mortar location during specific office hours. Instead, you can apply for cash loans whenever is convenient by using a lenderโs online application. If approved, you can have the cash you need within the next business day.
3. Buy Second Hand
Thereโs a thriving second-hand market for virtually anything your family needs, and you can tap into the used economy by adding apps like ThredUp and Varagesale onto your phone. These apps (and apps like them) provide a digital community for parents looking to buy or sell used items. Much like any online store, you can scroll through the available items according to category and price. These platforms also make it easy to add your own used items for sale. You can price old clothes, toys, and other things theyโve outgrown to sell quickly and use the proceeds to fund the next must-have for your kid.
Raising a family is an expensive responsibility, but it doesnโt have to doom your finances. If you follow these 3 budget hacks to keep your expenses low, you can raise a happy and healthy family without going broke.
