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How to be the Family That Save Together

posted: 01/09/18
by: Amanda Mushro
parent and daughter putting coins into piggy bank
iStock

After a holiday season full of spending money, the New Year is the perfect time to tighten up the family budget and look for ways to save. But instead of being the only one in your home with a New Year's resolution to cut back on spending and increase your savings, here's a few easy way to get everyone in your family involved.

Meal Plan-Something as simple as planning out your meals for the week is a great way to save big money each month. Rather than opting to eat out or grab take-out, meal planning makes sure you have all of the ingredients you need to make dinner each night. Meal planning also saves you money while at the grocery store because you are purchasing only the items you need rather than overbuying. Have your entire family help with meal planning so they feel involved in the decisions and the saving.

Find Family Fun on the Cheap- Just because you are tightening the family budget doesn't mean you and your kids are stuck at home. Find free activities by checking out local websites that share local events and happenings. Libraries are a great resource for classes and local events too. You can also save money by purchasing yearly or seasonal passes to places you and your family visit often. When it comes to eating out, find the restaurants that are offering kids eat free nights or special promotions.

Save Your Change- A great way to get your kids excited about saving is to make it visual for them. Place a large jar in your kitchen and encourage your kids to drop spare change into the jar. Talk to your kids about how your family will spend the money. You could use it to plan a family vacation, purchase something new for the home, or to donate it to a cause your family feels passionate about. For kids, seeing the money in the jar and deciding how the money will be spent is a great reminder about the importance of saving and setting financial goals.

Kid Swap- Get a night that is kid-free by trading babysitting duties with a friend or family member. One night you offer to take the kids and another night they take your kiddos. This way you don't have to pay big bucks for a sitter and the kids have a fun play date. Win/win for everyone.

New Habits- From turning off lights when you leave a room, to layering up to lower the thermostat, and even shorter showers, you can save money on your bills by conserving water and energy. To do that-everyone has to get on board.