Making your money go as far as possible is vital for any young family. The expenses of raising children can be large, so ensuring you make all the right financial decisions can make all the difference in your quality of living. There are many ways to reduce your outgoings and ensure your income stretches as far as possible.
It will require some smart changes to your lifestyle and planning, but it can be done without significant changes. Read on for some of the most innovative ways young families can make their money go further.
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Pay Off Debts
The more debt you have, the more money you will be paying in interest each month. This means that paying down your debts is one of the most important things you can do to get the most out of your money. You could consider consolidating your debts into one low-interest payment for ease. It is vital to pay more than the minimum amount to pay off debt quicker.
Sell Off Unwanted Items
If you have some items in good condition that your family no longer needs, it can be lucrative to sell them off. You could sell them online using sites like eBay or Facebook Marketplace. You will need to price them appropriately to ensure they sell. No one is likely to pay near full price for an item that has clear wear and tear.
Designer clothes and handbags can be a great option to sell on. You could also sell some unwanted baby items, electronics or books. The important thing is that they’re in good condition and are items people are likely to be interested in buying.
Look For High-Interest Savings Accounts
It is essential to have money saved for a rainy day. A good rule of thumb is to have at least six months of your average monthly income put away. Finding a high-interest savings account can be invaluable no matter how much you have set aside. The more you put in, the more you will get on interest, but it is worth finding the highest yield bank account possible even if you don’t have much to put in it.
Have A Garage Sale
If you’ve got a lot of spare stuff and don’t have the time to sell everything individually online, a garage sale could be the perfect solution. All you need to do is gather up the items you want to sell, add price stickers and set them out on your driveway. It is important to note that different states and areas may have rules on things like permits and taxes for garage sales, so make sure you find out before you get selling.
Choose 0% Interest Credit Cards
Credit cards that offer 0% interest for the first months can be a good investment. If you’re looking to make a larger purchase but don’t want to buy it in one go, a 0% interest credit card can be perfect. You should ensure you understand the terms of the credit card and when the 0% period will end. You will usually need a strong credit score to access these types of credit cards.
Start A Side Hustle
If you have a hobby or skill you could monetize, now could be the perfect time to start a side hustle. There is a market for a range of skills available for freelancing, such as copywriting, proofreading, web design and programming. You could sell homemade goods on sites like Etsy. If your side hustle is successful enough, it could even become your main job someday.
Sign Up For Loyalty Cards
Loyalty cards can be a great way to get rewards from businesses you use frequently. You’ll usually be able to find out about a business’s loyalty scheme on their website or by asking an employee in-store. Make sure that any loyalty scheme will be truly worth it and avoid spending extra money just to get the rewards as this may defeat the point.
Use Buy Now Pay Later Services
A lot of businesses today are offering Buy Now Pay Later (BNPL) services to their customers. This means you can buy an item immediately and pay it off in more manageable chunks without interest. There are a few of these services available, and most major brands offer them in one form or another, with one of the most popular services being Afterpay. If you want to know more about how these services work, look at this great article from Tally that answers the question: how does Afterpay work?
Shop Around For Utilities
It is best to avoid sticking with your utility providers without first checking to see if you can get a better deal. When your contract is up, get in touch with other providers to see if they can offer you a better deal or welcome bonuses. If you find a better deal before your contract is up, you could call your provider to see if they’ll be willing to offer you a better rate.
Download A Budgeting App
A budgeting app can help you keep track of your expenses with ease. While keeping track of the family expenses on a spreadsheet can be beneficial, an app has the advantage of being right there on your smartphone when you need it.
Switch From Branded To Generic Groceries
In a lot of cases, the generic version of a product will taste just as good as the branded version. Shopping generic can significantly reduce your overall grocery bill. It could help to do a taste test to find out which generic items are the best for you and your family.
Buy Non-Perishable Foods In Bulk
Buying in bulk often works out significantly cheaper than buying items as and when you need them. It could be helpful to get a membership for a wholesaler like Costco so that you can go and stock up on your household’s most used items. It is important to ensure you check prices against supermarket prices before buying to confirm that they are worthwhile.
Clip Coupons
Clipping coupons can take a significant amount off your monthly shopping bill. You can find coupons in local newspapers and magazines or look for digital coupons online. You could look through the coupons you have before you go shopping and choose the combination to use that will save you the most money.
Avoid Shopping On An Empty Stomach
Shopping on an empty stomach can lead to impulse buying. When you impulse buy food, this can often result in buying unhealthy snacks or allowing food to go to waste. It is best to shop an hour or two after a filling meal to ensure you don’t fall into this trap.
Make A Meal Plan
A meal plan is another excellent way to reduce the chances of impulse buying. You could plan your weekly meals at the weekend to ensure you have something to eat each day and avoid the temptation of ordering lunch or dinner. This can also help ensure you and your family eat a healthy balanced diet.
Leave The Car At Home
Leaving the car behind and walking or cycling to your destination can be a great way to cut costs and stay fit. This may not be achievable for every journey, but even cutting down one or two car trips per week can make a difference to your overall travel costs.
About Carson Derrow
