Money Saving Tips for Modern Parents

Apr 19, 2023 | Parenting

As the school year ends, moms and dads prepare to deal with a busier schedule. Kids are at home for more hours per day, and families tend to spend extra money on recreation, food, transportation, and travel. The approach of summer months is a welcome change for most, but it’s also a time to get serious about saving money, cutting expenses, and generally keeping an eye on family finances. Often time managing tricky financial issues in the home can mean stress, but it most certainly doesn’t have to.  Fortunately, most moms and dads can take advantage of powerful money saving suggestions for achieving those goals.

What can working parents do to minimize spending and make the most of each dollar? For decades, savvy consumers have used bulk buying to pare grocery bills. With inflation on the upswing, 2023 is the ideal time to buy in large quantities to save cash at the store. Additionally, anyone who has college-age children can search for scholarship cash online. Others focus on purchasing a first home and moving out of rented space, refinancing student loans, exploring the benefits of homeschooling, minimizing utility bills, weaning themselves off car travel, and planning monthly meals to avoid dining out too often. Consider the following money saving suggestions you can make for your family.

Buy Groceries & Household Goods in Bulk

Bulk buying is turning out to be the secret weapon for families in the inflation ridden 2020s. For decades, wholesale clubs have flourished, even when they charge annual membership fees that typically amount to about $100. However, savvy shoppers who have families to feed soon discovered that annual fees amounted to a small fraction of total potential savings. Buying in bulk from these clubs can cut a family’s food and household goods bill by more than $1,500 per year.

Find Scholarship Money for College-Age Children

What’s the most efficient way to help your kids get and pay for a college degree? For many diligent moms and dads, paying for a degree begins with searching for as many scholarship opportunities as possible. What’s the smartest way to approach the task? First, work with a platform on which you can not only identify scholarships but also apply for them in the same place. Then, use whatever money you are awarded to cover a portion of educational expenses or the whole bill if you’re lucky enough to win multiple awards.

There are Going Merry scholarships for college available that offer youngsters a debt-free way to cover a significant amount of their total college expenses. Too many parents assume that there is no scholarship cash available. The truth is that millions of dollars in no strings attached money go unused every year. The only way to find out how much cash your kids can win in scholarships is to apply for as many awards as you can, based on qualification criteria.

Refinance Your Student Loans

If you have college loans lingering on the monthly budget, consider refinancing them to get a shot at more favorable rates, lenient terms, and more time to pay. The big benefit of a student loan refi is lower monthly payments. Those looking to free up cash in the family budget can do themselves a favor by using their current credit rating to reset old loans. Every year, working adults opt to refinance and never look back.

Stop Renting as Soon as Possible

Even in a stressed, uncertain economy, young parents who rent apartments or lease their living space can save money by purchasing a first home. With few exceptions, owning is much more financially efficient than renting. Homeowners put money toward equity every month in the form of a mortgage payment. Renters build up no equity, own nothing, and endure regular rent increases that have no upper limit.

The solution is to consult with a real estate professional and see what you need to do to get into a house. Most parents who have never owned before must clean up their credit and save for a down payment. But the time to begin is now. Most working adults find that within a year or so, they are financially ready to take on the responsibilities of home ownership.

Explore Homeschooling

There are many misunderstandings about homeschooling. The most prevalent one is that parents must do all the teaching themselves. Community home schools are operated by families in the neighborhood. You can enroll your children in someone else’s program, work full-time, and reap the benefits of high-quality private education for your children.

This is also a great opportunity to socialize your child outside the home but also not send them to a traditional school environment. Some groups even have home shares where the pod of children and teacher stay the same, but the environment moves between the homes involved in the share, giving the kids the chance to experience a change of scenery from their own homes, much like they would in a more traditional setting.

Minimize Utility Bills

In the technological age, there are several ways to keep utility bills low. One is to equip your house with rooftop solar panels. Many states offer tax incentives at the time of purchase. The latest arrays can pay for themselves in reduced energy costs within about seven years. Some mothers and fathers find it convenient to add one or two solar panels each year as they can afford them. Additionally, families who use smart lighting systems can further cut utility bills by a significant amount. Installing a low-cost programmable thermostat is one of the easiest ways to maintain a comfortable home and slice about 5% off monthly utility expenses at the same time.

Plan Meals One Month in Advance

Meal planning is one of the stealth strategies for keeping household spending under control. Those who plan family meals well in advance tend to eat out less at restaurants and fast-food places. The best part is that it only takes a couple of hours to outline a full month of evening meals, lunches, and breakfasts. Note that there is plenty of room for repeat menus within a given month, so it’s not necessary to create unique recipes and menus for each day.

Make the task easier by checking various resources, including the internet, family recipe collections, easy favorites you already know, and more. Breakfasts and lunches are not as much of a challenge as dinners because most kids and adults are okay with repeating a 7-day cycle of menus for the first two meals of the day. Try to keep nutrition and variety in mind when assembling ten or more evening meals you can use for each four-week period.

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