Learn Exactly How I Helped my Large Family Save Money
Learn Exactly How I Helped my Large Family Save Money. Large families need more money saved. You have more mouths to feed, medical expenses to cover, and bodies to clothe.
What happens if the breadwinner loses his/her job or someone falls ill? What happens if you lose your bonus structure or take a pay cut? Let’s face it, the world aka your employer has a bottom line. Hopefully, you stay above it. Living paycheck-to-paycheck is too scary.
How much money is in your bank account? You need an emergency fund with at least 6 months of expenses in it. Your large family must save money. Here’s how.
Live Simply
Don’t keep up with the Joneses. Do what you want and what makes your family happy. If that means buying/having less than your neighbors – great! You’ll have more money in your pocket than they do.
Buy only what you need. It’s a lot easier to save when you buy less.
Shop at Discount Grocery Stores
Don’t shop at the local store because it’s convenient. Shop at discount grocery stores, like Aldi, even if it’s a few miles further. I save hundreds of dollars a month shopping at discount grocery stores.
Most discount grocery stores don’t accept coupons, but they don’t need to. You’ll save more money shopping there than shopping at the more expensive stores with coupons.
You save time and money – it’s a win-win.
Sell Clothing, Toys, and even Furniture
Kids grow fast – too fast sometimes. Anything that’s in good condition that you can’t use, sell. Try Facebook Marketplace and local online garage sale sites. You make a little money and help someone else out.
Put the money right in your savings account – don’t spend it.
Cut Expenses to Help your Large Family Save Money
At least once a year go through your bank statements. It’s amazing how quickly bills sneak into your budget.
Increasing interest rates, credit card interest charges, memberships you signed up for and never canceled, and cable costs all add up.
Cut out as much as you can:• Shop for cheaper insurance• Pay off your credit card debt or transfer to a 0% APR balance transfer card• Cancel memberships• Cut the cord
Automate Savings
Make savings a part of your budget. Set up direct deposit with your employer or automatic transfer with your bank. Open up a high-yield online savings account at Ally Bank or Discover Bank and deposit funds monthly.
Let the money grow – don’t touch it!
Bank Windfalls
Your spouse gets a bonus at work. You receive a tax refund. Your grandma gives you money for your birthday – bank all of it. Don’t spend it.
Your emergency fund should have 6 months or more of expenses in it. The faster you fund it, the more peace of mind you’ll have. Windfalls seem like an invitation to spend, but you’ll get a lot more enjoyment out of it when you don’t have financial stress on top of another emergency or crisis.
Your large family can save money too. Figure out where you overspend and/or can cut expenses. Place any money you save in your high-yield savings account. The more often you fund your savings account, the more your earnings grow. Before you know it, you’ll have a fully funded emergency fund.
Trust me, it’s empowering.
Learn Exactly How I Helped my Large Family Save Money
So did this article get your gears turning? You don’t need to have a large family to appreciate a simple lifestyle and maximizing your income. Here are some additional articles that can propel you to a savvier and financially free you!
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