When you’re a parent, you know how important it is to be financially savvy and learn frugal living habits. Even when you don’t have kids, it can feel impossible to save money. The second that you add children to the equation, and it may seem like someone’s asking you to climb Mount Everest.
But that doesn’t have to be the case.
By implementing some frugal living habits and educating your kids on the value of a dollar, you can actually become a wonderful role model when it comes to managing finances.
So what do you do when you’ve got several mouths to feed and wish lists as long as Santa Claus’ parchment scroll?
Here’s seven ways to cut costs today and become the financially savvy parent you’ve always wanted to be.
Drive a Modest Car + Cut Back on Personal Expenses
Have you ever noticed that some of the wealthiest people seem to drive the most modest cars? That’s because they’ve ingrained this super important frugal living habit. Keeping up with the Joneses is not a priority for families who are serious about accumulating wealth and saving extra cash.
Instead of prioritizing the brand name, prioritize safety, fuel efficiency, and cost when it comes to your next car.
Similarly, it may be time to cut costs on things that are more “wants” and less “needs.” That doesn’t mean depriving yourself entirely. It just means becoming more attentive to how expensive your personal care items are, or how much you spend on Amazon each month. You can either cut back on those expenses, or get super savvy about earning free gift cards to your favorite retailers.
Learn to Say No to Your Kids
This one is much more easily said than done. But if you don’t want to see your bank account totally depleted at the end of every week, you’re gonna have to learn to say no to your kids. Not only is this one of the best frugal living habits for financially savvy families – it’s also a great way to teach your kids good money habits. If they understand that they can’t have everything they want just because they want it, they’ll start to learn about value and work ethic. And the earlier they learn, the better off they’ll be.
And Make Learning About Money A Fun Experience
The earlier you teach your kids about money, the better. The reality is that there are too many real-life lessons that kids just don’t learn in school… So the more you can implement frugal living habits at home and lead by example, the better. But one of the most important things you can teach your children is that saving money doesn’t have to be a drag. It can actually be fun, and shouldn’t feel like a punishment to be financially savvy. Remember how much you can do at home for free – like host a board game night or a movie night. And show your kids just how rewarding it can really feel when you wait and earn enough money to purchase something, rather than buying it on the fly.
Search For Online Deals
Financially savvy families learn to become obsessed with free stuff. You can actually get much more than you realize when you start searching the web for deals. First off… the internet is a wealth of information when it comes to price comparison. Instead of giving into impulse purchases, go home and research price points to make sure you’re getting the best deal possible.
You can also sign up for Survey Junkie and earn free e-Gift cards for sharing your opinion. Or you can cash out with PayPal.
Eat in More Often
The one thing that parents value as much as money? Time. That’s why it can be tempting to eat out often, whether it be a sit-down dinner at your favorite restaurant or a trip to the fast-food drive-thru.
Yes… Dining out can be super convenient (and super delicious). But if there’s one surefire way to shrink the size of your wallet, this is it. This is one of the most important frugal living habits for families…. Because we end up spending so much money on food! Follow this guide on how to save money at the grocery store. Then meal prep before the week begins so that you don’t find yourself wasting money on food during the week. You can also buy convenient and easy food at the grocery store that won’t take forever to cook… And will still end up being a lot cheaper than what you’d spend if you were dining out!
The best way to save more money is to make more money. Figure out exactly how much extra cash you need to be able to commit to frugal living habits without having to ruin your budget. Then find a reliable side hustle that allows you to make that income.
There are tons of different ways to make money online, from taking paid surveys to building up a freelance writing career. And outside the internet, you’ll find plenty of opportunities to supplement your income – like driving for Lyft or Uber or starting a dog walking service.
Stick to Your Budget
This is the most important lesson that any family needs to learn when they’re trying to save money and maintain a comfortable lifestyle. It’s essential that we stick to our budgets and live below our means if we want to save money and accumulate wealth over time. Take stock of your finances and then decide exactly how much money you can allocate to each area of your life. It may be daunting at first, but the more real you can get about how much money you have and where you stand financially, the easier it will be to establish a game plan that will you put you ahead before you know it.
There you have it! Seven frugal living tips to keep you and your family in healthy financial shape. Which of these will you implement today?