A Simple Guide for Families to Save Money

    Saving money is important for families, especially as gas and grocery prices continue to rise. Inflation can erode the value of savings, and unexpected expenses can put a strain on the budget. But if you've never been particularly thrifty, learning how to save money can seem overwhelming with all of the other items on a family's busy schedule. Even if you consider yourself to be decent at managing finances, it can still be worrying when costs go up and income stays the same.

    While there are plenty of budgeting tips out there, many of them drive home the idea that a single expense (like a daily coffee) can add up and save you hundreds of dollars every month. And this may be true, but one expense is unlikely to make or break your budget. Budgeting requires a steadfast look at all of your expenses to determine what cuts can be made and what you can save on in a variety of different ways. Some helpful ways some families have opted to save money include:

    • Create a strict food schedule you plan to stick to and clip associated coupons to get the best possible deals on your meals.
    • Go to the grocery store during off times when it's quieter and less stressful so you don't feel rushed to move through the store as quickly as possible and veer off your grocery list.
    • Use rewards programs for companies you spend a lot of money on to get some of your money back or put those points towards something you need or want. It's an extra achievement for being a good customer and paying off your bills in a timely manner.
    • Go through all the services you spend money for: landline phones, streaming services cable TV, gym memberships, etc. Take stock of which services you use often and which ones you barely use. Ask yourself as a family if you all feel comfortable cutting those barely used services to save some money every month.
    • Before you purchase something, especially something expensive, do your homework to see if there are any upcoming sales, what coupons are available, and if somebody is selling that product secondhand at a better price.
    • Go through your stuff and see if there's anything you're willing to part with and sell on Facebook marketplace, eBay, Poshmark, or any other related platform.
    • Don't use credit cards if you can help it. There may be times when the extra money it provides can be helpful, but if you can't pay it off as soon as possible, you're paying for what you used it on plus interest! This can put you into debt if you're not careful.
    • Take care of your health! Many people don't consider how important their health is to their budgeting needs, but health and energy have a direct correlation to income! Not to mention products that can be hazardous to your health like cigarettes can eat up your budget.

    Budgets can be hard to stick with if you're just starting out, but it's important to stick it out to help you save money for what matters. Financial responsibility requires constant effort, but having some resources available to get you started can help you with the initial steps.

    about the author

    Tiara Rea-Palmer
    Director of Partnerships
    As an expert in online savings and an avid deal enthusiast, Tiara heads up retail relations at CouponFollow, where she stays up-to-date on all the best deals, discounts, and freebies, as well as negotiates exclusive coupons and offers for CouponFollow users. In her free time, you can find Tiara writing, DIY crafting on a budget, and traveling with free rewards card miles.