It’s always handy for parents to be able to save money where they can. Being able to save money means you can spend that money elsewhere or save it for a rainy day, which may come along when you need that money the most.
Whether you’re creating a budget to manage your expenses to setting a savings goal, here are five money-saving hacks every parent should know about.
Buy in bulk
Buying in bulk is a great way to save some money, especially when you find yourself buying the same things every week. There are certain items that you might want to bulk buy in order to save some money.
Think toilet roll, nappies for kids and non-perishables that you can pop in your cupboard for use at a later date.
Buying some of your weekly household goods in bulk can make a big difference to how much you save over time. It’s also helpful so that should you ever be in an emergency situation, you’ve got plenty of supplies to keep you going if shops are closed or certain products are low in production.
Set savings goals
Savings goals are something that you certainly want to set when it comes to saving money. Not everyone has the experience of saving money, or may never have done so previously. It’s good to know how to save because you never know what you might need it for in the future.
An emergency fund is also useful to have to help save you in situations where you need money fast. Setting savings goals will help towards saving the money that you might need for your next holiday, to cushion the festive blow of shopping for presents, or just help with the weekly food shop.
Create a budget
Budgeting is helpful to know what you’re spending each week or month. Therefore, setting up a budget helps to track everything going in and out. It can also help you to be more productive with your money so that you’re maximizing your income as much as possible.
If you’ve not created a budget before, then simply creating one on a spreadsheet is easy enough to do and is helpful to track everything clearly in front of you.
Make use of existing savings funds
There are existing savings funds that you might have and want to make use of in order to help keep some outgoing costs low for the time being. It’s useful to know about investing in an RESP for your child’s education, which can then be withdrawn later on to go towards tuition costs, for example.
Resp withdrawals can be helpful for those who want to lighten the load and financial impact that can come later on in family life.
Earn more money on the side
Earning a bit of money on the side is always nice to have, and so it’s worth exploring your skills and talents to see what potential you could achieve when it comes to developing a side hustle.
Sometimes, it might be something very niche you offer, and for others, it’s something as easy as offering a handy skill that many homeowners are after in and around their homes.
These money-saving hacks are certainly worth knowing about as a parent, both new and for those with older kids heading off to further education.
