Savings are crucial to fulfill big dreams like traveling, getting a permanent living space, or a family car. However, you must be aware of the difficulty of saving up with a growing family to look after.
Two experts from the US Bank are here to remind you that though hard; it is not impossible. Savings is a surefire way to shoot up your family’s standard of living by delaying consumption today and being able to afford luxuries tomorrow.
Let’s jump right into how you can save today, even with one or more people to provide for.
1. Buy necessities in bulk
The things your family uses in abundance can be well bought in bulk to reduce expenses by a healthy margin. Especially in a family with younger kids aged between 0 months to 3 years, there is a frequent need for disposable diapers, wipes, milk, and baby food.
Instead of rushing to the store every time your stash runs out, buy these items in bulk from the nearest wholesaler or big retail supermarkets at the month’s start. One can save about 20 cents per diaper if bought in bulk, which can add up to a lot if you estimate the use of 5 diapers every day for about 2 or 3 years.
2. Put all your unexpected incomes in the savings trough
It is sensible to do this because you have already crafted a budget without accounting for unexpected bonuses, tax refunds, or the financial gifts you received. Thus, you should immediately add these to your savings because your month could have gone smoothly even without these extra dollars, and it’ll be just the motivational boost you need to see in your savings account!
3. Kids can grow well even without the latest toys and technology
It may sound like tough parenting advice but it still holds. Children flourish not due to the provision of the latest gadgets and toys but due to your constant presence. They will learn more from your playing cues than from the latest educational toys on the market. Likewise, if you have teenagers in the house, you really do not need to buy the latest model of the iPhone for them.
They would do equally well with an old model that has all the features but is priced low. It’s upon you to teach your kids to be able to bear the tide of social pressure that forces them to waste money everywhere to keep up with the trend.
Lastly, it’s not always about the kids wanting the best things. Parents may often feel overwhelmed and feel that their child deserves the best. However, the fact is your child does deserve the best but in terms of attention and love.
They can do equally well with hand me down clothes and secondhand items. Soon your children will realize that the sacrifices you made were for their own good so that they could have a better and secure tomorrow.