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How to Save Money with a Big Family

You wouldn’t give them up for the world, but having a large family can be expensive. Rising costs make it even more difficult to pay for what your loved ones need. A Pew Research study found that from 1996 through 2014, the median household expenditures rose by 25% with the typical American family spending $36,800 on household expenses. Multiply that for a big family, and you’ll be looking for every way possible to save money. Luckily, there are plenty of opportunities available to do that. Here’s how you can learn how to save money with a big family.

 

Saving Money on Food

Food is often one of the highest spending categories for larger families. Here are some tips to reducing food costs:

  • Always buy off brand products. Try local producers and factory outlets to save further.
  • Buy what’s in season. Choose fruits and vegetables that are available at farmer’s markets whenever possible.
  • Stretch protein sources. For example, reduce the amount of ground meat you use in a recipe and replace it with a healthy, protein-rich substitute, such as quinoa or mushrooms.
  • Buy loss leaders, items sold at a low cost to get you into the store, from the supermarkets and stock up on them. The trick is not to be tempted by other items in the store, but to buy only what you really are getting for less. Usually staples like milk, bread, eggs, and bananas (incomplete sentence)
  • Bake and cook food instead of buying prepared or processed items. It takes more time but reduces costs substantially. And, it can be better for you, too.

Saving Money Around the Home

Another key area for cutting costs is the items you spend money on each day even if you don’t realize it. Here are some simple steps to reduce costs now:

  • Invest in a programmable thermostat (usually about $40 to $50, sometimes less). Set it to a temperature that is one or two degrees from where you are most comfortable. By lowering the heat by 2 degrees or increasing the air conditioning by 2 degrees, you can drastically reduce what you are spending to heat and cool your home.
  • Choose internet-based entertainment instead of cable television. It is possible to pay a fraction of the cost for a streaming service instead of paying for traditional cable.
  • Skip the smartphones.
  • Try line drying your clothes instead of running the dryer to do so.

More Tips to Help You Learn How to Save

With a big family, you’ll appreciate every dollar you can save. Sometimes, it may mean making bigger decisions.

  • Save up for the items you buy instead of using credit. When you reach for a credit card for a purchase, remember you may be paying 20% more on the price due to interest charges if you can’t pay it off at the end of the billing cycle.
  • Consider couponing. It can take some time, but it can also help to slash your grocery and other purchases significantly.
  • Ensure you turn all appliances and lights off to reduce energy costs. Use natural light instead of electricity whenever possible.

Save Money and Cherish Your Big Family!

Making wise financial purchases is a must when you live in a big family. From passing down clothing to shopping at thrift stores, make every payment and purchase you make the most frugal it can be. Doing this can allow you the freedom to truly enjoy your family and give them what they need and want. Learning how to save money with a big family also means constantly looking for ways to cut costs. Create a budget, consider consolidating debt, and work towards improving your savings plan. For more tips on how to save money and work down your debt, check out our Ultimate Guide to Getting Out of Debt.

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