A penny saved is a penny earned … So in that adage is it possible in today’s time to save pennies and reduce your debt while raising your family? As you can see today in every country inflation is very high.
Not just fuel prices but even groceries have become expensive. Expenses are increasing and so is the debt for some people. So is there a way to save some money in today’s rising inflation scenario? Is there a way to reduce your debt while taking care of your family? Let’s find out …..
You as a parent obviously want to give your child the best of everything & so strive hard to get that extra income going through lengths of hard work. Some of them are not able to give quality time to their kids as they are trying to make ends meet.
That is why I am giving you my Top Tips to save money & reduce outgoings while raising a happy family.
These tips for saving money will also help to reduce your debt.
Table of Contents
Preparing a budget for your household taking into consideration all the possible expenses for your family will help set limits to your spending & spending wisely. Don’t go over the top while maintaining the budget. Be realistic & keep the essentials. You can cut down on your unnecessary & extravagant expenses and be more frugal in your spending.
Also, don’t forget to review your budget from time to time as priorities change.
2. Plan your Debt Payment
Always prioritise your debt payment. Manage your payments with a proper plan by considering which debt non-payment will have adverse consequences. Understand & prioritise your debt payments accordingly. Take advice on Debt consolidation if that would help. For more info, you can check here
3. Reduce your Credit Cards
The more credit cards you have more will be the temptation to use them. Similarly, if you don’t have many credit cards there is no temptation. So cut down your credit cards. Keep a minimum of 1 or 2 and pay them off on time so you don’t have to shell out more money in interest payments. That way you save money to repay other debts you may have.
4. Check for Coupons / Deals
Before shopping in-store or online, check if you have any coupons for that store or if there are any ongoing deals that can save you some money.
Try looking for your shopping in various different shops or websites. Find who is selling at a better price point & then make your decision to buy from that store. For many stuff, I try looking at different online websites
It might also help to check cashback websites to get money back on purchases.
5. Think ahead while making a purchase
6. Curtail some kid’s expenses
I know it can be a difficult task when you have to curtail some of the expenditures you would like to make for your kids. But there are some expenses which you can do without actually shaking your kid’s happiness. I have listed some below:
- Try hand me down clothes sometimes rather than brand new all the time
- Shift to packed lunches instead of eating out or canteen
- Read books from the library instead of buying
- Some companies give some Free stuff for newborns like baby box, nappy samples, bottles, milk powder etc. Take advantage of that for your newborn.
- Try going to some places like the beach or park for an outing rather than to places with expensive entry fees.
For top tips on buying baby clothes on budget, you can check here
That being said, it always helps if you discuss your financial condition with your kids (who are young enough to understand). Involve them in your budgeting, so that they learn the process early in their life. That way you are also helping them to learn about savings & budgeting when they start earning.
7. Check for Allowances
Check if you are eligible for different government allowances or benefit schemes. That way, you are able to have some more savings. You might want to check here for more information.
8. Prepare a list before shopping
Preparing a list before your shopping always helps. One to remind you of what you need to buy & secondly for you to not buy stuff that is not required. Without the list, you might keep buying stuff on the slightest of whim which in turn will give you a hefty bill in hand. It will also help if you plan to prepare meals in batches to save on food expenses.
These mentioned tips above will surely be of help to reduce your debt and help maintain your finances to keep you sailing in the current world scenario of rising prices.
Well, it is possible that small looking loans might grow into big debts. Do seek help in such circumstances from different avenues one amongst them being the Citizen Bureau.
Tbh, I hope none of us has to go through any of the debt hassles. That’s the very reason have given my top tips for saving some money which will help you to reduce your debt.
Have you ever had a lot of debt or are you someone who is completely free of debt? Do comment & leave your feedback on your tips to saving money & reduce debt. This way you can help others who are looking for help in reducing their debt.
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