8 Ways for your Family to Save Money

Families may feel pressure to tighten their belts, especially single-income families. No need to worry, there are simple ways for you to save money without feeling like you are denying yourself or your family of the things they need. By assessing your finances, you can see exactly where your pay-check goes every month, and so cut expenses you are not utilizing effectively. 

Having a game plan for all your expenses is the key to cutting your living costs.

• The most important and most basic expense is food. By planning your meals and groceries for the month in advance, you can be sure to only buy what you need and not waste money on food that is only going to rot in your fridge. You can buy items that are in season (which is when they are cheaper) and freeze them for later on when they are more scarce (and so, more expensive).
• Stop paying for cable television if you have Wi-Fi at home and invest a much smaller amount of money in an online streaming site.
•  Buying used clothes is a money saver, especially for children who will grow out of them within 6 months anyway. Similarly you could repurpose your own old clothing by learning some basic sewing skills online, for free!
• Vices are costly, stop smoking; it’s expensive and does you no good, at all.
• Your electricity bill is where you can save serious money. Get the whole family to form a habit of turning off lights and all other electronics when they are not in use. Never leave a room without turning electronics off that do not need to be on.
• Plan your finances in such a way that you never pay your bills late. This will only result in having to pay late fees, unnecessarily costing you more at the end of the day.
• Take advantage of supermarket cards (if they are free) to earn benefits so you can eventually spend “points” instead of hard earned cash on the things you need.
• Compare medical aid quotes to make sure you are not paying for things you do not need. By ensuring you are on the most applicable medical aid plan you can save money by not paying for benefits you are not receiving. Build a plan with your medical aid advisor so your family will be well covered without over spending. Don’t blow your budget with your medical aid, be covered and have money left over for other things your family needs.

Put your family first! Make sure they are healthy and safe- the rest is a luxury.