Budgeting can be hard when you have a large family to provide for. Studies show that families are reluctant to have more than 2 children, citing finances as the biggest reason.
Here are a few money-saving tips for larger families.
Although having only one vehicle can sound stressful, or impossible, for parents who have to transport multiple children to events and activities on top of driving themselves to work, the money you would save on insurance, maintenance, and fuel just might be worth it.
Public transportation can save hundreds of dollars annually in comparison to fuel for cars, not to mention the elimination of the possibility of unplanned vehicle maintenance (which always seems to be necessary at the most inconvenient times). Taking public transportation or walking to work if possible can be cheaper than driving, and if you have friends whose children attend the same school or participate in the same activities as yours, arranging to carpool can be much easier than you might think. While having one vehicle might take some getting used to, it can save a ton of money.
Buy in Bulk
Investing in a Costco or Sam’s Club membership and buying groceries or other household items in bulk just might be worth it. Buying bulk amounts of non-perishable food items, beverages, and cleaning supplies or toiletries can save hundreds of dollars per year and will minimize your trips to the grocery store that put you at risk for impulse purchases.
Eat at Home
Preparing meals and eating at home is one of the simplest, yet most effective ways to save money. The average household spends hundreds of dollars each month on fast food and restaurants when the very same meals can be prepared at home for a fraction of the cost. Try meal prep services like Lean Kitchen to help you save time getting meals together, and save dining out for special occasions.
Take Advantage of Second Hand Items
Take second-hand items like clothing and home goods from friends and family who are getting rid of these things. This is easy to do if you have friends with children close to the ages of your own. Thrifting or shopping at second-hand stores is also a good way to find deals on gently used items like clothing and toys. Plus, using second-hand items is good for the environment!
Consult a Financial Advisor
If you find it too difficult to stick to your monthly budget no matter how hard you try, it might be time to enlist the help of a professional. Meet with a financial advisor to create a budget that is realistic for the family and let them determine what is and is not working, and where effective improvements to your ways of budgeting can be made. Sticking to a budget is key to saving money and alleviating financial stress!