Living within a family budget can be tough. With the cost of living rising every year, making a dollar stretch is more important than ever. Luckily, even small steps can lead to big savings.
Start boosting your dollar with these six tips.
Shop smart
The weekly grocery bill can add up fast , especially when feeding an entire family. An easy way to save is to limit trips to the shops. Visiting the grocery for a litre of milk or extra loaf of bread throughout the week can lead to impulse purchases and overspending. And don’t forget all the petrol wasted driving back and forth! Instead, make a list and get everything during one shop.
Give up one vice
Having a cuppa in a café or a glass of wine at dinner can be relaxing luxuries. But if your daily routine includes a takeaway coffee or after work drinks, you’re likely spending more than you realise. You don’t have to give these things up completely, but small adjustments can make a difference. Try making coffee at home in the morning or only drink soda on weekends. There are also health benefits to limiting alcohol and soft drink intake, or to giving up smoking completely, for added motivation.
Invest in reusable items
We often buy disposable items out of convenience, but needing to constantly replace these things can add hundreds of dollars to your yearly budget. Instead, invest in items that can be reused multiple times. Swap paper towels for tea towels and choose reusable food containers over plastic sandwich bags. Water filters and rechargeable batteries can also help you save, and are more eco-friendly.
Use the library
If you haven’t visited your local library lately, you may be surprised to find more than just books and magazines there! Many libraries now lend DVDs, CDs, and eBooks to patrons. Some even keep passes to local museums, tools, or musical instruments. It may require a bit more planning, but your family could save a lot by taking advantage of these free or low-cost entertainment options.
Share tools with your neighbours
Your local library might not offer hedge clippers, but your neighbours may have exactly what you need. Ask them if you can borrow their gardening or power tools, and offer to share any you may have. Everyone’s tools will get more use, and you’ll all avoid purchasing and storing seldom used equipment.
Conserve energy
This tip is a classic, and for good reason: Lowering your electricity consumption can equal big savings for families. Turning off lights when you leave the room, running the dishwasher during off-peak hours, and using a clothesline instead of the dryer are simple ways to save. Getting the rest of the family on board may take some nagging, but using electricity smartly will eventually become part of their routine.
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About Author: Momentum Life is a leading provider of Life insurance and Funeral insurance in New Zealand.
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The content provided in this article is for information purposes only. The information is of a general nature and does not constitute financial advice or other professional advice. To the extent that any of the content constitutes financial advice, it is limited to Momentum Life products only and does not consider your specific financial needs or goals. You should consider whether the information is appropriate for you and seek independent professional advice, if required.
All product information is correct at the time this article was published. For current product information, please visit the Momentum Life website.
