Figuring out how to save money while raising a family is no small feat. The average cost of raising a child born in 2015 through age 17 is $233,610, according to the U.S. Department of Agriculture. And that doesn’t include paying for college.
Whether you’ve got one child or a growing brood, it pays to consider ways to save money on family expenses. Check out these money-saving tips for families:
1. Focus on food costs
Figuring out how to save money while raising a family can seem difficult when your grocery bill is sky-high. Adding some structure into your family’s eating habits and planning meals are two ways to save money on family expenses.
Jessi Fearon, a financial coach, mom of three, and personal finance blogger, says she plans breakfast, lunch, dinner and snacks for her family weekly. She shops for groceries once a week, based on her meal plan, which includes salads and fresh vegetables. She also uses cash for grocery shopping so there’s no temptation to pick up extras. Giving yourself a cash limit can keep you from going over budget, whereas it may be easier to overspend if you’re swiping a debit or credit card instead.
If you’re meal planning weekly, tailor your shopping list to what’s on sale. Jennifer McDermott, a New York City-based consumer advocate with a personal finance comparison website, says your mobile device can be a way to save money on family expenses as you create your menu.
She recommends using an app that will aggregate sales flyers according to your zip code so you can search for the best deals. You can browse apps to see what’s on sale and build your meal plan for the week or the month around those items. You can also search for apps that will allow you to take advantage of coupons after you’ve paid for your groceries.
“All you do is buy the products on the list, snap a picture of your receipt and you’ll get cash back in return,” McDermott says. Some apps allow you to accumulate cash back in your account and once you hit a certain dollar amount, you can request a cash out payment, which is mailed to you as a check.
