Money-Saving Tips for Families on a Budget
This week is ‘National Family Week in Canada’, and unfortunately with the economy in Calgary over the last couple of years, money is a stressful issue for a lot of Alberta families.
While many do predict the toughest times are behind us and that the economic climate is starting to improve, learning how to budget and save money is a great skill for any family to possess.
Here’s some money-saving tips your family can use if you’re on a budget:
- Plan ahead: coming up with a weekly plan for your days and your meals, will help you budget accordingly. This simple act won’t leave room for on-the-go money drainers like stopping for coffee or food.
- Make your meals: a big drain on family money can be eating out all the time. Even the cost of a cup of coffee every day adds up very quick. Pack your lunches for work, make your coffee at home and pre-plan (and maybe even pre-cook) your dinners each week.
- Bargain shop: brand names come at a cost, so whether you’re buying food or clothing (or anything), look for sales and opt for no-name options too. If you get into the habit of collecting coupons, there’s even more savings to be had.
- Staycation: instead of taking your holidays out of the city, try planning a fun staycation instead during Thanksgiving or Christmas this year. There’s a lot of fun stuff to do right here in Calgary, check out Tourism Calgary for inspiration.
- Recycle and reuse: recycle your own bottles and see what kind of return you can get each month. Also, if you get into the habit of using reusable items like grocery bags or cutlery (instead of plastic), you’ll save money on lots of small purchases that add up throughout the year.
- Buy secondhand: another option is to buy things secondhand like clothing, bicycles, or other big purchases.
- Sell your stuff: this goes nicely with the last point, but if you’re looking to de-clutter and make some extra money, selling some of your old electronics, clothes, furniture, etc. is an option too.
If you’re looking for even more tips to save money, Yahoo Finance has this list of 58 ideas for families. If you want to discuss your debt repayment options with your mortgage, please contact me.
