Frugal Families: 4 Ways Parents Can Save Money

Are you struggling to stay on top of your monthly expenses? Have you kids who seem to be draining your bank balance of the extra cash that you do have? Are you looking for ways to save money? If so, we’re about to share some money saving tips for frugal families so you can finally take control of your finances.  

Paying Student Loans? Check Refinancing Options 

Student debt is part of life for millions of students in the United States. If one or more of your kids has been through college education, you’re most likely the co-signer on the loans and paying monthly repayments is now part of normal life for you. If you’re struggling to make repayments, have you considered the option of refinancing your existing student loan balance into one new loan to free up monthly expenses? You can see your rate estimate and discover the options that are available to you. You may be surprised at the amount of money you can save each month by making this one change.  

Sell What You Don’t Need 

We’re all guilty of throwing away things we don’t need without a second thought. Next time you’re doing a clear out; consider whether you could sell some of the items that you’re planning to dump. Set up an account on eBay or Craigslist if you want to sell things online. Facebook Marketplace is also a great way to showcase what you’ve got to sell in your local area. Or, if you’d like to sell items in a more traditional way, why not have a garage sale one a month? Depending on what you’re selling, you could add several hundreds or even thousands of dollars to your bank balance each year.  

Are You Over-Insured?  

It’s impossible to insure against every potential risk so don’t waste your money trying to do so. Think about what insurance you’re paying and determine if there are areas where you could make cuts? Are you paying prescription drug coverage but you never gain the benefit of having it? Is your life insurance coverage in line with your current income? Do you really need a second car or could you share with another family member? Are you paying home contents insurance on items you no longer own? These are all questions to ask.  

Buy When Everyone Is Selling 

You’ve most likely heard of this concept when it comes to investing but it should be applied to all areas of your life. For example, prices almost always slash in January so plan on bulk buying the items that you need then. Don’t make the mistake of overstocking at Christmas like most people do. You’ll be able to pick up great bargains on clothes, food and household appliances when everyone else is tightening their purse strings. Have young kids that are constantly looking for big–brand sportswear and footwear? Buy them out of season and you’ll enjoy huge savings. For example, buy winter wear in summer and summer clothes in winter. It may feel counterintuitive but your bank balance and monthly savings account will thank you for it.