So you have succeeded in convincing your entire family to join you in your goal of living a frugal life? You have done the hardest part. Now you just need to put a few more things in place and you will be making some remarkable cash savings by the end of the year.
Here are 5 frugal living tips for families looking to make some dramatic savings this year.
1. Opt for free sources of entertainment
There are plenty of ways to entertain yourself without having to pay money for it. Since your whole family wants to participate in frugal living, you can easily convince them to avoid eating out at restaurants and going to movie theaters. However, you don’t have to compromise on your living standards. You can take them out on entrance fee-free days at the National Park or to the Disneyland during the offseason.
2. Save on energy
Energy bills are one of the biggest expenses you must be having as a homeowner with a family. By reducing the usage of electronic equipment like air conditioning, refrigerator, and lighting, you can reduce the energy bill by a great extent. As a reminder, you can put a sticker near the light switches and refrigerator door asking your family members to conserve energy. This way you can reduce your energy bill by 30-40 % per year.
3. Plan your meals
Going out for dinner with your family is one of the most cherished moments for all of us. But the same environment can be created at home without paying for it. Moreover, to resist the temptation of going out for dinner, try to prepare the 2-3 meals in advance. By doing this, your family members will be more likely to eat food at home. Cooking your food in a slow cooker can also help you in your decision to live frugally. A slow cooker does not consume as much as electricity as a microwave oven. It also works best in cooking leftovers and tenderizing hard meat.
4. Save money on groceries
You need to create a list of items with the estimation of their prices before heading out to the grocery store. Especially if you are one of those people who love to grocery shop as a hobby or as a stress relieving activity. Creating a list will prevent you from making impulsive buying decisions. Also, look for stores in your area that are on a sale. Visit the store that has the highest discount on the products you want to purchase.
5. Save money on clothing
To keep track of how money your family is spending on clothes each year, you must do your shopping in bulk. January is the best month to buy winter clothes. You can get more than 50 % percent discount on winter clothes like sweaters and coats. Whereas, you can do your summer clothes shopping in August.
Finally, it is very essential to know how much you have saved at the end of the year. To keep a track of your families savings and to continue this lifestyle of frugal living, you can use a budgeting app like PocketGuard on your phone.