Parenting is hard and saving money as a parent tends to be the hardest task of the entire journey. After all, the kids may want certain toys, food, or clothes that are on the pricey side, and you may have your own monthly expenses to worry about. The dream is to be able to save $5 million one day. And if you do, is $5 million enough to retire at 60? As that would be the perfect age to retire.
Fortunately, there are plenty of tips and tricks you can incorporate into your life that will make the task of saving money more than doable and maybe one day you’ll have $5 million saved. Fortunately, there’s plenty of tips and tricks you can incorporate into your life that will make the task of saving money more than doable.
First Things First: Get Debt in Order
Before anything else, examine your family’s debt. If you’re struggling to make payments every month, it’s time to change your repayment options. You can consider refinancing your current student loans into a new loan with a private lender if you have student loans. Private lenders have very flexible repayment options, both in how much you pay and how much time you have to make your payments. To get an idea of your monthly payments, you can use a student loan refinance calculator to know what payment to expect down the line.
Change Your Gift Game
Giving gifts gets expensive, especially around Christmas time. Luckily, there are many ways to save costs on gift giving. The first step is to aim for solid colored wrapping paper, like red or green. More colorful wrapping paper or those with designs are much more expensive. Secondly, have your kids make handwritten cards, which are cheaper and have more sentimental value. You can also find some amazing gift finds at consignment or thrift shops instead of shopping at shops that sell at the highest expense.
Make Plans with Neighbors
If your neighbors also have families, you can create fun meal nights. Once a week, a different family can host dinner. This can save you big on meal costs and on having to make dinner for the family. It also gets you out of the house and the kids can enjoy having a play date with other children. There are many creative ways to save money on food and still eat well and enjoy meal time if the neighbor idea is out of reach for you.
Compromise on Activities
Going out and participating in exciting activities is important for the family, but admission prices can get pricey. Instead, compromise with your family and aim for one free outing for every paid one. You can find many free activity ideas in your city online or simply enjoying going outside and enjoying nature completely for free. If you really want to up your activity game, you and your family can volunteer once a month to give back for free.
Travel Smarter
Travel is a great way to expose your family to new sights and sounds, and you can certainly learn life lessons while traveling, but it is also one of the costliest things you can do. Luckily, it’s easy to save big on money when traveling by trying new ways to travel. For instance, you can do a house swamp and experience what it’s like to live like a local in a new place. This is a great way for your family to have a new perspective on life and see the world in fresh ways. Plus, you save big on hotel fees.
