9 Places You Can Save Money For Your Family
Most families are spending more and more money every year (and not just because
the cost of living rose) while also saving less and less. One reason is that few
household managers spend much time reviewing expenses and expenditures to find
ways they can save money. However almost every family has places where costs can
be cut and pennies can be pinched -- and if those freed up funds are then used to pay
down debt and save for the future it could have a dramatic impact on their quality of
life.
Food is one big area where many families could be more thrifty. Families spend an
average of $2,434 on food away from home, according to the Consumer Expenditure
Survey from the U.S. Bureau of Labor Statistics. If you (and your spouse and your
children) eat lunch out every day of the week then try brown-bagging at least one of
those days. If just one of you does it you may save up to $400 a year and if you can
double or triple that savings you could finance a family vacation with it.
Another major expense is your home. When was the last time you looked at
refinancing? Can you find a lower interest rate? Can you renegotiate to a shorter time
frame? Even if you can't change your mortgage payment you may be able to pay a bit
extra each month which over time will help pay down your mortgage faster. Also,
don't overlook your utilities. There are ways to save in this area as well including
updating your insulation and weather stripping, keeping up-to-date with maintenance
and cleaning of your furnace and air conditioner or using a programmable thermostat
to take advantage of those times when your house is empty or the family is asleep.
Transportation is another major expense for many families. Not only are vehicles
expensive to buy but also to maintain and operate especially with gasoline prices at
such high levels. Is carpooling an option for any members of the family on at least a
part-time basis? Make sure to combine errands and trips to cut down on your travel