By: Carlisa Galbreath
There’s no denying it, the cost of living is going up. It’s getting harder for parents to provide for their children, especially when you’re a family of five or more.
Of course, you make it happen no matter what!
As a mom of four, I have experienced those days when you have absolutely nothing in your bank account and must figure out how to make ends meet. Thanks to those days, I can share some wonderful big family frugal tips with you.
These tips helped me stretch the little we have until paid day. Down below, you’ll discover three ways to save money as a parent with a big family.
1. Have a Budgeting Binder
Being a parent of a big family is never easy, especially when you don’t have the right budgeting tools to help save the day. One of my lifesavers in saving money is my “Budget Binder.”
Now, before you roll your eyes thinking it’s another tedious chore, hear me out! This isn’t just a tool; it’s your family’s financial command center, a beacon in the stormy seas of managing a large household’s finances.
The budget binder is your knight in shining armor, bringing order to this chaos. Here’s why having one is a game-changer for any parent overseeing a bustling, big family home:
- Clarity and Control: With multiple kids, expenses can snowball quickly. The budget binder helps you track every penny, clearly showing where your money goes. You’ll see the true cost of those “small” treats and “just this once” splurges.
- Goal Setting and Planning: Want to save for a family vacation or your kids’ education? The budget binder is your roadmap to achieving your goals. Plus, involving your kids in this process teaches them valuable money management skills.
- Stress Reduction: Juggling the finances of a big family can be overwhelming. With everything organized in your Budget Binder, you reduce the mental load and stress.
- Spending Accountability: Ever find yourself asking, “Where did all the money go?” Your Budget Binder holds the answer. It makes you accountable for your spending, helping you identify areas where you can cut back or redirect funds to more important things.
It may sound like a headache to keep up with your finances, but you need to budget. Consider making your own budget binder, or you can go to Amazon to find one. Here’s one for a decent price.
2. Grocery Shop While on a Budget
Thanks to inflation, the cost of food is outrageous. It’s forecasted that food prices will rise even more!
The United States Department of Agriculture estimates groceries to increase by 2.9 percent this year. To save money on food, it’s a must to go grocery shopping on a budget. Below are some of the best ways to save money on groceries:
- Meal Planning: Plan your meals to avoid impulse buying. Create a weekly meal plan, make a shopping list based on it, and stick to it when shopping.
- Buy in Bulk: Purchase non-perishable items, such as rice, pasta, and canned goods, in bulk. Buying in larger quantities often comes with lower unit prices, saving you money in the long run.
- Cook in Batches: Prepare meals in large batches and freeze portions for later. This saves time and allows you to take advantage of discounts when buying ingredients in larger quantities.
- Discounts and Coupons: Watch for deals, sales, and coupons. Many grocery stores offer loyalty programs or have weekly specials. Use apps or loyalty cards to accumulate points and discounts on future purchases.
- Try Vegan Meals: Since the price of meat is sky-high, consider eating vegan dishes twice a week. This will help you save money on buying meats and create healthier meals for your family.
My last advice is to stop eating out no matter how much you love to. It’s best to limit dining out to special occasions and focus on home-cooked meals. I promise fixing Chinese takeout tastes better when you make them in your own kitchen.
3. Best Way To Save Money: Automatic Savings
Have you ever heard the saying, “Pay yourself first.” It means you put money aside for yourself before spending your check on anything else. This includes paying bills!
The best way to do this is by setting up your checking account with automatic savings. Parts of your check automatically go into your savings account each time you get paid.
It’s one of the best ways for parents of a large family to save money. Why is that?
For one, it reduces your temptation to spend money on unnecessary items. Since the money is transferred from your checking account before you can use it, it effectively removes the temptation to spend it on non-essentials.
In addition, managing a household budget for a large family can be complex and time-consuming. Automation simplifies this process by taking care of the savings component automatically. You’ll have one less thing to worry about each month and more time to focus on other important financial decisions.
Do You Want More Ways To Save Money?
I know how hard it can be to save money, especially within this economy. However, when you take the time to plan everything out correctly, you’ll be able to make ends meet.
Here, I provided three frugal tips for big families, but I have more ideas to come. If you want more ways to save money, subscribe to the Modern Parent Zone newsletter.
Stay on the lookout, as we will provide the best advice for families in the modern world.
