Family Savings Plan: How to Get the Entire Family to Save Money

Today’s guest post is from Allan who is a writer over at Australian Lending Center. For Allan, earning money is almost as important as saving it. Over the last 3 years, he has spent a large amount of time blogging on saving strategies. Allan’s favourite topics include savings account reviews, frugal tips, and budgeting.

Spend wisely and live whole-heartedly!

Making both ends meet in today’s time and age is indeed a hefty task. With a rapid increase in utility, mortgage and educational bills, the support of the whole family is vital to ensure a comfortable and satisfied way of life. To maintain a balanced routine, it is necessary to work two fold by cutting down on unwanted luxuries and reducing everyday expenses. The following are some pointers that can easily be adapted by every member of the family to save hard earned money efficiently. Practicing these methods will not only help you save money as a family, but will also induce a sense of responsibility in your kids.

Maintain a Savings Account as a Family
Ask each member of the family to make a list of their WANTS and their NEEDS. Keep a greater focus on the needs of your family, while trying to reduce the wants. This way you will be teaching your kids to save and spend efficiently from a young age.  Encourage your kids to save from their pocket money and collect savings from all the family members in a piggy bank, or a bank account. You can also promise rewards or treats for the most avid saver in your family. This will help to promote good will and encouragement.

Eating at Home
Instead of heading out every now and then for a snack, create yummy dishes at home and bring restaurant quality to your doorstep. Involve the entire family in activities such as cooking, setting the table etc., and try to create a subtle and friendly ambiance at mealtimes. This way you will not only save money, but will also spend quality time with your family.

Pocket Friendly Recreational Activities
Amusement parks and fun galas can be a major burden on your pocket because of the additional charges and expenses involved in these outings. Instead you can go for cheaper yet equally rewarding picnics and outings at the beach or a hillside. Opt for close-to-nature activities like hiking or trekking as they are affordable yet fun, and help in bonding with the family.

Take Advantage of Clearance Sales
Shopping at clearance sales and using discount coupons can help you save a lot of revenue spent on apparel. Instead of buying everything that you can find on the shelf, make a list of what to buy in advance so that you do not end up buying what you do not need. You can also opt for end-of-year sales to get the best deals at an affordable price. Take your kids along with you when you go  shopping so that they can also compare prices offered at various outlets and learn the value of money.

What are some tips you’ve used to save as a family?

My comments: I love the idea of saving as a family. It would be great to see a family save for a family goal, such as a trip to Disney World. Even if the kids aren’t able to save a lot, it gets them into the habit of saving for what they want.

5 comments

  1. In my family it was more a case of me saving money (the rule was I was supposed to save half of my paychecks) and my parents borrowing it from me.

    But this sounds like a good idea. I'll have to try it when I have kids.

  2. I'm lucky that my wife always makes home cooked meals. And it works out great for us becuase it's SO MUCH CHEAPER than eating out. Eating out just one night costs the same to us as 5 nights of eating dinner cooked at home. And the homemade stuff tastes better :-)

    "pocket friendly recreational activiites" – that's a good one too. While the girls like amusements parks and trips to the local pool, they get super excited for a FREE hiking trip or a FREE trip to the local playground. Sometimes as parents I think we think that we must drop some hefty coin to please our kids, but actually, we don't.NOt at all!

  3. Daisy says:

    I try to get the boyfriend on board with saving by discussing our goals frequently. Unfortunately, sometimes he feels like he's being pressured when we talk about it, but I like to remind him that every $100 tool he buys, we're getting pushed farther from our goal.

  4. You wouldn't believe it but just playing outside is a FREE way to have a great time with the family and save a ton of money! Plus it gets us all away from these darn computers everyone once in a while…

  5. Fahad says:

    Yes, I agree, buying in bulk saves a lot.

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