Starting a family is a big financial step. Many young families have challenges like saving for their first house, or paying for daycare. Here are four ways a young family can save money.
Buying food is an important part of any family’s week, and it doesn’t have to break the bank. You don’t have to sacrifice quality because you’re on a strict budget. Coupons are a great way to save money. You’re going shopping anyway, so why not find the best deals you can? If you shop at a regular grocery store, see what goes on sale at certain times. There is usually a sales cycle, and figuring it out can help a lot.
One of the more expensive bills is from the cable company. Instead of paying for channels you don’t even watch, stop your cable service and just purchase internet. Subscription services are much cheaper, and if you’re worried about your child’s programming, you can find plenty of children’s shows on sites like YouTube. Take a look at the cost of a few subscriptions compared to the cable bill, and you’ll switch fast.
Children don’t need a lot of toys, especially if they are really young. Something as simple as paper and crayons can occupy a child for hours. A cardboard box or some sock puppets will have them laughing, and prevent you from crying after you see current toy prices. Allow your child to be creative and use their imagination. You might be surprised at how they entertain themselves.
There are times where going out to eat can be done on a strict budget. Young families can take advantage of deals for children under a certain age, like free meals. If there’s a birthday or anniversary, restaurants might offer discounts. Join your favorite restaurant’s loyalty program, or download their app for coupons and points. Dining out every once in a while won’t hurt your budget.
Your family may be young now, but before you know it, college is around the corner, so think about saving for your child’s education right away. Many parents are beginning to save for education before their child is even born! As a SeaComm member, you can save for various life events, like college, while earning dividends on your money! SeaComm also offers a Moola Moola Youth Account for children through the age of 12, and Youth Saver Certificates, which provide younger members with an opportunity to earn higher dividends on their money.