How To Get The Whole Family Into Saving Money

Saving money doesn’t have to change your whole lifestyle. You absolutely don’t have to make yourself and your family feel deprived just for injecting a little more responsibility into your spending patterns. One of the best save money tips that I know simply comes down to an organizational method. Gather the whole family around for a little conference on how you can together reduce your family living expenses.

Step one is to make a big list of all your spending. Include everything on this list, especially the impulse buys that you probably prefer to forget. Do this for at least a couple of weeks and you will see patterns emerge. Chances are you’ll be surprised at the proportion of your income that goes to things that you tend not to use much and wouldn’t miss if you had not bought them. Many American families spend a surprising amount of money on impromptu snacks or meals, those quick stops at Starbucks which add up to $8 or $10 very easily (is there a better way to save money at Starbucks than simply by going less often?). Then there is also the quick stop at the mall that turned into a $70 credit card expenditure that you very easily could have lived without. Focus on these non-essential expenses first. You can eliminate them with no pain.

And that’s really the point: you might be able to subtract 10% or 15% of your “living expenses” from your expenditures immediately without noticing any reduction in your quality of life at all. The thing is that reducing expenses by that amount over the course of the year will represent thousands of dollars in savings to you. Amounts like this can go towards your child’s college education, or to add to your retirement fund. The bottom line is that you can make changes that are painless and reward yourself with substantial financial benefits. It starts with a plan that involves the whole family, and sticking to it.

There’s one more thing to take into account, another benefit to getting everyone on the same page when it comes to spending and saving money. As saving becomes more of a priority for each family member, you won’t only be spending more wisely, you’ll be teaching your children about financial responsibility as well. In the long run that will pay huge dividends for them. Find your own tips to save money for you and your family.