Many parents find that having a single income to support the family can be stressful. Some parents can provide secondary income by working from home. Others find that closely monitoring their spending can extend their paycheck. If you want to reduce your stress burden, here are some great money saving tips for stay-at-home parents.
Tip # 1 – Coupons
There has been a large craze around coupon clipping, and for good reason. Several stay-at-home parents can buy $200 worth of groceries for free when using the right strategy. Sign up for coupons on several websites from Groupon.com to Coupons.com, and start receiving offers. Always check the expiration date and read the fine print on the coupon. There are some stores that will not combine coupon offers, where others will gladly take them. Do your research to find out which stores are happy to accept coupons and stick to your list. Shopping with the coupons can reduce your total shopping bill significantly.
Tip # 2 – Reduce Your Mortgage Payment
With mortgage rates at an all-time low, it is a great idea to refinance your loan. Our mortgage rate chart can help you compare rates. If you are in a home that is pushing you to the end of your financial limit, consider selling your home and downsizing. A new home should provide you with savings in several areas from your gas bill, water bill, and heating costs. This is a great way to drastically reduce your expenses.
Tip # 3 – Eating In
Families all across America find that a great way to save money is by cooking meals at home. You can provide your family with healthier food choices along with saving money each month. A meal out for a family of four can cost upwards of $60. You can easily make a large meal for your family for less than $10 if you plan out your meals ahead of time. Online recipes can help you gather great ideas on eating-in versus dining-out!
Tip # 4 – Lower Your Car Payment
It’s time to consider selling your expensive vehicle and purchasing an older car. Older cars will have lower car payments! When acquiring a car loan, contact multiple banks until you find a lender that provides a comfortable payment for your finances. If you can afford it, try to reduce the number of cars that you own. If you can get your family down to one vehicle, you will save a lot of money on gas, oil, and other vehicle expenses.
Tip # 5 – Save Your Pennies
Open an online savings account and start putting away all the extra money you have. Small amounts of change can add up in a hurry. Online savings accounts have higher interest rates and can help you grow a nice emergency cash fund in a hurry.