4 tips to save money for the whole family

Family and household expenses can be costly, especially if there is still a mortgage to pay off. In order to have a better control over the inflow and outflow of family funds, the best way is to save as much money as possible. After all, there are many things in life that are unnecessary. Here are 4 tips to save on your household expenses:

1. Use electricity and water wisely

This tip is pretty much self-explanatory but bears repeating. By using electricity and water sparingly and only when required, your utility bill will fall drastically. This gives you more allowance to direct your money to the mortgage or savings for the future. Little things and small changes do matter.

 

2. Buy second-hand

Many things become worthless the moment we pay for it. They have little to no reinvestment value. There are some necessities that you can obtain without paying for the full price, such as cups, bowls and stationery. You can achieve this by visiting flea markets and even use electronic marketplace platforms such as Carousell, where second-hand goods are in good condition yet reasonably affordable. You’ll be surprised at how much money you can save!

 

3. Stock up sensibly

When things are cheap, you would want to buy and stock up as many as you can. However, this is a bad idea. For one, it will bring clutter to your house and you may run out of storage space. And secondly, things like toothpaste and snacks have expiry dates, rendering the item less optimal for use after some time. As a guide, buy at most 3 pieces or packs of products that are for external use, and 1 month worth of snacks. This will allow family members to utilise and consume the products more prudently.

 

4. Cook dinners at home

Eating out is convenient, but it can be expensive. Furthermore, some of those foods can be unhealthy as well. By buying fresh produce to cook for the whole family, meals can be fresher and healthier. The whole family can even pitch in in the cooking, fostering better relations in the process. Enjoying your fruits of labour has never been so satisfying!

 

 

As commodity prices go up, spending prudently and saving fervently can save you many money woes. Unnecessary spending can be eradicated, and more time can be dedicated to your loved ones instead of on shopping. By saving money in a proper way, you won’t feel deprived or angry over the lack of money. Instead, you will feel more assured and content. Now that’s the way to live life.