South San Francisco, CA February 12, 2020 by Sara Bailey, TheWidow.net
Every parent spends time thinking about saving money; between the day-to-day expenses to colleges and weddings, the pressure is almost always on to save a nest egg to look out for your little one. Worrying about money can be a huge stressor, but it can be easy to start saving today — and even become more environmentally friendly while you do it. Saving for the future is important, so don’t let the worry of it keep you from starting in these simple ways today!
Think of All the Little Things That Add Up Big
When we worry about saving money, we can spend time worrying about what we will have to give up to make that happen. Fortunately, you don’t have to give up your favorite hobbies or time with your friends to make a dent in your household budget. Take a moment to think of the small things that add up over the week: buying lunches out, vending machines, and gas-station snacks are small, but they can quickly add up. Consider this: If you buy your lunch every day, even if you only spend $5 a day, then that adds up to around $100 a month. Learning simple recipes that taste better and take very little time can help you reclaim these corners of your budget without missing out on any movie nights.
A Greener Home Is a Less Expensive Home
There are tons of ways that you can save your family money in the long run, all while helping to save your corner of the planet by reducing your waste output. One great option is conserving water; it can be as small a difference as turning off the water when brushing teeth or shaving or choosing the right setting on your washing machine. Another simple way to save money is to improve your home’s energy efficiency by sealing gaps in windows and doors in your home to prevent drafts. Ready to go all-in for efficiency? Consider installing storm windows, which help trap in the heat with double panes of glass.
Look Into Your Financial Options
There are tons of options within your own banking institution to help you save more using the money you already have. One option that can be great for most families is a high-interest savings account, which will give you a greater return on the money in your savings, though there are sometimes fees and minimum balance requirements. A more long-term option could be CDs or bonds, which both take time to mature but pay out more than what you put in. The downside to these options is that your money is inaccessible while it is maturing, so be sure to only spend what you can afford to “lose” in the short-term.
When you first purchased your home, you may have taken out an FHA loan, but these loans require higher premiums. You may want to refinance from an FHA to conventional loan to reduce the burden on your budget because if you have 20 percent equity in your home, you won’t have to pay mortgage insurance anymore. Be sure to consider current interest rates. If they’re higher than your current rate, refinancing to a conventional loan may not be financially prudent.
Spend More Time Enjoying Your Home
When push comes to shove, there are ways to cut expenses outside of the home by bringing some of the fun indoors. Instead of going out to eat with friends, consider preparing a meal at home. Movie nights are another great option; instead of watching every new release in the theater — which can cost up to $50 for a family of four before snacks and drinks — consider renting movies or borrowing them from your local library. Additionally, you can pause the movie for bathroom breaks, no one but you and yours will talk over the film, and you can eat to your heart’s content — those perks almost make the case in themselves!
There are lots of simple ways that you can affect your budget and start saving money for your children. Don’t wait — it’s an easy project to put off, but it takes time to build up a nest egg that can help get you out of any trouble. Consider your options and start saving up today!
About Sara Bailey