The New Year is in full swing. With 2020 in the rear view mirror, it is time to dive into money saving tips that can have a powerful impact on your 2021 family finances.
Did you know that 21 percent of Americans have zero savings? And 55 percent of Americans believe that they will need to work past the traditional retirement age of 65.
Statistics like those are definitely worrisome. Especially with new pandemic strains looming overhead as we move onto February.
The good news is that you can put a plan into action when it comes to saving money. And it is never too late, regardless of age and current financial situation.
To help kickstart a new year of saving money, we gathered a few of our experts and compiled 12 proven money saving tips for every family this year. Let’s dive in!
1. Technology Can Be A Money Saving Helper
A very easy way to get your money saving journey moving in a powerful direction is to leverage technology. There are a number of great money saving budget apps available, allowing you to link accounts, set up savings goals, and budget per spending category.
And why stop there. You can also teach your kids about money saving and budgeting via the Treasure Card app. This can make saving a family mission.
2. Make Grocery Shopping Strategic
How many times have you and your family simply made a list of groceries to purchase and then headed to the store? This could be draining your grocery budget faster and reducing your ability to save money.
Instead of just heading to the grocery store, get a bit strategic. You can still make a grocery list, but then hunt down coupons and loyalty program rewards to reduce spend.
Money saved doing this can be placed in your savings account every month.
3. Cancel Subscriptions You Don’t Need Or Are Simply Unnecessary
Subscriptions can be helpful, but they also add up fast. Netflix, Amazon Prime, smartphone applications, newspapers, magazines, and more can all be hindering your family’s ability to save money.
Canceling unneeded subscriptions can amount to $50 to $100 a month in extra savings. That’s $600 to $1,200 per year of savings.
4. Save Money At Restaurants With Smaller Portions
Going to a restaurant, or ordering food to-go, can definitely hinder your ability to save money.
Instead of ordering those gut busting entrees, opt for appetizers and fewer entrees, allowing your family to get a taste of all the food. Your wallet and stomach will thank you for it.
5. Rethink Major Purchases To Save Money Faster
Major purchases that are not emergency buys can put a serious dent in your savings. By rethinking major purchases, you can stay away from large reductions in your savings account.
For example, if your fancy $250 blender goes out, don’t just hop online and buy a new one. Really think about how much you used that blender, and weigh out if you really need a new one.
This applies to all major purchases that may not be so much of an emergency.
6. Take A Break From Online Shopping
This could save you a ton of money this year, depending how much you jump online to buy stuff you probably don’t need. Online shopping is definitely convenient, but taking a break can reduce those impulse buys that add up to serious money long-term.
7. Refinance Your Car Payment
Car payments can really put a damper on a family’s savings goals. The average monthly car payment in Canada for loans over 5 years can be as high as $490 per month.
If you can refinance that car payment a hundred dollars a month, you can save $1,200 per year. And that is just one proven money saving tip.
8. Bundle Cable And Internet Together (Or Get Rid Of Cable Altogether)
If you have cable and internet payments set up separately, you may be losing money every month. Call your providers and see if you can easily bundle cable and internet to save money.
You can also save $50 to $100 per month if you cut out cable altogether. This can be a big time saving. And reducing your screen time could prove beneficial to your overall health and wellness.
9. Switch Up Your Mobile Phone Family Plan
There are a few ways to save money when it comes to technology, and researching new mobile phone bills can prove to be a money saving powerhouse. You may be able to save up to $300 per year.
Are you on a family plan? Are there any new deals with your cell phone provider? These are good questions to ask. Give your cell phone provider a call and ask questions about how you can save money on your monthly bill.
10. Keep An Eye On Your Electric Bill
Electric bills can be a major problem when it comes to saving money this year. Especially now that we are in the winter months. But tracking your electric bill and looking for ways to save energy and reduce your bill is definitely a proven money saving tip worth considering.
11. Have A Coin Jar On The Kitchen Counter
This is an old fashioned saving tactic that you may have employed when you were younger. However, it can still be very useful today in order to meet your savings goals this year.
A large mason jar, or even a retro piggy bank, can be placed on the kitchen counter to collect change and small bills leftover after each day.
The small deposits of coins to the savings jar will add up quickly over the year.
12. Monitor All Spending To Keep Family Money Saving Goals On Track
If you don’t have a clear picture of how much you are spending every week and month, it can be very hard to save money. Make money saving categories, like entertainment, groceries, subscriptions, etc. to monitor spending easily.
You can employ budgeting apps, spending apps, and other online and digital tools to help you keep track of all money in and out each week and month this year.
Proven Money Saving Tips Begin With Budgeting
When it comes to saving money, you will need to set up a family budget. This should be your first step in achieving those family money saving goals for 2021. A detailed spending plan is important.
The 50/30/20 budget plan is a great money management tool that can keep spending where spending is needed. This way of budgeting allocates 50 percent of income toward needs, 30 percent to wants, and 20 percent to savings.
If you can keep those percentages aligned with your family money saving goals, you can easily save this year. Especially if you implement a few of the proven money saving tips above.
What are your goals for family saving this year? It has never been a better time to set up a plan and make saving a part of your family’s everyday life.