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Having kids is a huge financial decision. There are bills to pay and if you live on a budget, saving money in the littlest ways possible is your best foot forward. After all, small steps add up to give you the most outstanding results.
If you are a parent trying to look for ways to begin saving money, we have curated a few great hacks to help you raise your family on a budget. With these simple tricks, you can manage your finances better and get by even on a single income source. Here are some fantastic money-saving tips to make your life as a mom easy:
1. Get Formula Samples From Your Doctor
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Your pediatrician will have formula samples that you can easily get upon request. If you ask for it, the worst that can happen is a no. But in most cases, pediatricians give out formula samples to parents. This could seem insignificant, but getting a few sachets or cases of formula milk can help you save up some money, no matter how little.
2. Wash Your Clothes In Cold Water
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Hand washing your clothes does as good a job as your washing machine. What’s better, it saves up on massive energy costs. While we may not realize it, energy costs make up a considerable chunk of your monthly expenses. Stick to hand washing your clothes in cold water — it’ll still remove stains, save detergent, and most importantly, save money.
3. Switch Your Work Timings To Save Up On Daycare
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Daycare might be easy, but count the amount of money you spend on it; it could add up to a whopping number. You can agree on a schedule with your partner to have different days/times off and take care of your baby in the years they need you the most. While this could mean that you see your partner less often, the sacrifice can help you save enough every year.
4. Have A Side Hustle
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There are plenty of opportunities out there if you are willing to work extra hard to make some extra bucks. While your regular day job helps you keep the money flowing regularly, you need to have something else on the side that fetches you money even when you sleep. These could be more innovative investments or even starting a small business of your own, or freelancing.
5. Avoid Spending Money On Decorating Your Baby’s Room
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You may be excited to welcome your baby into a new room, or at least a room that’s decorated when they first enter the house. But, it’s good to avoid this altogether and keep home decor for later when they are old enough to tell you the kind of colors and furniture they will prefer in their room.
6. Change Your Cell Phone Plan
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We often overlook this trick and waste some hard-earned money on unnecessary plans. Try to figure out the number of calls you make each day or the data plan you actually need. If you haven’t been careful all this while, you may realize that a lot of your money can be saved by smartly tweaking your cell phone plans and choosing one that helps you get by with your basic calls, texts, and data usage.
7. Make Your Coffee At Home
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While you may fancy treating yourself with expensive coffee every day, it’s honestly not worth it. If you analyze well, you’ll realize how much money you waste in the long term. Love coffee? Just make it at home. It’s guaranteed to taste better, and you’ll save a lot at the end of the month.
8. Start Taking The Minimalist Route
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One good start to going minimalist is to declutter your space to know what you own. We often spend a lot mindlessly buying things we don’t even know we already have. Clean your room and make a list of things you don’t need to purchase anymore. Use those and control your expenditure unless you really need to buy something new.
9. Start Shopping Online
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Shopping online is a great way to save money and also earn coupons and cashback. You also have more items to choose from, and pick one that’s within your budget. While you may not see much of a difference initially in the amount you spend, it does add up to a lot of extra bucks at the end of each year.
These money-saving tips that we have listed above are great hacks that’ll help you save pennies that add up to dollars considering the long-term expense count. Get organized with your routine and make a financial plan. You’ll be able to save enough to meet worthy goals, especially for your kids or the family in general. Have you got any money-saving hacks that parents can use? Do share your tips with us in the comments section below.
