5 Ways Parents Can Stretch Their Dollar Further

by Fox Symes on March 6, 2013

Parenting comes with an abundance of responsibilities. One of the more fundamental responsibilities includes managing all your household finances. This includes generating their income through employment, making financial decisions and spending money on necessary items or expenses. In the scheme of things, your household income determines your entire way of living. Therefore what you decide to do with it and the choices you make are crucial to ensure a healthy and comfortable living for you and your family. Here are 5 ways that you, as a parent, can stretch your household dollar further.

Set a Household Budget

The first step to stretching your household dollar and saving money entails establishing a budget. Here you will determine all your monetary expenses and document them where necessary. You can do this online or simply in a notepad, however Fox Symes provides free budgeting templates and online calculators to help. It will be worthwhile to utilise these resources. Now you can determine your disposable income, allocate this to mandatory expenses and ultimately discover how much discretionary income the household has. This is the amount of money you have for entertainment purposes, clothing etc., so what you decide to do with it is crucial. If you manage to stick within your budget, the amount saved may surprise you.

Buy Food in Bulk

When you conduct your weekly or routine grocery shopping, you should explore the options for bulk buying. In most cases, products offered in bulk equate to a much more affordable price then the product does if they added up individually. Over time, this will save you quite a considerable amount of money. You can buy bulk food in food grocers or other outlet departments that could potentially last a few months in a family household.

Cancel Any Unused Services

Surely you would maintain some form of service that is relatively unused. If you primarily use your mobile phone, consider cancelling your home phone line. Or if you have individual contracts for your home phone, mobile phone and internet with the same provider, you should enquire about packaging them to receive a cheaper rate. If you have any magazine or other similar monthly subscriptions, it may be worthwhile cancelling them to save the cash.

Research Shopping

When you determine that you need to buy anything – food, clothes or big ticket items, be sure to conduct your research prior. There are numerous suppliers for every product so ensure you jump online, on the phone and visit stores before committing to any final purchase. Don’t be afraid to haggle when negotiating prices.

Open Savings Accounts

Once you have determined numerous ways to help stretch the household dollar, you should open an extra savings account to earn interest on your current savings. With the savings made from budgeting and other methods, allocate the amounts to a savings account and let it build over a suitable timespan. From here you can watch your savings grow.

There are many methods to help stretch the household dollar, you just have to make some sacrifices and be relatively creative. Once you have the ideas and the will power to do so, you should be able to save considerable amounts.

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