More

    14 Realistic Money Saving Ideas for Families

    At SavingExpert, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

    Wondering how to save money? Here are 14 helpful money saving ideas for families that'll help you find new ways to save money starting as early as today.

    Wondering how to save money? Here are 14 helpful money saving ideas for families that’ll help you find new ways to save money starting as early as today.

    Having the burden of debt on your mind can inevitably lead to stress and can cause problems for you from various aspects.

    Equally damaging, it can possibly lead to financial planning issues, problems with retirement planning, and more.

    Nevertheless, as long as you are feeling the pressure of repaying huge debt, you cannot opt for purchasing a house or a car or even other luxury amenities.

    As a result, your overall lifestyle becomes restricted until you come up with a plan on how to start saving money as soon as possible. For that, you need to follow some of our favorite money saving ideas. Saving penny by penny will actually help you to get rid of your debt, allow you to save more, and live more lavishly.

    1. Identify and Terminate Unused Subscriptions

    On day one, you need to check all your subscriptions. In many cases, we have certain subscriptions that are rarely required.

    Certain subscriptions are not required for us anymore yet we still keep on paying the bill each month.

    All these unnecessary subscriptions are required to be identified, and then you should cancel them all in order to reduce personal inflation.

    Reducing various scopes for unnecessary expenses actually works great in repaying your debt and save money.

    Do you feel like you’re getting ripped off on your monthly bills? Apps like Trim negotiates all of your accounts and makes sure that you’re getting the best possible rates. Trim works with DirecTV, AT&T, Comcast, Time Warner, Verizon, and most other providers.

    trim save money

    You can use bill subscription services like Trim to help you crack down on these monthly expenses that just seem to keep on adding up.

    “Trim was able to negotiate with my cable company and provide more than $100 in monthly savings from my cable bill; all in the first week!” – Daniel H., Saved $580 with Trim

    Lower your bills with Trim today

    2. Look for Cashback Offers

    If you use money saving apps like Rakuten and Fetch Rewards for your purchases, you will enjoy certain cash back offers.

    If you fulfill certain conditions when paying your bills or purchasing some items, cash back will be credited to your account and this can give you additional funds for savings.

    3. Planning Credit Card Expenses

    When you have a credit card, you tend to make a lot of purchases.

    Well, credit card purchases are a good thing if you are actively building credit.

    But you need to plan the repayment process carefully. Instead of a one-month payment, you can choose to pay back the bill in multiple months with a low rate of interest.

    4. Enroll in Automatic Savings Plans

    Many banks have introduced an automatic savings plan. If the money in your bank account, crosses a certain limit, the excessive amount to that limit will go to automatic saving.

    In this way, you can be able to save more than earlier.

    Many automatic savings plans are there, including investing in mutual funds through SIP (Systematic Investment Plan). It will fetch you a lot of money perfectly.

    5. Settle the Late Payment Fee

    If you have a personal loan, you can ask your lender to withdraw late payment fees, showing your crunchy financial condition at present.

    Most of the lenders give approval on such applications from the borrowers.

    In case if you cannot pay your bills, you can ask the service provider to give you an installment plan for paying the bill amount. It would prove to be extremely helpful.

    6. Negotiate Controversial Bills

    At times, we get a few unexpected bills.

    In some cases, you may have purchased something, but the product or service is not as per the level of satisfaction. In such cases, the final bill amount can be negotiated.

    The negotiated bill will save your money, and that money can be used for the purpose of debt consolidation.

    7. Know Your Unclaimed Money

    A lot of people have unclaimed money, and they do not even know about that.

    Certain financial services help people to find their unclaimed money.

    You can take the help of such service providers to help you get money when you need it.

    8. Low Car Payments

    If you have a car, you need to pay monthly premiums for the insurance of the car.

    Now, many car owners do not check insurance terms at all.

    As a result, a lot of them have been found to be overpaying for car insurance. You can go for car insurance premiums that are customized for your needs.

    9. Make Smart Investments for Home

    Instead of going for luxury expenses for the home, you should go for smart investments.

    For example, replacing the existing lighting arrangement with LED lights is a smart investment.

    It will make your house beautiful and perfectly illuminated.

    But, the most important thing is that it will save your cost of electricity to a large extent.

    Another easy upgrade? Learn how to make high-end updates to an old wood door for less than $100.

    10. Lower Down Credit Card Interest

    If you are in a tough financial situation where repaying your debt seems to be a difficult thing, you should call the credit card company and negotiate the rate of interest.

    Good negotiation skills can fetch the desired result.

    If you are unable to make the payments and are face high-interest rates then you can also look into your credit card settlement options.

    11. Learn to Limit Utility Usage

    If you have HVAC equipment at home, you can switch to the power saving mode to serve your basic purpose and at the same time, saving money.

    Turn off your AC, when the weather is already cold outside.

    You should also turn off the refrigerator when it is empty.

    Saving water as well as electricity along with all other natural resources is important to protect the environment.

    But it also offers you a simpler way of living.

    You can afford all your luxuries, but you just have to stay responsible.

    Careful consumption of resources will help you to save a lot of money.

    12. Reduce Holiday Expenses

    During holidays, we make a lot of unplanned and unnecessary expenses. Reducing these expenses is always recommended.

    You can still enjoy holidays with your family without making any unnecessary expenses.

    13. Reduce Number of Days for Family Vacation

    We all need vacations with friends and family members.

    But, going for a vacation is an expensive choice unless you find ways to travel for cheap.

    You can reduce your expenses by cutting off the number of days for vacation. Reduce it to a small number of days to save money.

    14. Think about Additional Sources of Earning

    To repay your debt and to escape the financial crunch, you must look for your potential sources of earning. If you have a vacant property, you can sell it or rent it to earn money with Airbnb.

    Many people have special skills, like painting, dancing, etc. You can earn money through such skills or even download money making apps to earn side income.

    Bottom Line

    Overall, these 14 money saving ideas for families are tried and a tested process that has to be followed in a systematic way. When you have a systematic approach, your method of saving money fast becomes seamless.

    Always strive to automate your savings, instead of focusing on new expenses or investments, until you and your family are debt-free or your savings are sufficient. Good luck!

    For your: What are some money-saving ideas for families that we missed? Let me know in the comments below!

    Up next:

    Related reviews:

    Want to Make Extra Money Now?

    IconApp
    tradestationTradeStation
    ★★★★★

    TradeStation gives you a $10 bonus (in one of the platform’s supported cryptocurrencies) upon account approval, with no deposit or trading activity required. Testing this offer, I received $10 in Bitcoin (BTC) instantly through this link after opening account.
    More
    acornsAcorns
    ★★★★★

    Acorns lets you invest your spare change automatically and join almost 4,000,000 people saving and investing every day. New members can get a $10 welcome bonus.
    More

    chime
    Chime
    ★★★★★

    Want to get spotted a $200 for free? Chime will spot you up to $200 on debit card purchases and cash withdrawals with no overdraft fees. There’s no catch. This bank account is legit and only takes two minutes to sign up for an account.
    More
    Brian Meiggs
    Brian Meiggs
    Founder of SavingExpert, Brian is an entrepreneur and investor who enjoys working out, reading, spending time with his family and friends, traveling and creating great content. He’s passionate about helping others achieve their financial goals. He uses the free Personal Capital app to manage his cash flow and net worth.