Growing Pains: Tips for Managing Your Growing Family’s Finances

Friday, June 17, 2016, 6:00 AM | Leave Comment

Whether it’s a new baby on the way or it’s time for mom to move in with you, an expanding family can put a strain on the budget.

Adapting to a larger family size, especially with no increase in income, can be a struggle.

Here are some tips for thriving financially while your family grows.

Growing Pains Tips for Managing Your Growing Family's Finances

  • Take Advantage of Group Discounts

    Everything from amusement park entry to movie tickets can possibly be bought with a group discount. The same can also be said for kids’ tuition fees and lesson costs.

    Groups can also get deals on tickets for travel, sporting events, historical sites, museums, aquariums and zoos. It never hurts to ask, so do your research to see what discounts may apply to your brood.

  • Use Coupon and Promo Codes

    If you shop online, looking for coupon codes before checking out can save you a ton of money. For example, if you’re ordering from Kohls, run a search for Kohls promo codes.

    Many retailers run specials, percents off for large orders and may even offer free shipping. Online shopping already saves you time, fuel and hassles, but it can also save you money over running out to the store.

  • Start a Pantry Stockpile

    While you don’t need to hoard, squirreling away staples when they go on sale is an excellent strategy for saving money over time.

    Dry and canned goods can usually be found at deep discounts, especially if you use a coupon, while deals on meat and veggies can be stored in the freezer.

    Grooming supplies and feminine hygiene items can be stashed until they’re needed, too. Think about long-term while shopping and you won’t be forced to pay full price for items you buy again and again.

    If you have your own garden, you can also save money by canning your own produce as well.

  • Take Advantage of Reward Cards

    Nearly every grocery store or big box store offers a rewards card program where you can earn points for your loyalty.

    If you shop at the same few stores time and time again, take a moment to sign up for these cards. Some points programs will earn you free or discounted fuel, while others allow you to use your points for a discount on groceries, clothing and more.

  • Use Your Credit Card Wisely

    If you have a credit card that offers miles, points or cash back on a percentage of your purchases, use this to your advantage. It is a way that you can spend money in order to make money.

    If you’re responsible with your card, you can earn rewards on everything you buy, pay the balance off every month and never pay interest. You can also save the money and put it away for other family events, vacation, your home, or your children’s college fund.

Retooling the budget as your family expands can be a challenge. By keeping these tips in mind, you’ll be able to provide for your family and keep your finances on track.

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