5 Money Saving Tips for New Families

money-saving-tips5 Money Saving Tips for New Families

There are several unique money saving tips available for new families. In this article, you will be introduced to 5 save money financial tips that will ensure that you not only have enough funds to meet your financial obligations, but, also have additional money left over so that each member of your family may enjoy a little extra. The income that your family produces has the potential to buy the most, but, only if careful thought is given to a concise spending plan. The best financial plans for families put the needs of the entire family first, then, the individual desires last. Each member of the family may contribute to the spending plan, or, they should be educated on the plan so that they have a high level of appreciation regarding the limitations associated with the family’s income, as well as the possibilities of the family’s income. By using this guide and the managing money tips contained therein, you and your family will succeed in these endeavors.

Choosing the Right Bank

When searching for save money financial tips, you will often see advice on using coupons, using washcloths instead of paper towels, and using streaming media services instead of investing in digital cable television; however, very few guides instruct you to choose the right bank. While it is true that all of the previously mentioned tips will prove to be exceptionally helpful in keeping more cash in your wallet, choosing the right bank will actually help you put more money in your wallet. When searching for a family bank, you should always opt for those that offer free checking and free savings. You should never opt for accounts that charge you maintenance fees. For example, Bank of America currently charges $12 a month in maintenance fees if you have less than $1,500 in the account, at all times. If you add that up, it comes to $144 a year. If you multiply that figure by 18 years, that comes to $2,592.00! Why would you want to give a bank your hard-earned money? Instead, opt for free checking and savings accounts that offer you interest on your balances. That way, all of your money is preserved and your money is then making money.

Incorporate the Thirty Day Rule

One of the best managing money tips for new families is to master the thirty day rule. Basically, this relates to purchases that may be deemed unnecessary. If you find that you want to buy something, make it a rule to wait at least thirty days before actually making the purchase. In most instances, you will find after the thirty days has passed, that you no longer have the urge or desire to purchase the item.

Reduce Your “Phantom Load”

A “phantom load” identifies any and all devices that consume electricity – even when turned off – because they are still plugged into an electrical outlet. According to the U.S Department of Energy, approximately 75% of the electricity that is being used to power the electronics in the home is actually consumed when those electronics are completely turned off. Examples of items that still consume electricity when plugged in – even if they are off – include the television, DVD players, video game systems, DVRs, cable and/or satellite receiver boxes, desktop computers, plugged in laptops, computer monitors, microwaves, coffee pots, cell phone chargers, MP3 chargers, cordless phone systems, printers, speakers, power tool chargers, washers, and dryers. In order to reduce the phantom load in your home and save money for your new family, get into the habit of unplugging everything throughout the home when it is not in use. Additionally, you may use electrical strips that may be turned on and off to plug in appliances that are grouped together, such as the entertainment center area in the home. Instead of unplugging the electrical strip, simply turn it off. This is considered to be one of the top-rated save money financial tips for families.

Step Away from the Television

Television – it is quite likely the one thing in the average home that gets more attention than anything or anyone else. If you are interested in save money financial tips for your new family, stepping away from the television is one of the best. When you watch television, you are often subjected to a wide array of commercials and ads that induce guilt or desire to make a purchase. This often results in unnecessary spending. In addition to this, the cable and satellite services that you spend your money on are often quite expensive. Of course, the television also consumes a large amount of power. By stepping away from the television, you will be able to save money in a large number of ways. Additionally, you will find that you and your loved ones are able to spend more quality time with one another.

Carefully Plan Your Shopping Trips

One of the best managing money tips for new families is to carefully plan all shopping trips. First, a list should be made of all items needed and you should commit to never purchasing anything that is not on your list. You should take full advantage of all reward programs, coupons, and sales when shopping, and you should avoid comfort foods, processed foods, and quick-fix foods. By following these save money financial tips, you will save thousands of dollars each and every single year.

Conclusion

There are countless resources available on the topic of money saving tips for new families; however, by simply following the tips contained in this guide, you will find that it is possible to save thousands upon thousands of dollars each year. By simply choosing the right bank, adhering to the thirty day rule on purchases, reducing your phantom load, stepping away from the television, and carefully planning your shopping trips, you will see an amazing difference in both your checking account and your savings account. The managing money tips contained here are not only simple, but, extremely effective!

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