Parents on a budget are financially resourceful people. Not only do they find ways to stretch every dollar, but they also make use of some very creative tactics for achieving their short-term and long-term goals in spite of a challenging economic environment. With the prices of fuel, rent, food, homes, and pretty much everything else at all-time highs, moms and dads are pulling out all the stops to get by in the early 2020s.
Amid all the money-related obstacles, savvy parents are taking decisive and effective action, like joining local food co-ops to get fresh food at lower prices, refinancing their old student loans to reduce monthly expenses, doing yearly insurance reviews to avoid paying too much for coverage, consulting financial experts to hone budgeting strategies, adjusting grocery lists to eliminate unnecessary purchases, and getting creative about family entertainment choices. If you’re looking for a few powerful ways to keep the family finances in good shape this year, consider the following strategies. Using one or more of them can deliver concrete results for parents who are willing to make a few changes to the way they manage the household budget.
Refinance Outstanding College Loans
Maybe the best way of all to save money fast is to refinance student loans and get the best national banks to finance your needs. Mothers and fathers who are still making payments on college debt can bag several financial benefits when they refinance. Those who choose NaviRefi student loan refinancing can not only reduce their monthly payments but also gain access to more lenient terms, better rates, and more time to repay balances. That means families have more cash left over to pay down credit card debt, renovate their homes, and add to savings accounts.
Join a Food Co-Op
Do a quick online search to see if your city has one or more food co-ops. There’s usually a small fee to join, but you’ll probably make that back on the first trip you make to the warehouse to buy a load of groceries. Unlike wholesale shopping clubs, co-ops only sell food items, but if you buy in bulk and have a family to feed, the savings can be substantial. A co-op specializes in selling fresh, healthful items that are staples of standard diets. They’re ideal places for parents to score big savings month after month and keep grocery bills low. Consider purchasing a stand-alone freezer if you decide to stock up on low-priced co-op products to save even more.
Do Annual Insurance Reviews
It’s easy to assume that insurance policies are set it and forget it affairs. They’re not. That’s why it’s imperative for moms and dads to do yearly policy reviews. That means checking to see if you need to adjust, upward or downward, the amount of coverage you currently have. Most families own policies that pay some or all the cost of eyeglasses, contact lenses, dental work, and other health expenses. Likewise, speak with a licensed, experienced agent to be sure you have the proper coverage amounts for life, home, car, and other policies. If you don’t want traditional life insurance, or can’t afford it, consider purchasing a small GI (guaranteed issue) policy that covers the cost of final expenses, funerals, can cremation.
Consult a Financial Counselor
Financial and consumer credit counselors offer excellent value for modest hourly fees. In a single half-hour session, they can walk through your budget and show you additional ways to save every month. If your income is low enough, there’s a chance you won’t have to pay anything for the services because most financial counselors base their fees on a sliding scale. Most experts can conduct meetings online if you prefer to save on fuel costs and avoid driving to their office.
Choose Low-Cost Entertainment Options
There are dozens of economical ways to get in a weekly dose of family entertainment without spending money at restaurants, movie theaters, and theme parks. For instance, plenty of fathers and mothers take their kids hiking on local trails, go bike riding as a group, use local public pools for family fun, take day trips on weekends, and check out city landmarks and museums. To save even more, remember to pack food and snacks at home before heading out the door for whatever your chosen adventure happens to be. Most people are surprised to find that there are numerous ways to have group fun on a budget.