Four Savvy Spending Tips for Parents
Parenting can be tough — but on top of that, it can be expensive. From buying food and clothing to schooling and extracurricular activities, Mattress Firm knows the cost of raising a child is high, so it is important to save when you can. Whether you spend an extra night cooking at home instead of eating out or look for coupons and discounts before you shop, small changes can make a huge difference.
Kicking your spending habits in favor of healthier ones may be tough at first, but we're here to help ease that transition. These are just a few of our favorite budget-friendly suggestions for parents, designed to help you save money without sacrifice.
Build Your Budget
It's not the most fun activity, but creating an actual budget plan will make your spending easier to monitor. Although you may already think of yourself as financially savvy, it will still help to sit down and organize your money. You'd be surprised how quickly those $3 coffees can add up!
Start with the basics, such as recording your income and expenses, using bank statements and bills to get an accurate feel for how much you earn and spend each month. The more detailed you can get, the better you can assess your money and where you can cut unnecessary spending.
Set Grocery Store Goals
Believe it or not, food is one of the biggest expenses for families. While we all need to eat, there are ways to manage your budget as you shop the supermarket aisles.
Consider buying more items in bulk. Although the initial prices will be a bit bigger, it will ultimately be a more cost-effective solution. Even better — plan to do an inventory of your kitchen before you head to the store. Making a grocery list of only what you need (and then sticking to it) is essential for buying food on a budget. This makes it more difficult for you to be distracted by impulse buys and junk food.
Keep Your Clothes
The cost of a full closet can easily add up. If you have a large family or plan on having more children, save your clothes and use them as hand-me-downs. With each season requiring a new wardrobe, wearing hand-me-downs is a great way to stay within your budget.
Remember that the more clothes you save, the more you can sell later on. Mattress Firm recommends looking for used, discount clothing stores in your area for another easy way to make some extra cash. Thrift and consignment shops are also a great place to find cheap, new options for your wardrobe.
Shop Smart on Big Buys
Even with a plan for your budget, there will be unexpected big-ticket items that you need to purchase. But you can still fit those in without breaking the bank.
Before you make any purchase, no matter the product or price, we recommend researching the most cost-effective options. Searching for discounts and low-interest plans is always a great place to start. Also, remember that if you're in the market for a new mattress, your budget stretches further at Mattress Firm.