It doesn’t matter what the economy is looking like right now. It’s always a good time to consider smart ways to save money as a family.
In this article, we’ll look at 10 major ways to cut back on spending and build a pot of savings as a family.
Disclaimer: At no extra cost to you, I may gain a teeny tiny commission on purchases made through links on this page.
Let me start with one useful trick I like to share: the 30-day rule.
The 30-Day rule (with a twist)
The 30-Day rule is a tried-and-true money-saving tip: before you make a non-essential purchase, wait 30 days. Think of it as a cooling-off period that helps you avoid impulse buys by giving you time to decide whether the item is truly necessary. More often than not, you’ll find the initial urge to buy fades, saving you money on things you didn’t genuinely need.
Take it further (The buy it secondhand Challenge)
During your 30-day waiting period, challenge yourself to find the item secondhand. Platforms like Facebook Marketplace, ThredUp, Poshmark and OfferUp are fantastic for scoring deals on gently used items. For families, this strategy can save significant money on everything from kids’ clothing and toys to home decor and furniture.
How to create a Zero-based family budget (and actually stick to it)
Creating a zero-based family budget is one of the most clever ways to save money as a family while maintaining full control over your finances. The concept is simple: assign every dollar of your income to a specific purpose until there’s zero left unallocated. This doesn’t mean you’re spending every dollar. It means you’re giving every dollar a job, whether it’s paying bills, saving for the future or setting aside funds for family fun.
3 Basic steps to building it
- List all income and expenses. Start by writing down your monthly income and expenses. Include everything: rent, groceries, utilities, subscriptions and savings.
- Assign every dollar. Ensure every cent is accounted for, even if it’s going toward an emergency fund or a “fun money” category.
- Track and adjust. Use budgeting apps like YNAB (You Need A Budget) or Mint to monitor spending and make adjustments as needed.
READ: How to manage your family money
The family money meeting
Take the idea further by involving your entire family in a “money meeting” ritual. Once a month, sit down together to review the budget and brainstorm fun savings goals, like a weekend getaway or a new family game. Give everyone a vote. It encourages teamwork and teaches kids financial responsibility.
A zero-based budget helps you identify areas where you can cut back, redirect funds and find clever ways to save money as a family. For example, you might notice an unused subscription or realize you’re overspending on takeout. Redirecting those dollars toward meaningful goals makes every financial decision intentional.
Unexpected savings goals for families
When it comes to finding clever ways to save money as a family, thinking outside the box can unlock surprising opportunities to not just save but also spend wisely. Here are two unconventional savings goals to try:
1. Save for services that reduce stress
While it might sound counterintuitive to save for services, investing in a cleaning service or occasional childcare can prevent burnout and improve productivity. A less overwhelmed parent is often more efficient at managing the household, which can lead to better long-term financial planning. Think about setting aside a small monthly amount for these services as a proactive way to protect your energy and focus.
Tip: book cleaning services during promotional periods or with subscription discounts to even further save money as a family.
2. Prepay for extracurricular activities
If your kids are involved in sports, arts, or other hobbies, look into prepaying for lessons, equipment or memberships. Many programs offer discounts for upfront payments or annual plans. Not only does this help your budget but it also ensures consistent opportunities for your kids to grow in their passions.
Tip: Check if your local community center or school has free or subsidized extracurricular activities.
3. Use a Cost-Per-Use mindset
Instead of focusing on the upfront price tag, think about how often you’ll use a product or service over time. For example, investing in high-quality winter coats or outdoor gear for the family may cost more initially but their durability and frequent use make them cost-effective in the long run. On the flip side, go for rentals when it comes to items you’ll rarely use, like specialized tools or formalwear.
Creative saving money challenges
With challenges that make saving fun and engaging, the entire family can get involved while building better financial habits.
1. The “Sell one thing a week” challenge
This challenge is both practical and rewarding: commit to selling one unused or unwanted item from your home every week. Not only does this help declutter your space but it also generates extra income that can go straight into your savings.
Tip: Use platforms like Facebook Marketplace, eBay or local selling groups to reach buyers quickly.
Bonus: Turn it into a family game! See who can sell the most or earn the highest amount each month.
2. The weekend money detox challenge
Dedicate Saturdays and Sundays to a no-spend policy where no money leaves your wallet. Focus on free activities like family hikes, home movie nights or DIY projects. This challenge builds awareness around unnecessary weekend spending and encourages creativity with no-cost fun.
Tip: Use the saved money to treat the family to something special at the end of the month (without guilt)!
3. Use a digital round-up app
For an effortless way to save, try a digital round-up app. These apps link to your bank account and automatically round up purchases to the nearest dollar, depositing the spare change into a savings account. You’ll hardly notice the difference in your spending but will be surprised at how quickly it adds up.
The power of subscription swaps
Subscription swaps can be a game-changer. Instead of cutting subscriptions entirely, consider swapping or replacing paid services with free or low-cost alternatives that still bring value to your family.
1. Use library hacks for free entertainment
Many local libraries offer free access to more than just books. You can borrow eBooks, audiobooks and even stream movies or shows through library-linked platforms like OverDrive or Hoopla. These services can replace paid subscriptions like Audible, Netflix or Kindle Unlimited.
Tip: Check if your library offers passes to local attractions like zoos or museums as part of their community programs.
Bonus hack: Use a shared family library card for added flexibility.
2. Take advantage of lesser-known family discounts
Swap costly subscriptions for family-friendly memberships that offer more bang for your buck. For example:
- Museums often have annual passes that include free admission and events.
- Many local attractions offer discounted or free entry days for families.
- Some retailers and services provide loyalty programs with rewards that can replace the need for premium subscriptions.
Tip: Look into employer benefits or local government programs. They sometimes include free memberships or discounted rates for family activities.
3. Rotate subscriptions among family members
Instead of holding multiple subscriptions at once, create a “subscription rotation” plan where you pause services you’re not actively using. For example, alternate between Netflix and Disney+ every other month.
Tip: Use apps like Truebill to track and manage subscriptions for seamless switching.
DIY projects that save big
1. Make homemade cleaning products
Ditch pricey, store-bought cleaning supplies and whip up your own with everyday ingredients like vinegar, baking soda and essential oils. Homemade solutions can clean just as effectively (if not better) while saving you hundreds annually.
Example recipes:
All-purpose cleaner: equal parts vinegar and water with a few drops of lemon essential oil.
Scrubbing paste: baking soda and a splash of water to tackle tough stains.
2. Try simple home maintenance projects
Tackle basic home repairs and maintenance tasks yourself rather than hiring professionals. For example:
- Patch small holes in walls.
- Unclog drains with DIY tools.
- Seal windows and doors to improve energy efficiency.
3. Plant a year-round soup garden
Start a small garden with easy-to-grow herbs and veggies like parsley, thyme, spinach or carrots. Perfect for making homemade soups and stews. Not only will you save on grocery bills but your family will enjoy fresher, healthier meals.
Grocery hacks you’ve never heard of
1. Shop the last hour deals at farmers’ markets
Many farmers’ markets offer steep discounts during their final hour of operation to avoid taking unsold produce back home. You can score fresh fruits, vegetables and even baked goods at a fraction of their regular prices.
Tip: Bring reusable bags or containers to carry your bargains home and reduce waste.
2. Join a food co-op for bulk produce
Food co-ops allow families to buy high-quality produce, grains, and pantry staples in bulk at lower prices. Many co-ops operate on a membership basis but offer significant savings over time, especially for larger families. Definitely a helpful trick for you if you’re trying to save money as a family.
Tip: some co-ops even offer volunteer opportunities for further discounts on purchases.
3. Use apps to track store markdowns or get free food
Take advantage of technology to discover deals and freebies near you.
Apps like Too Good To Go let you buy unsold food from restaurants or stores at a discount.
Flashfood helps you find discounted groceries nearing their expiration date.
Checkout apps like Ibotta offer cashback on everyday purchases.
Energy-saving tricks
Looking for money saving products to lower your energy bills and help the environment? These clever tricks can significantly reduce your electricity usage and keep more cash in your wallet.
1. Stop phantom power with power strips or timers
Many electronics draw power even when they’re off. This is called phantom power. Combat this energy drain by plugging devices into power strips or using timers that automatically shut off appliances when they’re not in use.
Example: use a smart power strip for your entertainment center to cut power to your TV, gaming console and speakers when not in use.
2. Host a low-energy weekend
Make energy-saving a family activity! Dedicate one weekend to unplugging and using as little energy as possible. Spend time outdoors, play board games by candlelight or cook meals on the grill instead of the stove.
Tip: turn it into a fun challenge. Track your energy usage before and after to see how much you save!
3. Invest in energy-efficient lighting
Switching to LED light bulbs can cut lighting costs by up to 80%. They use less power and last significantly longer than traditional bulbs, making them one of the best money saving products for any household.
Fun (and free!) activities for the whole family
Finding clever ways to save money as a family doesn’t mean sacrificing fun. Creative and cost-free ideas will help you enjoy quality time without spending a dime.
1. Go on a geocaching adventure
Geocaching is like a real-world treasure hunt! Families can explore their local area while searching for hidden “caches” using a GPS device or smartphone. It’s a great way to combine outdoor fun with problem-solving and teamwork.
Tip: make it extra exciting by setting a goal, like finding three caches in one day.
2. Attend local free events
Use event apps like Eventbrite or check your community’s Facebook groups to find free family-friendly activities. From movie nights in the park to craft fairs and story hours at the library, there are plenty of options for budget-friendly outings.
Tip: many cities also host free museum days or outdoor concerts. Plan ahead to make the most of these opportunities.
3. Trade babysitting or activity nights with another family
Coordinate with another family to swap babysitting or host activity nights. This way, you save on childcare costs while your kids get to socialize with friends. You can also alternate hosting fun evenings like game nights or craft parties.
Tip: make a rotating schedule to keep things fair and consistent.
Teach your kids to be money masters
1. Start a family investment club
Turn your family into a mini investment team! Each member, including the kids, can contribute ideas for savings or even small investments, like picking a stock or saving for a shared goal (e.g., a family vacation). Use kid-friendly tools to explain concepts like interest, dividends or budgeting.
2. Make saving fun with DIY piggy banks
Encourage your kids to save by crafting their own piggy banks from recycled materials. They can personalize them with paint, stickers or their favorite characters.
Tip: have a savings challenge where they compete to save the most in a month, with a fun reward like a homemade trophy.
3. Introduce kids to financial literacy tools
Kids learn best when they’re engaged, so use age-appropriate books, games and apps to teach financial skills. From simple budgeting games to apps that track chores and earnings, there are plenty of tools to make learning about money interactive and exciting.
Examples:
Books like The Berenstain Bears’ Dollars and Sense.
Apps like BusyKid, where kids earn money for completing chores.
So where will you be starting from in your journey to saving more as a family this year?
0
278
