Raising a family can be a pricey proposition. If you’re like a lot of busy dads, you haven’t spent much time learning how to cut costs. Multi-tasking parents can actually spend less and have more time for fun if they follow a few money-saving tips and tricks. Because we want our readers to have better, happier lives, we’re pleased to present savvy info that dads can put to use right away.
Don’t put off starting a savings plan
Money pros at Nerdwallet recommend opening a 529 savings plan the moment the umbilical cord is snipped. Fill out the and have it ready on your smartphone before mom goes into labor. As soon as your little one makes her or his debut, press ‘send’ and invite friends and family members to contribute to the 529. Use it to save for college, and you could save a lot of dough when your kid graduates from high school.
When your kids are still small, help them start bank savings accounts of their own. When they have their heart set on a new toy or game, give them an allowance and let them save their own money toward the purchase. Setting a reasonable savings goal and attaining it is a great way to teach your kid about financial success, say money experts at Forbes magazine.
Don’t buy anything new if you don’t have to
Get together with other parents in your neighborhood to exchange outgrown garments and other age-specific kid stuff. For kids without older brothers and sisters, this is a nice way to get gently worn hand-me-down clothing, books that are age appropriate, and video games that have been solved without going to a big new expense.
Get up early on weekends and scout garage sales for all sorts of stuff you need. Yard sales are treasure troves for busy dads who are trying to live within a budget. At a garage sale, you might find anything from dishes to toys to textbooks and more. You just never know, until you get there. Take along a lot of one-dollar bills, and don’t be afraid to haggle the price. Most yard sellers are good natured people who understand budgets and don’t mind a bit of friendly negotiation.
Get out of debt as quickly as you can
The longer you carry credit card balances, the more it dings your credit score. The same is true with overdue bills. The best plan is to pay your cards off as soon as you are able. If you’ve gotten in over your head with credit card debt, consult with a debt consolidation specialist at this site. Getting out from under a mountain of debt feels good and teaches kids about money management, too.
Busy dads need all the help they can get these days. Get to know your neighbors and swap sitting services. Other parents can be a remarkable resource. Make friends with your kids’ parents to exchange ideas and funny stories.