Hey, parents! So, what is in your 2018 New Year resolution list? I hope saving money is included. I know, it is hard to save money especially when your parents didn’t give you a Personal Finance manual on your wedding day.
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Here I wrote down 18 specific and realistic ways that parents can save money in 2018:
- Write down your daily expenses for 3 months. Get rid of unnecessary expenses.
- Make a monthly budget. And, stick to it!
- Open a separate bank account. One to for grocery and other bills; another for fun and travel.
- Automate your savings. Transfer a fixed amount monthly from your savings account to your stock or mutual fund investment account/s or life insurance premium.
- Use your bank’s online banking. You can save time and gas when paying your utility bills.
- Buy a term life insurance. You may get a life insurance with vul (variable universal life insurance) or other types once you have more budget.
- Get healthcare for your children. Add them as your dependents in your PhilHealth and SSS memberships.
- Inform your spouse/ kids that you plan to start saving money. Everyone in the family should be on board.
- Always use a list. Grocery, travel, Christmas list etc.
- Shop after the holidays. Buy your 2018 birthday and Christmas gifts during January 2018 mall sales.
- Always pay in cash. Cash is king.
- However, use a credit card if it comes with travel rewards or rebates. Be vigilant in paying on time.
- Cook at home and bring packed lunch to the office or school. You may “treat” yourself by eating out once or twice a week.
- Eat healthy food. Do not drink soda or eat junk food.
- Buy a used car. A two-year-old car may have depreciated in price by 25% but it is still in good condition.
- Buy a car insurance. Shop around for the plan that offers the best value for your needs.
- Turn off electronics when not in use. Pull the plug off the socket when not in use.
- Use reusable batteries. They cost more to buy, but you save money and Mother Earth in the long run.
Do you feel motivated enough to do at least two of the above-mentioned ways to save money in 2018? Do you think this article might help you save money in 2018? I would appreciate a comment or two. If you know people who can benefit from My Favorite Lists, please use the social icons to share!
Have a prosperous 2018!