3 Brilliant Money-Saving Tips For Large Family Households
For the first time in over 160 years, the size of the average American household may increase, based on data from the US Census Bureau. According to the Pew Research Center, the average U.S. family increased by 2.63 per household in 2018, when compared to 2.58 in 2010. This is the highest it has ever been since the decline in 1850. As households are getting bigger, the expenses are also expected to increase. This includes the budget for food, transportation, and must-have home products needed to meet the demands of each family member. But how can your family make both ends meet if you have a limited source of income? Here are several money-saving tips for large family households.
Manage Your Debt
Having lots of debt can be very stressful. As of March 2019, the average family loan amount in the country is $33,693 after inflation adjustment. But you can still manage your debt by proper planning. Whether you want to cut your mortgage or credit card bills, you need to have a realistic debt management plan to pay for it. This may take a while before you can pay for everything, since you will still need to spend on other household expenses. You can also try to avail of a debt restructuring scheme to pay your credit card debts and make it easier on the pocket.
Control Food Spending
Cutting down on food costs will help your family will save more money. Strategic meal planning requires you to be well-prepared with a shopping list. Stick to it and avoid buying unnecessary items. You can also buy in bulk and eat at home for bigger savings. If you must eat out, aim for dining establishments that offer special promos like free meals for kids, weekday freebies, group meals, or buy one get one offers that can feed the entire family.
Get Smarter About Taxes
With the right research and preparations, there are ways to reduce your taxes, especially if you know the latest tax rules for adding dependents. In 2018, the maximum child tax credit increased to $2000 from $1000 in 2017. If you have several children in the household, you can apply for the child tax credit or take advantage of the dependent and childcare expenses. You can also receive up to a $1400 refund per child, as long as you include the child tax credit in your income tax return. With a major return, these savings can be put to good use and add to your family budget.
These are just some of the clever practices that you can do to save more money for your family. The money you save can help you pay for bigger expenses such as your children’s education, home renovation, and medical emergencies. As long as you know how to budget your family’s finances properly, you will be able to keep your daily necessities in order.