Four Easy Ways to Make Saving a Family Affair

July 1, 2019

Everyone in your household can play a role in the financial success of your home. Here are four easy ways to make saving a priority for everyone under your roof.

  1. Have a conversation
    Get the whole family together, make some popcorn or hot chocolate and make talking about money fun. Keep it positive by talking about ways the family can work together to lower expenses, increase income and save money.
  2. Involve everyone
    Take time to explain how things that everyone in your household uses comes with a cost, like the utilities, internet and cable. Teach the whole family how to comparison shop, choose generics and/or use coupons, sale ads, etc. Make it an activity for everyone to review your local grocery store circular/app and identify products that you can save on that week.
  3. Set a goal
    Decide as a family what your financial goals should be. These could be household goals and individual goals. Is it saving for college?  Is it saving for a family vacation? A car? Having a financial cushion for unexpected emergencies? Whatever you decide, make a commitment to save.
  4. Make a plan
    Setting a goal is a great start, but how will you reach it without a plan? Making a plan to reach a savings goal requires establishing a plan for how you will spend and save your money. Savers with a plan are twice as likely to accomplish their savings goals.

Now that you have a few ideas to start saving as a family, remember to celebrate your successes and know saving is an activity and not an amount. Start Small and Think Big.

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