If you have a larger family, you might look for ways to save money on living expenses. There are plenty of money-saving tips out there, but they might not work well for larger families. When you have a lot of kids, being frugal is all about striking a balance between saving money and finding something that works for you.
Consider Selling Your Life Insurance Policy
If you have a life insurance policy, you might want to consider selling it with a life settlement so you can get a cash payment. You can then use those funds to cover some living expenses, like food and clothing, for your family. If you are considering going this route, you can get an instant valuation on your policy. You don’t have to surrender your policy and can get even more cash through a life settlement.
Reducing Your Needs
Just because you have more kids does not mean you need to have a lot more space and many more things. Consider decluttering and living more simply since that can save a lot of money. For example, you likely don’t need a large house with many bedrooms – kids can share bedrooms with each other. And you likely don’t need as big of a yard as you think since kids can go to local parks to run around.
During birthdays and holidays, you don’t have to give lots of presents, since it should be a time to be together. Teach them to value time with the whole family more than fancy vacations or presents. Having a big family can make it easier to teach these core values.
Consider Cutting Down to One Car
If you have lots of kids, the idea of cutting down to one car might sound ridiculous. Still, the cost of insurance, maintained, and gas is often a high expense. Instead, try to come up with ways to become more organized in your life so you do not need more than one vehicle. For example, if one partner works and the other takes care of the kids, the working partner might be able to use a carpool or use public transportation.
If your kids do sports or other extracurricular activities, you might be able to arrange a carpool for them. Or you could let older kids’ bike to the activity if it is close enough. There are a lot of ways to transition to having only one car, and they can allow you to save money.
Shopping in Bulk
Many times, wholesale stores offering discounts require a yearly subscription fee. However, if you are purchasing enough items, you might find that the savings pay for the fee in a matter of months. You can save a lot of money by purchasing items like paper towels and dry goods in bulk. Still, you will want to stay within budget since it can be tempting to purchase much more than you need, causing you to overspend. Shop around to find the best prices. For example, not all things are cheaper in bulk than on sale somewhere else.
