How To Stretch Your Family Budget During Price Rises

Many countries, including the US, are experiencing high inflation, which means that the cost of living is rising. Everyday items are costing more and bills are rising. This can put a real strain on your family budget.  Like most people, you’re probably trying to find ways to cut costs or find ways to save money. Here are a few ways to stretch your family budget that might work for you. 

Stretch Your Family Budget

Buy in bulk, with others

There are many places that offer great deals on food and other supplies, but only if you buy in bulk. It’s why places like Costco are so popular. But this only works if you have the money to buy in bulk in the first place. Many people don’t, so it’s an economy of scale that they can’t take advantage of. If you club together with others, such as friends, family or other families you know, then you can pool your money together and get discounts on buying in bulk, saving everyone money. 

Get cashback on your shopping

If you tend to buy items online, then you could be missing out on earning back money on your shopping. Sites such as Swagbucks allow you to find offers and cashback opportunities on everyday purchases. It may only be a few bucks at a time but it can really add up over time and come in really helpful at more expensive times of the year such as Christmas or when the kids are on school vacation. 

Get better at planning your meals

Many people swear by meal planning and prepping. It’s a great way of saving money and improving your nutrition. It also reduces food waste. If you’re completely new to it or feel like it takes the spontaneity out of your eating, then pick one of two dishes that you really enjoy and batch cook them, placing the rest in the fridge or freezer for another day. Once you realize how much easier it is to simply reach into the fridge for a prepared meal, you can start planning and prepping more and further in advance. 

Another great money saver, especially if you have kids is to take food and snacks with you when you head to places such as the cinema or theme park. The mark-up on food in these places is huge and can turn a day out into a budget-breaking amount of money. 

Find ways to earn extra money

The previous tips have been about reducing costs, but you may also want to increase the amount of money you have coming in too. If you’re not able to get any extra hours in your main job, then there could be things that you could do from home as a side-hustle. For example, many people fill out market research surveys for money or take on tasks through sites such as Fiverr or People Per Hour. It all depends on your skill set and the time you have available. 

Most families are feeling the financial squeeze of inflation. You can offset some of these rises by shopping smartly and making changes in other areas of your life.