The World Bank has noted that the global economy is in a slump, and our world and needs are changing rapidly, forcing families to adapt. The economy will also likely worsen before it improves, meaning we are unlikely to see an immediate economic recovery post-COVID-19. As a result, families will need to do more with less. 

One way to prepare for an uncertain economic future is preparedness in the present, which often means saving money on things like food, transportation, clothing, etc.

These four little-known cost-saving measures for families in 2022 will help you make your money go further than ever before:

 

Make and stick to a family budget

Although budgeting is one of the most preached financial well-being principles, few families create and stick to a family budget, even though creating a family budget is an essential cost-saving step that can make all the difference. 

First, it’s crucial to ensure your family budget is realistic, which means you should understand your current expenses and the amount of money available for savings or other expenses. Being realistic is the first step to creating a budget you can stick to as a family. 

Secondly, consider how much time it will take to make any lifestyle changes you may need to make to save more and how long it will take before any savings start to add up. If you make changes too quickly, they won’t be sustainable in the long run.

Finally, if you want to save money on household expenses but can’t quite commit to cutting back on certain purchases —like eating out— focus on creating an overall spending plan instead of on individual items within that plan. This way, everyone involved will know how you are spending money as a family and what’s available to cater to individual family members’ needs.

 

Consider using mobile phone plans

If you want to reduce your monthly phone bill, a mobile phone plan might be the answer, especially if your household has “always-on-the-phone teenagers.” Mobile phone plans can save you money by:

First, the best mobile phone plans typically offer unlimited data and texting, meaning you don’t have to worry about exceeding your monthly data plan limit. Secondly, such plans also tend to offer various calling features like voice mail, call waiting, and many others that are not available with regular cell phones. 

With a mobile phone plan, you can call and send messages without paying for long-distance calls or roaming fees. Finally, most mobile phone plans are less expensive than comparable plans from big wireless carriers. 

 

Using coupons while shopping

Coupons may not be glamorous, but they’re a great, underutilized way to save money because they’re easy to use, and some coupons can help you save up to 50% off an item’s retail price. 

Additionally, if you know how and where to find coupons, you don’t have to be a coupon guru or spend hours researching which coupons are valid and how much they’ll save you. 

Coupons are available in almost every corner and online store, from grocery stores, drugstores, clothing stores, and even restaurants. You only need to stay aware of a coupon’s expiration date to ensure your cost savings don’t expire before you take advantage of them.

A key thing to note about coupons is that even though they are an incredible way to save money, a coupon is not a bargain if you’re spending unbudgeted money, which is why creating and sticking to a family budget is the best family finance principle.

 

Save on Energy

Because energy consumption is a core part of modern family life, it is important to understand how to reduce your family’s energy consumption. 

Forunately, doing so is not too challenging, and you can accomplish it by taking advantage of the following tips:

 

• Turn off or unplug appliances when not in use.
• Motivate everyone in your family to turn off lights and other electronics when not using them. 
• Unplug chargers for electronic devices not currently charging.
• Use a programmable thermostat; this device allows you to adjust your indoor temperature based on what time of day it is, as opposed to having a set fixed temperature throughout the day, which can increase your home’s energy usage. 

 

What does all this mean for your family? 

It means that even though the cost of living is unlikely to trend down, and although things aren’t exactly cheap in 2022, implementing these little-known cost-saving measures can help you stretch a buck, save more, and secure your family’s financial well-being.

 

Little-Known Cost-Saving Measures is a feature post