May 16, 2024

How to Be a Thrifty Family

Thrifty Gas Prices in San Pedro
Image via Wikipedia

1. Cars
If you have a large family, you should get a used minivan, because it can be used for all sorts of things that would otherwise require an expensive vehicle or Uhaul. During moving, outings, and vacations, you can use it instead of renting something else, borrowing a friend’s pick-up truck, or flying. Spending a lot on vacation airfare each year is not a good idea. Spending a ton of money on going on expensive vacations is not bright either, so pick up a family farm or relative’s house to go to to stay at instead of heading to Disney World.

2. Consolidation
It’s easy to run up credit card debt trying to deal with an expensive mortgage, but if you consolidate your loan repayments and put them in a tidy new loan, you’ll pay out more interest over a longer period of time, but actually have a better chance of paying back your debt. However, if you think you’re bringing in a lot more money because of a new job promotion, try to pay it off at a lower interest rate at a much faster rate. This still doesn’t change the fact that you should consolidate your loans though, just saying 😉

3. Foreclosures
Buy a house in foreclosure at a discount, that you have to fix up later. If you have a pair of safety goggles and can use the Google search engine, you are well on your way to learning how to do all your own home repair work. You can get a really cheap house with great potential through foreclosures, as long as you’re using a discerning eye. You may have to spend a little more fixing it up, but at least you will be able to afford it. You will spend a lot less in monthly mortgage payments too, which may not seem like a big deal, but it will a year after you’ve taken the plunge!

4. Green Thumb?
Instead of buying tons of new plants and seeds, as your neighbors if you can take one plant from each, and then use this to make your garden or yard look plush. Don’t worry if your yard looks a little browner either. Do some research to find out how how much water is necessary for your plants to thrive, and stick to that limit. You’ll save money on your water bill.

5. Get Used Stuff From Relatives
Try to get as many hand-me-downs as you can. Get an old family TV that is inexpensive and spend a little on basic cable each month. You can get inherited items from dead relatives or hand-me-down furniture. There is a lot of stuff people want to throw away or give to charity, but you can ask to keep it. A lot of people put out furniture on their front lawn once a month for monthly pick-up. Be on the look out for this when you’re out and about, and don’t forget to check Craigslist for free and cheap furniture.

Tyler Fieldman likes to write about personal finance, economics.


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10 thoughts on “How to Be a Thrifty Family

  1. Well at this critical and hard economy, all that we wanted to do is to save money! We even try not to spend to much just to save bigger. Your tips are great and would be really helpful, especially for those staring a family.

  2. I really agree with some of the stuffs in your post like getting a Minivan for a bigger family and the loans. But saving on vacations and getting used stuffs from relatives is something I’ll not intend to do. My moto is “I have one life. I save on what I can at the same time enjoy with what I like”.

  3. On the other hand, saving up for a family trip to Disney World is a worthwhile goal. You’ll make memories in Orlando that your family will never forget. Just make sure your kids are old enough to enjoy and remember it.

  4. I don’t know… a second-hand minivan? A car is something important, it’s like a long-term investment. I agree with used cars only when you buy your kid his first car, when he’s a novice driver.

  5. Hey

    Thanks for sharing a great post. Saving is very important for every family but at the same time enjoying life is also very important.. Keeping a balance is very important. Your tips are really useful for those sharing a family.

  6. Thanks for the share . With the cost of living shooting with each passing year it is a necessity to save money . However along with this enjoying the basic moments of life is also vital .Nice share .

  7. Saving money seems to be the number one topic for many families. While there are many ways to cut back, we are offering four major ways to save money and even make money.

  8. I’ll vote green thumb solution since we used to do it here at home. It all started when I was still a kid. My grandfather and my dad used to plant different vegetables and fruit trees around the are. Now that I’m grown up, I continued their ways of living especially now that prices of foods and other daily needs are continuously increasing. I can even be sure that all harvested fruits and vegetables are fresh and fertilizer free.

  9. Buying foreclosure property can be risky if you don’t know what you’re doing. If you buy a foreclosure at a sheriff’s sale, and there are still liens against the property, the buyer, in most states, is going to be responsible for paying them off. So, do your due-diligence before you jump into a sheriff’s sale, and go to the courthouse ahead of time to make sure their are no liens or judgements against the property that are going to jump out and bite you in the back later. If a house doesn’t sell at Sheriff sale, the next sale that it goes to after the sheriff’s sale, could be a better option.

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