Family and Friends Savings Tips
Create a family spending limit on gifts. Discuss placing spending limits on gifts within your family and/or a system where you only purchase one gift for one person over the holidays. These limits tend to reduce expenditures and be greatly appreciated by family members with less financial flexibility.
Plan gift-giving well in advance. That will give you time to decide on the most thoughtful gifts, which usually are not the most expensive ones. And if these gifts are products that must be purchased, you will have the opportunity to look for sales.
Start saving for college at the baby shower. It’s never too soon to start a college savings account for junior. Ask for contributions to a college fund instead of clothing and toy gifts for your new baby.
Don’t buy cheap clothes for cheap’s sake. It sometimes make sense to prioritize quality over price when purchasing clothes for the family. An inexpensive shirt or coat is a poor bargain for older family members if it wears out in less than a year, but could make sense for quickly growing children. Consider fabric, stitching, washability, and other quality related factors in your selection of clothes.
Organize a neighborhood swap meet. Here’s how it works: gather your friends and neighbors with kids around the same age and everyone brings gently used clothing, books, and school supplies, toys, etc., and receives a ticket for each item they bring. Each ticket entitles you to one item from the swap meet. If you contribute six books, you can leave with up to six new-to-you books. If you contribute seven items of clothing, you can leave with up to seven new-to-you items of clothing. All leftover items are donated.
Designate one day a week a «no spend day.» Reserve one night a week for free family fun. Cook at home, and plan out free activities such as game night, watching a movie, or going to the park.