Blog

How To Save Money As a Stay at Home Parent

By Debt.ca on July 23, 2014 No Comments
How To Save Money As a Stay at Home Parent

Raising a child is a rewarding experience, but it’s also very costly. Here’s a shocking fact: raising a child can end up costing you more than a house over your lifetime. Your family will also take a hit to their income when one parent decides to take maternity/paternity leave and become a stay at home parent.

Whether you’re frugal or looking for ways to save money, there are plenty of ways for single parents to stretch a dollar further. Here are a few of the best ways for a stay at home parent to save money without sacrificing too much on lifestyle.

Coupon Clipping

Your life can be hectic when you’re raising a child and working a full-time job at the same time. If you have some extra time on your hand, you can dedicate more time to frugal shopping. Instead of paying full price for groceries, you can shave money off your food budget through coupon clipping. If you’re able to save money on products you normally purchase, you’ll be laughing all the way to the bank. Many retailers price match as well – by simply bringing a copy of a rival store’s flyer, you can save even more money.

Set a Budget

Setting a budget is important to keep your spending in check. Not only will a budget help stop you from overspending, it will help you achieve your financial goals. Figure out how much you can afford to spend on discretionary expenses like groceries and gas and track your spending.  You may be surprised to find out you’re spending $100 a month of takeout food – by adjusting your spending, you can use that money for something more helpful like saving for your child’s education in an RESP (Registered Education Savings Plan).

Live Within Your Means

Living within your means is vital to growing your net worth. If you find that your pay cheque is often gone within a few days, chances are you’re living beyond your means. By tracking your spending, you can see areas where you can cut back. If you’re living pay cheque to pay cheque, your finances could be put in jeopardy if the breadwinner is laid off from work.

Meal Planning

With more time on your hands, you can carefully plan your meals and avoid costly and unhealthy takeout food. It can be helpful to set out a plan for meals for the coming week. Not only does cooking in batches save time, it saves money by not having to order pizza. Also, instead of buying bread, why not purchase a bread maker and make your own bread? There are plenty of recipes to try out online and from cookbooks at the public library.

Once a Week Shopping

It can be easy to use shopping as an excuse to socialize, especially when you’re a stay at home parent. Driving every day to the grocery store can be costly, especially with the price at the pump. Instead take an inventory of the food you have a home and limit yourself to only going shopping once a week.

Debt.ca

Admin


Don't fight over money!

Couples and Money: End the Budgeting Bickering

By Debt.ca on February 3, 2020

When it comes to couples and money, not every pair shares the same views. You’ve probably heard opposites attract. While that may be the spark that makes your relationship work, it can also lead to problems, especially when it comes to money. If you don’t discuss your finances or spending decisions together, you may not…

Data Privacy Day in Canada

Data Privacy Day in Canada

By Debt.ca on January 28, 2020

Today is Data Privacy Day! The United States and Canada are among the many countries that celebrate Data Privacy Day. It began in the United States, but the need to safeguard data and enable privacy is an international effort. The point is to raise awareness about the technological impact on our personal information. It is…

Save on Energy

By Debt.ca on January 21, 2020

If you’re like most homeowners, the most expensive utility bill is your energy bill. Many homeowners just accept their electricity bill for what it is, but there are simple ways to save on your energy bill. That’s right; by getting creative you keep more of your hard-earned money in your pockets instead of handing it…

Canadians Saving Money on the Holidays

How Can Canadians Save Money During the Holidays?

By Steve Horton on December 23, 2019

Let’s be honest: most of us haven’t done all our Christmas shopping yet, and we’re swiftly running out of disposable cash. Also, it’s unwise to run up credit cards in this case. How can savvy Canadians save money during this holiday season, especially at the last minute? Here are some tips from four experts of…

Leave a Comment

Free Savings Estimate

How much do you owe?

$100,000

$5,000
$100,000
Live Chat
Welcome to our Live Chat
Agents are not available at this time. Please leave a message. Thank you.
First Name
Last Name
Phone
Email
Postal Code
Debt Amount
 
PHP Live! powered