Building our Community

Money Saving Tips for Parents

I consulted the staff at MECS for some money saving tips for parents and the following tips came in. We will also be doing an article on 'Time Saving Tips for Parents' this term.

If any members of the community have some more Money saving tips to add or wish to send in something for the Time Saving Tips article - feel free to forward your thoughts to newsletter@mecs.vic.edu.au. I would welcome more contributions. Now onto the tips!

Heather Mellow

Newsletter Editor

Money Saving Tips for Parents

The Barefoot Investor is a great starting point for learning to manage money. We have found his books and articles have been very helpful. It seemed to me that it was more about having a plan, than investing but also investing in the right things like a good pillow for a good nights sleep! Worth a read. https://www.barefootinvestor.com/
In the event of a power outage there is an easy way to check if your freezer has thawed. If it has thawed, you can throw out food and avoid food poisoning! If it hasn’t you can safely save your freezer contents – saving money and time by not needing to replace it. To do this, freeze some water in a narrow (smallish) container then add a coin to the top of it after it has frozen. Store it in your freezer. If, when you check, you find your coin has fallen to the bottom of the container, you know your freezer has thawed and your food is no good. If it hasn’t you are all good.
Put an account aside to put money in each week with the motivating factor being that you write numbers 1-52 somewhere and choose one number each week as you have the means. e.g. week one choosing $5, the next week $20 and so on until all numbers 1-52 have been used up for the year. This ends up being nearly $1400 for the year in savings! Random idea that might be fun to try. Maybe have a goal for the savings like a holiday or Christmas or a new appliance that is needed.
Check the weekly supermarket sales online then buy your favourite cleaners, cereal, meat etc when it is on sale. You may have to visit all the supermarkets but getting things you use half price is very satisfying.
Download the 'My 7-Eleven' App and go to 'Fuel Lock'. You can lock in the best price of fuel going around. When petrol is low (but you don't need to fill up yet) you can LOCK the price for up to 7 days. So next time you go and fill up, you can save heaps!
Batch cook and buy food in bulk where possible.
Buy food on special and eat some meals meat free.
Have one car and use active travel (walk or cycle) for local trips.
Change energy providers regularly. Use https://compare.energy.vic.gov.au/ to run a check on best deals. Easy to change as the retailer does it for you. You just need to make the phone call.
Do your food shopping with cash - my husband and I started this prior to having our children, and have continued on with it. A great way to constrain your grocery shopping and stick to the shopping list.
Hand-me-downs and op shopping - we are fans of second hand.
Hang washing outside rather than using a clothes dryer. On the whole, we can make this work most of the time.
Buy bargain fruit and use it to make fruit leather, juice, muffins etc.
Buy reduced to clear milk and use vinegar or lemon juice to make cheese. Google for simple recipes.
Make snacks for lunches like tubs of jelly and fruit, rather than buying expensive versions.
Never auto renew on car, home or other insurances. Always do a fresh comparison or a new online quote. Ring the retailer to bargain. Considering increasing your excess to lower fees.
If you have a mortgage offset account, use it to store money for bills, paying on the last possible day, helping you pay down your loan.
Bulk out Bolognese sauce with legumes.
Instead of going to the movies - have a special movie night at home with nice icecreams and comfy doonas.
Dress warmer and set the heater lower.
Go through rooms and drawers and sell what you no longer need on Facebook marketplace or somthing similar to turn clutter into cash.