10 Practical Solutions to Help Families Save More and Spend Less

Written by Money Mentors

We know how hard it is to stay on budget when you are running a busy household. And surprisingly, more money is not the solution to spending less. Many people simply spend more when their income increases. The key to money management is mindful spending; carefully choosing where you want your money to go. Before you pull out that credit card again, read these 10 practical tips to help the whole family decrease unnecessary spending.

1. Get the kids involved. Make saving a family responsibility. If you want to take a family holiday or need a new vehicle, put a picture on the fridge and get the kids involved with saving. When kids feel included, they may even be less likely to ask for extras.

2. Buy less. When you go shopping, only take enough cash for the items you need and leave credit and debit cards at home.

3. Borrow or rent. Get reacquainted with your library! Instead of buying movies, books, music and computer games, borrow them! The next time you need a dress or shoes for an occasional event, borrow from a friend (especially if you only plan to wear it once). Get to know your neighbors and borrow tools, or rent them instead of buying.

4. Share. Carpooling to work is a great way to save money on gas, vehicle maintenance and parking. It may also eliminate the need for a vehicle. Talk to colleagues or look online to find someone to car pool with. Eliminate the waste and storage issues of buying in bulk by sharing with a friend. You'll both save by purchasing everyday items at a lower price.

5. Trade. Get together with friends for a clothing swap. When the kids get bored of their toys, trade with a friend instead of buying new. Shopping has never been so cheap or fun! Keep date night affordable by joining a babysitting cooperative or by trading babysitting services with friends or family. If you are a hairdresser and your friend's husband is a mechanic, trade hair-cuts for auto repairs and you both win.

6. Substitute. Pack a lunch instead of eating out, buy generic brands instead of brand names and watch a movie on your comfy couch. These substitutes are a simple way to keep more money in your piggy bank.

7. Use it wisely. Utility bills can add up, but by being conscientious about usage, you will help the environment and decrease expenses. Make it a habit to recycle bottles and only withdraw money from your bank's ATM. Invest in a programmable thermostat and block heater, sprinkler timer and a rain barrel. Turn off lights when you aren't using them and switch to low wattage light bulbs to further decrease your power bill.

8. Find deals. As is often said, one person's trash is another person's treasure. Buy second hand from garage sales, classified ads, consignment stores, thrift stores and websites like kijiji and craigslit. Use coupons to save on your favorite products, comparison shop for larger purchases and check dollar stores and liquidation centres for extra savings.

9. Make or grow it. Growing a vegetable or herb garden is a great way to save money, while minimizing trips to the grocery store. Go 'green' by making your own household cleaners and reap the rewards financially. If your kids are constantly bringing home paintings or crafts from school, use them as wrapping paper and cards for gifts. Thanks to Pinterest, it's easy to find DIY gift ideas, so instead of rushing to the store for that next birthday, have some fun and make a gift.

10. Get it for free. Finding something for free is often as easy as letting people know what you are looking for. The next time you need something, tell your friends and it just might end up in your living room. If family lives nearby, ask them to watch the kids for your evening out. You'll get free babysitting and they'll get quality time with the kids. Check the free sections of classifieds or ask at the end of garage sales.

The best way for families to spend less and save more is to buy less. With a little creativity, you'll be surprised at how easy it can be to save money by borrowing, renting, sharing, trading, making, growing or even finding it for free! Get the whole family involved and start spending less today.