Being a father comes with a multitude of responsibilities. Although a rewarding role, sometimes we can all feel the financial pinch. I actually learned these tips as a youngster from male and female figures around me. Anyone can save money and it all it takes is a bit of discipline.
As a financial advisor, I’ve compiled my top 5 tips on saving money for dads. These are all things that can be done immediately and you can implement in your daily life.
Stay Within Your Budget
The majority of dads would all love to buy that brand new sports car or the latest technology gadget that’s just been released. No matter what it is, always stay within your budget. People around you may be splashing out top money to have the latest releases and it can put pressure on you to do the same.
Try not to let what’s going on around you dictate your spending habits. Plan to save money on a monthly basis and try your best not to exceed your budget. Additional income can then be used for the precious family time such as holidays or your children’s education.
Cheapest Isn’t Always the Best
This may sound like a contradiction considering the first point, but let me explain. Staying within your budget is fine, which is more about buying the things you need in comparison to what you want, but don’t actually need. This point is about buying the things you need, but not always going for the cheapest item.
Often enough, if something seems too good to be true, it usually is. In the long run, it’s far better spending money on a quality product as opposed to something cheap that will break quickly. Quality products do cost more money, but they often tend to outlast cheaper items for a number of years. In the long run, you actually save money and have a better quality product.
This doesn’t mean to say always go for the most expensive item there is. Do your research. There’s plenty of review websites and you can always check on sites like Amazon from verified purchasers to see if the quality of the item is of a good standard.
Learn General DIY
Learning how to do small DIY jobs around the house can save you a lot of money in the long run. If you’re having to pay workmen to do things like fix door handles or leaky pipes, then you will spend money where you don’t need to.
If you’ve not got any DIY experience at all, there are thousands of DIY videos on YouTube. Videos cover a range of issues inside the home and most don’t require specialist materials. There’s also no harm in asking a fellow dad for help. You can then repay the favor should the time arise.
Don’t Go Food Shopping on an Empty Stomach
Although shopping on an empty stomach isn’t great for your health, this isn’t the point. If you’re hungry and you go to a supermarket, you’ll pretty much find your trolley packed with things that you just don’t need. Everything in the supermarket will seem like a good buy when you’re hungry.
Have a meal and then visit a supermarket. A stroll along the aisles will actually do you well and you can make an informed decision about whether or not you actually need to buy that food item. My uncle always made the whole family eat before going shopping and it’s still a ritual they live by today. It also stops kids from picking up things that they don’t need (excluding toys)!
Don’t Spend Too Much on Children’s Toys
This is a lesson I learned myself, the hard way! At the excitement of being a first-time dad, I bought toys that my son never played with. I remember seeing a toy and as it was his birthday would be a treat. After opening the present, my son played continuously with the packaging for around 2 weeks and had no interest in the toy.
When children are below the age of around 8, they will pretty much play with a string. I’m not saying don’t get your children toys, but just remember they can be entertained by the little things and not necessarily the biggest and most expensive toys. Children have great imaginations and can turn a cardboard box into a secret den!
Try and use these tips in your day-to-day life to see what works and what doesn’t. Even if you use one of these tips, I hope you can start saving more.
This article was written by Martin Alexander, a UK financial advisor and mortgage broker who often writes for Expert Mortgage Advisor. You can visit his website for more financial advice and the latest mortgage information.
Brian is a dad, husband, and an IT professional by trade. A Personal Finance Blogger since 2013 who, with his family, has successfully paid off over $100K worth of consumer debt. I want my three children to handle money better than I ever did at a young age. I have been teaching them as much as I can for the last 10 years. My goal is to continue to champion the financial literacy message and then why I created the “How To Rock Your Money” book. To help teenagers navigate their financial futures. I hope my family’s story of paying off over $100,000 worth of debt will inspire and motivate you to take control of your money. He blogs at BrianBrandow.com