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3 Basic Ways Children Can Help to Save Money at Home




As mentioned in my previous post, our savings rate currently sits at 20%. To reach financial independence sooner, we need to bump up our savings rate. And to help achieve this, we need to involve our children and make them aware of how even the little daily expenses can pile up and cost us more money. So I gave my daughter a little assignment and asked her to list ways on how she can help save.


Electricity

Unplug cables when you’re not using it

This tip is really easy to follow and something that most families don’t think about doing. But turning off cables that you aren’t using can cut down your electricity bills by an estimated 5-10%.


Turn off lights when you’re not using it/stay in one room that has lights on

Turning off the lights when it’s not being used is a really simple tip, but it makes a big difference. If you’re in a room, make sure all the lights outside are closed. No one is going to use them. A better idea is to just stay in one room with your family. This way you can minimise the amount of electricity you’re using, and you’re also able to spend time with your family.


Don’t turn on the lights during the day

Using lights when it’s sunny outside isn’t very ideal for a family that’s trying to save money. Open the blinds and use natural light instead. It serves the same purpose as lights inside your house. This way you’re able to save half a days worth of electricity bills to pay.


Water

Take shorter showers

When showering, try to aim for a maximum of 10 minutes. It isn’t necessary to be wasting large amounts of money just to have a long shower. Don’t forget that water scarcity is also a challenge that we’re facing. Help save the planet and your water bills.


Don’t hand wash dishes

Hand washing dishes individually may use up a lot more water than loading a full dishwasher. If you’re going to pre-rinse, make sure the running water isn’t too strong and it’s not just going down the drain.


Don’t leave the water on when brushing your teeth

You don’t need to leave the water on when brushing your teeth. You can use a cup instead to rinse your mouth. If you’re going to keep the tap running for long periods of time, make sure that it’s being put into good use. Brushing your teeth isn’t a valid reason as to why you should keep the water running for so long.


Food

Pack your own lunch

When going to work or school, pack your own lunch. You can customise your food to your liking, and you save money too. Eating out most of the time is way too expensive and you aren’t able to control your diet.


Always cook more than what you’ll eat

This tip allows you to have a lot of leftovers for the next day. Just put the food in the fridge and you're good to go! It saves you the time and effort to cook and prepare food for the next day. You can bring them to work, and if you’ve cooked a lot you can even have it for tomorrow night’s dinner. It is very time efficient and you don’t have to worry about throwing away and wasting uneaten food.


Avoid eating outside - make a budget meal instead

Getting a pizza from Domino's or Pizza Hut can be very pricey. If you were to make it at home, it could cost you nearly half its original price! By carefully picking out ingredients that can make you 2 or more pizzas for the price of 1 Domino's pizza. Not only will you save some money, you can also opt for a healthier version by loading it up with more veggies. You can make your meals however you want it and it’s most likely going to cost you a lot less than eating outside.



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We provide general financial information only, not personal financial advice. All information written in this blog has been prepared without taking into account your goals and current financial situations.

Before acting on our recommendations, you should do your own due diligence. It may or may not be appropriate to your specific investment objectives and financial needs. Furthermore, you should contact a financial adviser who is licensed to provide you with personal financial product advice.

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