How your family can save money

By BRIGITTE ROZARIO

Saving money sounds like an impossible task to a lot of parents. There's always an unexpected expenditure or bill to settle when you have a family.

Carol Yip, founder and CEO of Abacus for Money, says saving money or spending less is all about the family's personality, belief system and values. It's about how you were brought up, what your priorities are, whether keeping up with the Joneses is important and what you need versus what you want.

And, if you want to start saving now, it's about a lifestyle change.
 

“Do we need things to make us happy or do we value relationships more? Then again how do we build relationships – by giving things, by going out or by communicating? These days we have a lot of stress at work - how do we handle it? Do we look for things to make us feel good? Some people will buy things, some go for holidays and some go home and do something to relax which doesn't involve money. How do we spend within our means?

“You need to look at yourself. If you have all that you need, why are you still buying? Can you discipline yourself to not go out and spend money and yet find life meaningful and achieve your life goals?” asks Yip.

Practical ways

According to her, if a family really wants to cut down on expenses and save, they have to sit down and make a list of what they spend on, then decide which items are not important that the family can do without.

“Will everyone in the family be happy if you don't spend? That's where the family members have to sit down and talk about it – how they can save money and not spend, how they can recycle, how they can buy items only when they are on discount,” says Yip.

She highlights a current trend in the United States where families only buy whatever groceries are on discount and cook their meals based on that. This way, they can cook for a family of four for a very minimal amount of money.