Top saving money hacks to level up your family finances

Raising kids? It's the adventure of a lifetime, and probably the most rewarding thing you’ll do. Yet, there's no denying the monetary demands it can bring. Enter the realm of financial hacks. Think of them as the trusty assistants always ready to help you stay on track. By embracing these clever tips, you'll be one step closer to optimizing those family finances and giving yourself that high-five in the mirror every morning.

Money hacks 101

When you adopt saving money hacks, it's not just about having extra cash for a spontaneous ice cream run. It's about building a lifestyle that allows you to keep more of your money. Once you have that sweet nest egg, you can tackle buying a home, paying for your kids' college, planning for retirement, or whatever your family needs.

These strategies work in the background, reducing financial stress and giving your family’s future a brighter, more secure gleam. And hey, who doesn't want a little less stress and a little more security? By saving, it's like you're buying greater financial peace of mind.

Shop smart — because every penny counts 

It's hard to save a lot on fixed expenses like utilities, but shopping is one area ripe for budget hacks. You have so much control over where, and how many, dollars you leave scattered all over town. If you've got a growing child, they probably don't need the latest designer (expensive!) clothes. Secondhand shops or discount retailers can be great places to get good clothes for a bargain. You can buy a lot of household goods the same way. Also, check out apps that allow people to sell unwanted items. 

When it comes to saving money on groceries, you've got several options:

1. Couponing like it’s a sport: There's a certain thrill in scoring a deal. From groceries to the kiddo's sneakers, keep an eye out for those little money-saving slips. You may be able to find websites specializing in coupons or discount codes. Many grocery stores offer discounts on select items to customers who join their loyalty program or download their app.

2. Cash-back apps: Trust us, they're game-changers. For instance, Greenlight’s cash-back savings for kids lets your kids earn 1% cash back for purchases. And that's not all. Besides kids earning up to 5% interest on savings, you can pad the interest rate to encourage their habit.

3. Bulk buys: Some things just make sense in bulk. Think diapers, nuts, and your favorite cereal. Buying in bulk can be a wallet-saver, especially for essentials you always like to have on hand. Some stores specialize in bulk shopping, but many grocery stores also have an aisle where you can buy bulk foods and spices. 

Family budgeting

Every superhero team needs a game plan. For families, it’s called budgeting. Nail down your financial goals, then work out the best route there. Be open with your kids and give them a voice at the table. You can set up weekly or monthly family budget check-ins to assess progress and adapt as needed.

Track your expenses with a budgeting app so you can identify potential savings opportunities. Allocate funds where they matter most. And don't forget to set up automatic transfers to savings and retirement funds!

Meal planning: Save green while eating green 

Aside from making you feel like the master chef you are, meal planning has other perks. It's a money-saving hack and a waste-reducing wonder. Have the kids help you cook bulk batches of staples like rice, beans, and veggies on weekends to use in quick weeknight meals. Plan weekly menus, enjoy fewer wasteful impulse buys, and serve up nutritious, budget-friendly meals. 

Plus, planning meals adds an educational layer, teaching them about budgeting and the value of food. They get to see firsthand how making smarter choices in the grocery aisles can lead to extra cash to put toward financial goals. So, it's like a win-win-win: you save money, reduce waste, and spend quality time together as a family.

Pro tip: leftover nights can become a fun family tradition.

Cutting down on entertainment expenses

You don’t need a ritzy outing to make memories. Think local parks, free community events, or even a movie marathon at home. You've got those streaming services for a reason. The goal? Quality family time without the hefty price tag. You'll also be teaching your child or teen how to save money.

Automate savings and investments: Set it, forget it, watch it grow 

In today's digital age, there's no excuse not to automate. Setting up automated savings contributions means future you will thank present you. Arrange for automatic monthly transfers into high-yield savings accounts so you never miss funding your goals. And with resources like Greenlight’s investing app for kids, you can guide your little ones to start building their financial acumen early on by investing small amounts over time.

Give kids and teens a head start on money smarts

You’ve got these hacks to save money in your toolkit, so why not pass on the wisdom? Including your kids in your financial life and setting a good example are two of the best financial life hacks you can teach your kids. Encourage them to dive into the world of money early. From budgeting their allowance to understanding the magic of compound interest, the sooner they start, the brighter their financial future. With Greenlight's Family Cash Card, you can help your teen get up to 3% cash back on purchases while building their credit.¹

Our mission is simple: we want to make your parenting journey smoother. With educational tools like the Level Up financial literacy game or the chores and allowance app, Greenlight is here to guide, support, and empower the whole family with money skills for life.

To the parents out there: you’ve got this. Keep exploring, keep learning, and most importantly, keep hacking that financial game. We've got your back!

Greenlight is a financial technology company, not a bank. The Greenlight app facilitates banking services through Community Federal Savings Bank (CFSB), Member FDIC. ¹Earn 3% when you spend at least $4,000 in a billing cycle, 2% when you spend at least $1,000 but less than $4,000 in a billing cycle and 1% when you spend <$1,000 in a billing cycle. See the Credit Card Rewards Terms and Conditions for details, including earning, redemption, expiration or forfeiture.