A lot of millennials who’ve started a family are in a tough financial position. Not only must they worry about student loans, car notes, and mortgage loans, but they also have to find a way to cover the costs of child care, which is steadily rising. Unless their parents happen to be well-off, they may have to care for Mom or Dad in the coming years, as well. By following a few simple tips to save more and spend less, you can provide the whole family with considerable financial security. Here’s how to get started. 

3 Ways Young Families Can Reduce Household Expenses 

1. Become a Meal Planning Pro 

Eating at home is always going to be cheaper than eating out. If you don’t have a plan, though, it will be incredibly easy to brush off cooking several times a week. To get into the habit of staying in, devise weekly meal plans, and buy only the ingredients you’ll need to make each dish. If weekdays are hectic, you can also try meal prepping, which essentially means making large batches of food all at once—on Sunday afternoons, for example—and then freezing them in prepackaged portions for later. 

2. Research Alternative Forms of Child Care

The most popular forms of childcare include family care, daycare centers, and preschools. If you don't live near a relative who can provide childcare and the local nursery schools are too expensive, there are other options worth exploring. For example, you could enter into a nanny-sharing arrangement, which essentially means hiring a nanny alongside another family to watch all the kids simultaneously. If you have an extra bedroom or finished basement in your home, using an au pair may be viable. Because families provide au pairs with room and board, the actual child care fees are minimal. 

3. Shop at Thrift Stores

Buying a whole new wardrobe for your children every time they have a growth spurt could cost as much as an extra mortgage loan payment every few months. For this reason, stick to consignment shops when buying your kids shoes and clothing. Ask friends and relatives for hand-me-downs, as well, and accept what they offer graciously. 

For comprehensive financial services with a personal touch, turn to North Jersey Federal Credit Union. Based in Totowa, NJ, and serving all of Passaic County, this bank offers mortgage loans, savings accounts, car notes, and all the other services you'd expect from a major financial institution. Boasting low rates on car and mortgage loans, they’re proud to help young families set themselves up for success. To learn more about their banking services, visit their website or call (973) 785-9200.