Budgeting ideas for large families


A rich and wonderful experience, having a big family.  But budgeting is the problem. Despite the fact that fewer Americans now consider large families as ideal than they did in the 1950s “baby boom”. Pew Research Center research shows that the proportion of Americans who do so has increased in recent years. According to the survey, up to 41% of Americans consider families with three children or more to be the ideal size resulting is budgeting problems.

However, there are clearly methods to get past the financial stressors and make it work. If having a large family is your top priority—or something you’d desire to pursue in the future. We consulted financial professionals to get their best advice on how to budget well and save money while taking care of a big family.

Have financial goals for budgeting

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Before creating a budget (more on that to come!), you should take some time to outline additional long-term financial . Advises Kristin Myers, editor-in-chief of The Balance, a personal finance website. Before creating a budget, it’s crucial to understand why you’re doing it. Simply doing something because you “should” is insufficient, according to Myers.

When defining financial objectives, Myers says there are a few important factors to take into account. First, you should think about what your family’s current priorities are (such as being able to pay for your essential needs and any “extras” you hope to enjoy). Then, you should think about your longer-term financial objectives.

Stay within budget

According to Steve Sexton, CEO of Sexton Advisory Group, all families that want to save money need to have a budget. And it’s better to have a written one with a detailed breakdown of all your anticipated spending. “It’s likely you’re missing some key living expenses if you’re just ‘guesstimating’ your expenses instead of listing them out in a tracker. Making it difficult to stick to a budget, especially if things are tight financially,” he says.

According to Jaime Peters, DBA, assistant dean and assistant professor of finance at Maryville University. You should include some flexibility in your budget even if you want to be as exact as you can when making one for your family. You should also check that your budget allows for unplanned and urgent expenses.

Know your needs and wants for budgeting

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Making wiser purchase decisions will come as a result of fine-tuning your budget and getting a sense of how it functions in practice. According to Sexton, a lot of this comes down to deciding what is and isn’t necessary. From one family to the next, this will differ.

To establish the necessary and non-essential costs you wish to prioritize. Sexton advises having a discussion with your family and spouse. Eliminating non-essential expenditure, according to Sexton, “could include limiting how frequently you eat out each month, switching from cable to more affordable streaming platforms, or putting a limit on those late-night Amazon purchases.”

Your car may be a budgeting issue

Your car will be one of your largest outgoing costs, including the cost of purchasing it, maintaining it. Insuring it, and refueling it. But having at least one car is necessary for a big family. Typically, this entails investing in a bigger vehicle, like a minivan. That can accommodate your children and all of their belongings.

Sexton advises comparing prices to find the best vehicle insurance. He continues, “Joining a carpool can help you save money on gas if you have kids in school.” According to Dr. Peters, setting aside money for routine auto maintenance will help you save money even though it may seem like an unnecessary investment.

Smart shopping

Your family’s food will consume a significant portion of your budget, so using a wise buying approach will help you save a lot of money. Sexton argues that being organized in advance is key.

He advises always having a written list and a set spending limit when you go grocery shopping. Avoid purchasing prepared items (such as salad kits and pre-chopped onions) at the store because they are frequently marked up in price. Find out when stores are having sales, then go shopping then.

Bulk purchases of items you frequently use, such as toilet paper and household cleaning supplies, might be advantageous, according to Sexton. However, Dr. Peters warns that big-box stores occasionally offer extra items that you don’t require, so you should exercise caution while making any bulk purchases.

Meal planning for budgeting

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Although eating out can be enjoyable, the cost can quickly mount, especially if you do it regularly. You should prepare yourself for a hefty price while dining out with a big family. Cooking at home is almost always more affordable than eating out, so staying in is usually the healthiest financial decision, according to Myers.

There are methods to save money even when eating at home, according to Myers. here’s supper preparation. You can save money by planning your meals for the entire week before you go shopping. Additionally, it lessens the propensity for impulsive purchasing.

Reusing clothes

When you have a big family, saving your kids’ clothes for hand-me-downs is essential. With a few exceptions, the majority of children’s clothing will keep up well and can be passed from one child to another, which will surprise you given how rapidly your children outgrow it. This will save you a lot of money and is also beneficial to the environment.

But there are other items that can be recycled as well. Dr. Peters revealed that she comes from a big family and that when it came to hand-me-down toys, her mother used to be inventive. Three months before to her birthday, she remembers her mother asking her older siblings to look through their toys.

Budgeting vacations

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When taking a family vacation, it could seem impossible. An entire trip’s worth of plane travel can break the bank. But if you prioritize travel, you can find a way to make it happen. For starters, setting aside money each month for a trip fund can be helpful.


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