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Money Saving Tips for Young Parents

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Authored by Rodney Southern in Personal Finance 
Published on 11-19-2008

Money saving tips for young parents become absolutely vital when you consider the state of the current economy. Young parents are already being hit with expensive formulas, clothing expenses, and other things that hit new young parents just after the baby is born. With the economy and jobless rate now a problem as well, money saving tips can make a huge difference.

Use Thrift Stores

Consider shopping at the thrift store for bargains on clothes and baby supplies. The thrift store is one of the best places on earth for young parents to save money. They offer great baby clothes, and they often have other baby supplies such as cribs, linens, and toys. These are usually in great condition as well. If you do purchase baby supplies at the thrift store, be sure to use Lysol to clean disinfect them as a number of people may have handled them.

Clip Coupons

Always clip coupons and use them at the grocery store. This sometimes time consuming process is a necessary evil to saving money on food costs. The coupons are especially valuable if you use them in conjunction with a sale on a particular product. Sometimes, you can even catch items for free. Take a few extra minutes to clip coupons and you will find your costs beginning to drop over time.

Set Up a Budget

Set up a budget. Many young parents are not on a budget yet, and this can be the difference between living week to week and having a nice little pad on your savings account. Setting up a budget allows you to see what you spend your money on, and where you can trim the spending. This will save you a ton of money in the long run. Sit down and set up that budget right away!

Check Out Free Options

Look to free options when you take the family out for the day. Rather than going to the family theme park, take them to the city park instead. The fun that you can share throwing a frisbee, or even playing some softball, can be much more fun anyway. The theme parks are always overpriced, crowded and usually they offer no actual exercise. Do your family a favor and save money and get them fit at the same time. Go visit your local city park!

Go for Generic Brands

Go generic with your purchasing power. Generally when it comes to food, medicine, and daily usage items, the generic brand is no different than the name brand. In some cases, the generic brands are even better. Do not worry so much about paying the extra money for a name. It is not worth it and it can save you a ton of cash over the course of a year.

These are five easy, quick and simple tips to saving money for young adults that can be done with very little pain. Changes like these are important to stick to, as only doing them on occasion will have minimal effect on your finances. They are designed to save you money long term. The best part is, they will always be there for you as money saving options, and they will always work. Take some time to utilize them, and start seeing the savings today!

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