ON YOUR SIDE: As the new year kicks off, here are some tips for parents looking to save money amid high inflation. onyourside childcare alabamanewsnetwork
One cost-saving strategy is to plan your shopping ahead of time to avoid buying items you don't need. Dominique Broadway, a personal finance expert and founder of Finances Demystified in Miami, Florida, switched from going to the store to using grocery delivery services so she knows exactly how much she'll spend.Broadway also recommends putting the same groceries in different delivery service provider carts so you can do a side-by-side comparison of the price difference.
If you have a relatively healthy child and can say the same for yourself, think about whether a health savings account could save you money. HSAs can be used to pay health care expenses. The limit for HSAs in 2023 is $3,850 for individuals and $7,750 for families. The contributions are made with pre-tax dollars and are also tax-deductible. You must have a high-deductible health insurance plan to contribute to an HSA.
I decided to give it a test run in 2022. Since my son and I went to the doctor a handful of times that year, my out-of-pocket costs came to just about $700. The cherry on top is I had $1,500 left over thanks to my employer's contributions to my HSA account. I can now roll that money over into the new year.There were so many toys in my house by the end of 2022 that my son and I gave half away. This year, I'm cutting costs by making better use of free activities.
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