Strategies for Saving as an Entrepreneur (with Kids!)

One of the things I’ve known about myself for some time is that I am a saver, not a spender (Lindsey, too - yet another reason we’re aligned). I grew up watching my mom scan the circulars (this was pre-internet), shop clearance racks, and head to the check-out line with her stack of coupons at the ready. Not that we “had” to, but that it was good financial management.

Now as an adult with my own kids and as an entrepreneur, there are certain things that my husband and I do on purpose to help our money go a little farther. Again, not because we “have” to (at least not anymore) - but because we believe that these practices, in part, have gotten us to where we are financially and will support us for years to come.

This feels especially true as we started out as two 20-somethings fresh out of grad school each making less than $30,000 a year and sharing a rented townhouse with a roommate. We made peanut butter and jelly sandwiches for lunch on the daily - and our splurge for the week was either one beer at our favorite local pub or a relatively inexpensive meal at the best burger joint in town. 

Fast forward nearly 15 years later, things look a lot different. For context, my husband works full-time (salary and benefits), I have variable income much like most entrepreneurs in our field, and we have two young kids. Here are strategies we use to be mindful about our spending while continuing to save and live the life we want:

Food & Groceries

• Meal planning: We plan our meals for the upcoming week every weekend. This helps us to map out what we’ll cook at home that is healthy, builds on what staples we already have in the pantry, and fits with our afterschool schedule. It also makes grocery shopping more precise, therefore saving money.

• Grocery shopping: We buy most of our groceries at Aldi and save a literal fortune. Sure, it’s mostly off-brand stuff, but it works. Not to mention, the store is smaller, so there’s less options, less time spent, and (if we skip the fun aisles) less excess. If we shop elsewhere, you best believe we’re doing BOGOs at Publix and using coupons at Kroger. 

• Costco run: We stock up on pantry essentials and other items in bulk about quarterly at Costco. This is a pricier purchase at the time (usually a few hundred dollars - if you get out of Costco for less, who are you?), but it helps us to stay stocked throughout the year. We especially love the executive membership - earlier shopping while it’s quiet is a breeze, and we usually get a refund check each year. 

• Drinks: We are a water household. Our kids pretty much only drink water and milk - it's a rare occasion when they’ll have a juice box, but never soda. We are not really soda drinkers ourselves but we do love our coffee - and make that at home nearly every day. All of this saves money.

• Lunchboxes: We pack a lunch and snacks for our kids every day for school, which we feel is a less expensive and healthier option than having them eat school lunches. We also say no to that $2 ice cream each week. 

• Meals at home: We almost exclusively eat dinner at home - lunches, too, for my husband and I. Even on the night where we trek from sport to sport after school, I pack a thermos with dinner in it for my boys to eat in between, which they think is pretty cool.

• Eating out: We do eat out at restaurants, but not often. We save this for special occasions, vacation, or a pizza and movie night once every few weeks. With one of our credit cards, we also have a $100 Resy credit each quarter that we use to offset costs.

Health & Wellness

• Preventative visits: We do all of the preventative doctor visits for our entire family each year (primary care/pediatrician, dentist, gynecologist, optometrist, dermatologist, labs, etc.) through our insurance. We schedule in advance so we stay on track and take advantage of this free benefit. This not only helps us to ensure we’re staying healthy, but also enables us to catch anything early if need be so that it's less expensive in the long run. 

• HSA: Now that the kids are a little older, we made the decision to switch our health insurance plan over to one with an HSA - or Health Savings Account. This has been a game-changer in terms of having an account for health-related expenses that grows over time. Also, with any larger medical expenses, we shamelessly ask for a payment plan, so that more of the money stays in our HSA while still paying the bill over months or even years.

• Home gym: We have a home gym instead of a membership. This was an up-front investment in equipment, but it’s something that we love having access to whenever. We also tend to run, walk, and hike outside when possible. 

• State park pass: One of the things we do invest in as a family (to the tune of less than $100 a year) is a state park pass in Georgia. This gives us access to all of the state parks, where we inevitably spend a lot of time exploring, hiking, and now camping. This is a super low-cost and favorite weekend activity for our family throughout the year.

• Haircuts: All of the boys get at-home haircuts, my husband included. We have yet to pay for a haircut for our kids - and this savings adds up over time. As for me, I keep my hair pretty low maintenance and only get a cut every six months or so.

Other Shopping

• Clothes: We tend to think a season or two ahead when it comes to the boys’ clothes, so we’re not paying full price once a new season has begun. Luckily, we’ve been able to get away with mostly hand-me-downs for our youngest so far, so this typically means thinking about the next size up for our oldest kiddo. We check various places for deals and clearance items (e.g., Kohls, Carter’s, Children’s Place), especially at the end of seasons, and even browse Facebook Marketplace or the aisles of Goodwill for gently used items. 

• Shoes: For the kids, we usually keep their shoes to no more than $15-20 a pair - they run through them so quickly and their feet grow so fast! Hiking boots are an exception - we happily pay a little more for Merrells so that their feet are protected and stable while we hike, camp, and adventure.

• Books: You’ll find us at our county library once every week or two for a book haul. Not only is this a fun outing and how we’ve sparked our kids’ love of reading, but my husband and I do this to maintain our fiction reading while keeping costs low.

• “Big” purchases: A rule in our house is no impulse shopping. Anything “big” is well-researched (usually by my husband who then comes to me and says, “so I’ve been thinking about this thing… it’s kind of expensive…”) and we talk about it and decide together. For things like this, we also tend to buy quality. This does often mean it can be more expensive, but it also lasts for a long time, or even has a lifetime warranty. Therefore, we skip out on additional costs for replacing cheaper items down the line.

• Christmas gifts: We start planning for Christmas shopping sometimes as early as May. We maintain a “gift ideas” list on Amazon for each of our kids that we use for birthday and Christmas ideas. We check prices throughout the summer and fall during Prime Days and other sales, and buy a little bit at a time, especially when items are marked down.  

Cars & Driving

• Driving an older vehicle: For years, we had two cars that were completely paid off and older but still in good shape. Last year, we did end up trading in one of them for a van that suited our family’s needs a bit better at this stage of our life. (This was one of those big, well-researched purchases.) We still have the other vehicle, and will for the foreseeable future (and actually enjoy still having a CD player!).

• Pack for the day: When we’re out and about, we default to bringing our own water, snacks, and lunches rather than stopping to purchase food on the go. This saves money and is usually a healthier choice for all of us. Same goes for road trips - and this, especially, keeps costs lower while also giving us more flexibility on a long trek.

• Gas: We know the typical gas stations to go to in our area for low prices - and the ones to avoid. We also have a few options for saving extra on gas, whether that’s a credit card perk, a subscription benefit, or rewards programs. We plan ahead to go to those places rather than wait until we’re close to an empty tank (then have to go wherever is the most convenient out of necessity).

Other Intentional Saving 

• Credit cards: We pay off our credit cards each month - we simply don’t buy what we can’t pay for. And, we religiously use the deals for each card - whether that is cash back, perks and benefits, or travel. Each card is used for a specific purpose, and we review benefits before making almost any purchases, especially larger ones. 

• Subscriptions: We are aware of all of our subscriptions - and use them. Some subscriptions are reimbursed through a credit card benefit, and some subscriptions have other benefits that we also use intentionally. Ultimately, if we’re not using something, we pause or cancel it.

• Retirement planning: We’ve worked with a financial advisor (CFP: Certified Financial Planner) for over a decade and wouldn’t be where we are financially without them. They’ve helped us make countless decisions, save monthly, strategize over contributions for our retirement, begin saving for our kids’ futures, and more. 10/10 recommend finding a CFP you trust.

It has taken us years to get to a place where we feel good about these decisions and see how they all contribute to the bigger picture of how we operate as savers. Saving is one of the things we as people don’t talk about as much, but doing so intentionally can really support your entrepreneurial lifestyle. As you may have picked up on, we also use saving as a way to tap into some other values that we hold (healthy, orderly, and adventure to name a few).

No matter where you are on your entrepreneurial journey, you can save, too! From the list above, what did you notice that you’re already doing? What else are you doing to save that I need to know about? (Seriously, please email me! I love saving!) What ideas does this give you for your own lifestyle that you could implement?