There are many ways your family can save money -- even without wincing.

One fun thing to do is to establish a family game night, where you just play board and card games with each other rather than go out and spend money on meals or entertainment. If you don't have a family, plan game nights with friends.

Here are some other ideas:

  • Have some regular reading time, when all of you read some books or magazines or newspapers. It's good for the kids and good for you. And it doesn't cost much, either.
  • Buy a family pass to the local zoo or amusement park, if you plan to go there frequently.
  • Spend time at public parks.
  • This may sound off-the-wall, but if you have the space outside and the interest, consider getting some chickens. It can be fun for the kids, and you'll have fresh eggs.
  • Make your own baby food. In a food processor or blender, puree canned fruits and vegetables (preferably separately) with a little water or juice from the can. (Make sure you're not using products with a lot of unwanted sugar or salt, though.)
  • Teach your children about the value of money by giving them allowances and expecting them to save and pay for some of the things they want. If you can get them to save and invest some of their money, you might even institute a matching program, in which you'll chip in a dollar for every one or two dollars they save.
  • At restaurants, you might offer to pay your child 50 cents or a dollar if he or she orders water instead of soda. You'll save a little money, and your child will enjoy a healthier drink and earn a little bit.
  • Learn to cut your kids' hair. You and your spouse might even learn to cut each other's hair. There are instructional videos and kits available. With a little practice, you'll likely be pleased with the results and will be saving considerable money.

For lots of ideas on how to save money, visit our Living Below Your Means discussion board.

To get your kids interested in saving and investing their money (and perhaps to ensure that you'll be treated to a first-class nursing home one day), consider giving them a copy of our book The Motley Fool Investment Guide for Teens: 8 Steps to Having More Money Than Your Parents Ever Dreamed Of.