Families should take advantage of any money saving tips as the past couple of years have been financially challenging for many people across the UK.
Here are some useful money saving tips to hopefully help you manage the family budget.
Plan a budget
Planning (and sticking to) a budget is one of the best ways to help you keep track of your household’s outgoings.
In your budget, consider essential costs such as household bills, food shopping, cars, childcare fees, etc. as well as other living costs such as clothes, trips out, or other things you like to do as a family, and try to stick to spending that set amount each week/month. If possible, try to add a small contingency to allow for any unexpected or one-off costs, such as birthdays or car repairs, for example. Even if you don’t stick exactly to the budget, it will still help you to keep on top of your spending.
There are a range of apps available to help with budgeting, some free and others which you pay a small amount for. They might be useful if you’re looking to get serious with your budgeting.
Keep an eye on household bills
Your home, no matter whether you own a property or are renting, will likely be the source of most of your outgoings. Staying on top of your bills can help to ensure you’re getting the best deals.
Take a look at:
- Rent/mortgage payment – many of us have felt the impact of rising interest rates on our mortgage or rent payments. If you know there’s an increase coming up, try your best to prepare in advance to make the change as least impactful as possible.
- Energy bills – gas and electric has been the hot topic of the past few years with rates creeping higher and higher. Thankfully, some providers are now offering a fixed rate option, which has been widely unavailable for some time. Choosing this option can avoid the uncertainty of fluctuating prices, but in some cases you could end up paying more than what you need to if rates do fall, so consider your household’s usage when working out the best option for you.
- Insurance – from house and life insurance to car insurance; prices have increased over the last few years for most people. Fortunately, many people are now seeing better rates, so if you’re ready for renewal, shop around rather than letting your current plan roll over – you’ll usually find a better deal this way.
Consider other household outgoings such as TV, phones and subscriptions. It’s easy to lose track of things and you might find that you’re paying for things you no longer use or need – so this can be a really easy way to save a few pounds.
Discounts and vouchers
There are many different discounts and vouchers available to help you save some money, from your weekly shop to your annual family holiday
Kids Pass
- Kids Pass offers discounts on a variety of trips out, including theme parks, cinema trips and restaurants. The trial period is just £1 for 30 days (after which it’s £3.99 per month).
Baby Box
- In Scotland, parents of a newborn baby are eligible for a Baby Box which includes clothes, bedding and lots of other essentials. Your midwife will help you to complete a Baby Box registration card between your 18-20 or 28 week appointment and you usually won’t need to do anything else to receive the box.
Supermarket reward schemes
- Supermarket schemes – most supermarkets offer some kind of rewards scheme for members, and this can have a huge impact on the cost of your shop. Just be careful to not fall into the trap of buying more because you’re saving.
Healthy Start scheme
- The Healthy Start scheme offers help to people who are pregnant or have a child younger than 4. If you’re eligible, you’ll receive a card which money will be added to each week and can be used to buy essential items such as milk and food. You can apply on the NHS website here.
Too Good To Go
- Too Good To Go is an app where business such as Tesco, Pret and Costa, as well as local businesses, offer food and drink that would otherwise be going to waste. Once you sign up to the app, you can browse offers daily to see what’s available in your area. You’ll usually need to collect the food, but it will be free of charge or heavily discounted.
Railcard
- Travel is a big expense for families, whether it’s a daily commute or getting out and about at the weekend, we’d all benefit from money off travel expenses. A Family & Friends Railcard allows you to save money on train fares. It costs £30 per year, and you can save 1/3 off adult tickets and 60% off tickets for children.
Buy secondhand
Not only does buying secondhand benefit the environment, it’s also friendly on the pocket too. Whilst there are some things that you’d probably rather buy new, secondhand is a great option for many essential items, especially when it comes to children.
Consider buying secondhand for things like:
- Children’s clothing and shoes
- Toys and games
- Prams/buggies and car seats
- Household items or furniture
There are a range of platforms for buying second hand items, such as Vinted, eBay and Depop. You can also make some money by selling your own things on these websites too. So if you’re considering a declutter in the new year, why not make a few pounds from the process?
If you’re finding finances a challenge, you may be eligible for additional help through benefits or other payments. Money Saving Expert offers a benefits calculator where you can find out what help you might be entitled to.
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