My Financial Broker is a credit broker and not a lender. Warning: Late repayments can cause you serious money problems. For help, go to https://www.moneyhelper.org.uk/
Sometimes family life can seem like a whirlwind, and when you look at your bank statement at the end of the month you can wonder where your money went. By taking a little extra time to budget, you might be able to save your family hundreds of pounds!
And if you are able to save money, you can put these savings towards whatever you want, whether it be saving for your kids’ future or splashing out on the holiday of a lifetime. Here are our top tips for saving money in your household.
It is likely that food is one of your biggest outgoing costs. Your food bill can escalate particularly fast through eating out. Even it is just once a week, meals away from home adds up quickly. One of the main reasons we consider getting a takeaway is that we do not have anything planned for dinner that night. This temptation can be eliminated by introducing a meal plan to your household.
By planning your meals, you also reduce your food shop bill by avoiding buying things you don’t need. You can serve up a meal every evening for as little as £2 a head, which will do wonders for your bank balance by the end of the month!
Buying in bulk can be sensible too – purchasing food at a wholesale rate can save you money in the long run. And cooking big batches and freezing portions can save you time overall too.
Another huge outgoing cost is utilities. You may not immediately be in the position to invest in a solar panel or waterless toilet, which can really reduce costs. but there are simple, everyday actions you can be taking to reduce your energy bill. Make sure you turn off lights in rooms not being used, and do not leave the television or radio playing when no one is watching or listening to them.
Limit the time your kids spend on the computer or in front of the television; instead encourage them to read or play outside, as this is beneficial to them too. Exercise, for instance, can be good for our mental health.
Simply cutting your shower time by a few minutes can also help lower your utility bills. And bear in mind that these are all habits that it is important to teach your family so that everybody is on board with bringing those bills down. There’s no point you cutting back if everyone else in your household acts as normal!
Instead of heading to the nearest high street shop when you need something, why not consider getting it second hand instead? With the internet at our fingertips, second hand shopping through websites such as eBay has never been easier and can save you a lot of money. You also have the option of going to a charity shop, where you not only save money but give to a good cause too.
It’s also worth noting that such secondhand marketplaces can be a good place to make money too. If you have clothes that your kids have grown out of, selling them on sites like eBay or Vinted might be a great way to earn some money.
There are lots of ways your family can save money when it comes to monthly spending. The trick is to see where your biggest outgoings are, and consider ways you can reduce these. Even if it’s something as simple as switching energy suppliers, you could significantly reduce your outgoings.
Another good thing to think about is setting yourself a household budget. If everyone is more conscious about how much money is going out each month, more effort is likely to be made to cut costs.