Most families want to save more money and figuring out how when raising children is no small feat. Changing your financial habits may seem daunting at first but simple changes to your family’s spending habits can help you make big savings.
Whether you are looking to improve your credit score to help save up for a mortgage, get a family car or accumulate some emergency savings, here are some money-saving hacks that can get you on your way.
Save on your food shop
There is no avoiding doing a food shop when you have a family to feed but you can make significant savings when you think about where you go shopping. Supermarkets are often the most convenient and are easily accessible, however, they don’t always have the best prices.
Your best bet is to shop around different locations and take advantage of the deals, coupons and discounts on offer. ASDA was found to be the UK’s cheapest supermarket when stocking up on large amounts of supplies, with Aldi following close behind
Cut down on snacking and takeaways
We all love a little treat now and then, but it’s estimated that Brits spend an average of £641 a year on takeaways. The same goes for snacking too – you don’t always need to buy extra treats in your food shop or, if they are an absolute must, you can opt for cheaper alternatives.
To get all the family involved in the fun, try out the No Eating Out Challenge. You challenge yourself to commit to cooking meals at home instead of going to the shop or a restaurant. This not only will help you make some savings, but it helps your little ones start to develop an understanding of financial responsibility.
Create a budgeting plan
Developing a detailed budgeting plan is key for making savings and these changes won’t happen overnight. You need to be patient when working towards your financial goals and create a weekly or monthly budget. This will help you stay in control of your finances and identify where you can be making improvements.
You should be reviewing your budget regularly, since your financial goals are likely to evolve over time. Reconsidering your financial plan regularly will ensure that your budget remains effective and flexible. If you don’t initially see changes, don’t worry – stay optimistic and keep at it.
