Whether you have one child or a growing brood, keeping your loved ones happy, healthy, and safe will be your top priority as a parent. Many families up and down the country are looking at ways to cut back on spending and save money.
Whether it’s food shopping, days out with the kids, or performing day to day errands, it all adds up, so here are 8 ways you can save money on family expenses.
Work Out a Family Budget
To ensure you can afford the things your family needs, the first place to start is by creating a budget. To do this effectively, you should examine your bank statements over the last couple of months to monitor how much money is going in and out of your account. Identifying your essential spending such as food, rent, mortgage payments, and utilities will help you find areas where you could cut your spending.
Create an Emergency Fund
There are many unexpected expenses that can occur that can have a huge impact on your family finances. If you have a home emergency that needs fixing, finding the money to cover it is easier said than done, so taking out a short term loan may be useful. New Horizons can help you find short term loans for bad credit. There’s short term options here that you can look into which can bring you peace of mind and ensure you have the funds to cover any emergencies. New Horizons works with lenders that use soft search technology, meaning you can apply for a short term bad credit loan without worrying about your credit report being impacted.
Whether it’s food shopping, buying clothes, or getting the essentials for your kids, there are lots of ways you can save money as a family (as long as you know where to look!). When doing the weekly shop, rather than sticking to your loyal brands, why not try out supermarket brands instead? Many of which will be lower in price and taste just as good.
You can also save money on clothing by visiting charity shops and buying second-hand. If you’re tech-savvy, using social media platforms like Facebook and joining a buy, swap, and sell page in your area can be a great way to find bargains on all sorts of items.
If you have credit cards, make sure that you keep your debt from piling up. It can be easy to lose track of how much money you are spending, so if you can, avoid going into debt by spending within your means and keeping your credit cards at home. While a credit card can provide financial stability when you need it most, it’s advisable to thoroughly examine your finances first before committing to one.
Pay Less for Power
If you want to save some serious cash, switching your gas and electricity supplier can be a great way to cut back on expenses. No one wants a hefty bill at the end of the month, so if you feel that you’re paying too much, there are lots of comparison websites you can check out like Energy Helpline and uSwitch, where you can find the best deal on the market.
We’re all aware of the seriousness of climate change, so if you’re passionate about the environment and want to do your bit in reducing your family’s carbon footprint, creating an eco-friendly home can be another good way to cut back on expenses. Choosing energy-efficient lightbulbs, starting a compost pile, borrowing instead of buying, and performing an energy audit to track how much energy you use in the home can all contribute towards lowering your monthly expenses.
Review Your Subscriptions
There are lots of subscriptions that many families pay out for each month, which can take a dent in your expenses. Whether it’s Netflix, Amazon, or Apple Music, you need to figure out whether they’re worth the money and if you get much use out of them. While it’s nice to have entertainment options at your disposal, if you’re struggling to make ends meet at the end of the month, it may be worth reviewing and cancelling subscriptions for the time being.
Sell Your Clutter
If you want to make some extra money, you may not realize the clutter you have lying around the home could be the solution. Open your cupboards and look for clothes that have not been worn in a long time, as they could be worth selling to somebody else. Websites like eBay can be a great platform to sell your clutter and make some extra cash.
No matter where you live, or the size of your brood, there are lots of effective strategies you can take to cut back on family expenses and keep your finances in order.