How Families Can Save Money Every Month

Trying to keep costs to a minimum is challenging when you’re facing the expense of raising kids. However, with a few small changes families can save money every month for more treats and financial security.

Follow A Budget

The first step to successful saving is to follow a budget for the month. This should include your income and any essential outgoings such as bills as well as loans like mortgages and any debts.

Once you have a view of how much money you have left for non-essential spending each month, you can assess how much you can reasonably save while maintaining a positive lifestyle for the family. As always with financial endeavours, err on the side of caution and keep some funds for emergencies.

Minimise Bills

Bills for necessities such as electricity, car insurance and phone service will always make up a significant proportion of your monthly spending, but there are ways to reduce how much you pay.

Contact providers to enquire about revised costing when you’re due to renew contracts and consider switching to new providers if you find better deals. Some businesses cover a variety of essentials and offer a good price on bundles and packages.

Having lower and more consolidated bills won’t just benefit you in the short term. It will also make it easier for you to keep on top of payments and improve your credit score for more affordable big-ticket purchases in the future.

Streamline Subscriptions

Similarly to consolidating your bills, you can make monthly savings by streamlining subscriptions.

Begin by analysing your auto-renewing subscriptions and identifying any services or software you no longer need. You may find that you have multiple accounts for one provider that can be united. Be aware of free trials and the conditions if you forget to cancel: you might find it useful to set a cancellation reminder.

Do Affordable Activities

Keeping the kids engaged all weekend can be an exhausting task, and it’s all too tempting to resort to expensive child-centric venues for easy entertainment. However, there are plenty of affordable activities that you can do instead to keep your weekend spending to a minimum.

When the weather allows, get out in the great outdoors for walks and visits to historic properties where children often go free. In your closest city, you’ll find museums that are cheap and free for families and are easily accessible by public transport so you can save on fuel.

Artistic children who love to use their imagination can have hours of fun with crafting and painting projects. You can also experiment with family DIY projects to create fun garden games for summer.

Shop Carefully

As well as monitoring your weekend spending, take care to shop carefully throughout the week as well. Changing the way you buy your groceries can lead to significant savings each year.

Always plan your meals for the week and follow a list when you shop to avoid impulse purchases and unnecessary food waste. Limiting fast food and opting for home cooking instead is cheaper overall, especially if you prioritise dishes made of pulses, vegetables and cheap carbohydrates.

Remember to join supermarket schemes for discounts on your regular purchases and cash back on your weekly shop. Visiting your local market can sometimes prove more affordable, especially for fresh produce.