Family budgeting and money management doesn’t have to be hard! While the idea of saving money might be tough, it’s easy once you identify the small savings you could be making every day. Below, we’ll outline some of the best family budget and money management tips. They’ll allow you to save more now, so you can spend more in the future!
1. Look out for discounts
This tip could be the most valuable for your family, depending on how much you’re already spending. When it comes to planning family trips, try and find discount codes or vouchers for the venue or activity. Lots of places let kids go free, so be sure to take advantage of these deals when you can.
Another great way to save money in the digital age is to look for family deals and subscriptions. These include things like family accounts for services like Spotify. Over time, even very small family discounts can make a big difference.
2. Audit your outgoings
Performing a regular audit of where you’re spending your money is our next family budgeting tip. You don’t need to be an accountant to double check your finances every once in a while. Look for old bills you’re still paying for services you no longer use and get rid of them.
When you’re checking the bills you’re paying, take some time to find out if you can get things cheaper elsewhere. Most companies are happy to price match for regular customers, so you could try and negotiate cheaper prices based on your loyalty to your favourite companies.
3. Cut your food bills
Cutting down on how much your family eats can seem impossible. However, choosing cheaper options is a great way to get more bang for your buck at the supermarket. It could be a case of swapping out one brand for another or choosing to buy in bulk rather than individual items. When it comes to regular food bills, small savings really do add up over time. You can also use a grocery shopping list app to help you with this.
4. Check your eligibility for benefits
One key component of family budgeting doesn’t have to involve spending money. You might find that you’re eligible for tax breaks or even additional income through grants or benefits. These often relate to childcare and financial hardship, and the additional money or savings you could be eligible for may make a big difference in your family budgeting.
5. Always think about the future
Finally, you need to think about the future. This means saving money for your kids, whether that be through a college fund or a savings account to go towards helping them onto the property ladder. Saving money for your child’s future now will pay dividends later, and you don’t need to save half of your earnings either.
Adding small amounts over time can earn a lot of compound interest over the years. The earlier you start saving, the bigger the pot of money could be when it’s time to start withdrawing.
Family budget and money management doesn’t have to involve cutting out the things you love. Simply being aware of where you could be making small savings, and if you’re eligible for financial aid, can go a long way when trying to make your money go further.
