The importance of saving money for the family

How to make savings as a family

As contradictory as it sounds, there is some truth to the adage that ‘two people can live as cheaply as one.’ However, when kids are brought into the equation, the reality of keeping up with finances can become seemingly difficult. Today, parents’ monthly/weekly outgoings consist of a multitude of things that are difficult to live without. So, it’s essential you know all about the importance of saving money. Fear not, there are a number of ways in which savings can be made on things that your family share together.

Consolidate debts and pay them off before you save

The importance of saving money stems from being able to rely on an emergency fund if things get difficult. So, it is essential that the very first thing you do before you save is to pay off any outstanding debts first, especially secured debts. Debts like rent, mortgage and household bills cannot be put off and there’s no point in saving money when you’re in the red. If you are struggling with lots of different debts from a number of creditors, it may be worth consolidating your debt and taking out a loan to pay the whole amount off. If you are short of time and need to pay off your debts quickly then companies can provide small loans, which work to pay off your debt in one lump sum so you only have to pay that company back every month.

Other loan companies require a guarantor to before you can take out a consolidated loan, so read up on what’s available to you before you decide. 

Claim what’s yours

Counting pennies

One way that you can help your finances is to make sure you are claiming all the help from the government that you, your children and all the family are entitled to. Although these can be difficult waters to navigate, once you have registered for the various benefits and credits that might apply, it is relatively easy to keep on top of them.

Offers and special deals

A family unit can make savings by taking advantage of offers and special deals. Some brands recognise the value of making something cost-effective while providing a service for several members of the family at the same time. Sometimes, alongside the regular outstanding bills, food can be the next highest expenditure, as everyone has to eat. Online grocery shopping is big business in the UK and all the major UK supermarkets have tons of great deals to entice customers in. If you’re a brick and mortar person, look out for deals at the end of each aisle or head to the shops late in the day when everything is reduced according to freshness and expiration date. Of course, tie that in with meal planning and you’ve effectively saved a huge portion of your finances every week.

Leisure Time

It may not be an absolute essential but entertainment still eats into the family budget; from transport to expensive tickets, it really can add up fast. However, there are ways around this, which also applies to spare time at home, and overseas holidays. There are fantastic deals to be found for families including free child places to destinations all over the world, meaning you can create lasting memories for less. Some attractions offer family discounts and some may even allow Grown Ups in for free. Check on the side of the kids’ Cornflakes box before recycling as sometimes cereal packets feature great deals on days out for the family. 

Top tips

There are plenty of sites online that have tips on how you can make savings without cutting too many corners. Unfortunately, sometimes this information really doesn’t add up to much more than common sense. Finding out about actual deals and offers that will help your household budget can be a little trickier but more worthwhile in the long run. So, it’s worth putting the time in for your family.

Have you got any tips on how to make savings as a family? Then please send in your comments.

*Collaborative Guest Post*

Leyla Preston (597 Posts)

Leyla Preston is the owner and Editor of Motherhood Diaries global magazine for parents. Leyla is a busy mother of two even busier boys; Aron, 8, and Aidan, 7. When Leyla isn’t feeding, managing a gazillion tasks or cleaning the infinite mess at home, she is busy working on this magazine and a new cooking channel coming very soon – no rest for the wicked! You can follow Leyla on Twitter (@M_Diaries) or join the busy Motherhood Diaries Facebook group where all mums get together and share stories and solutions with one another: https://www.facebook.com//groups/motherhooddiaries/