When you have a family, life becomes a lot more expensive. Whether you’ve got two children or eight, it can often be a struggle to make ends meet each month. If you’re currently finding it hard to make your money stretch as far as you would like it to, don’t despair because it is possible to make your money go that little bit further, it’s just a case of being smarter with your spending, that’s all.
The fact is that parenting really is a costly business – little ones don’t come cheap, that’s for sure. A lot of families struggle from time to time with money, so if you’re struggling at the moment, there’s no need to feel embarrassed, as it happens to us all at one point or another. The problem for parents is that when we’re constantly restocking the fridge and buying new school uniforms, other bills and payments can be forgotten about, which makes things tight at home.
The good news is that with some small lifestyle changes, some smart budget planning, and careful spending, it is possible to afford all of the things that you and your family need, along with covering all of your monthly bills payments, of course.
Study your bank statement
Unsure what you’re spending your hard earned money? Then the first thing that you do needs to be to take the time to study one of your recent bank statements. Ask your bank to send you an up to date statement so that you can look at what you spent your money on last month. This might seem like a strange activity, but if you want to cut costs, you first need to determine what it is that you tend to spend your money on each month. Highlight the costs that were necessary, such as paying the gas bill and doing a weekly food shop, then highlight the costs that were unnecessary in another colour. Things like expensive days out, new shoes, lunch with the girls are all unnecessary costs. Once you know what you shouldn’t be spending your money on, you should then find it easier to live on a budget as you will be aware of what you should and shouldn’t be buying.
Find ways to reduce the cost of your bills
The next step is to find ways to cut the cost of your bills, from the cost of your gas and electric to the price of your monthly TV bill; you need to try and reduce what you’re paying. Using comparison sites like Simply Switch’s utility comparison, for instance, is a good idea when it comes to cutting the cost of utilities bills. That way you can see which companies are able to offer you the best prices for each thing, helping to make the process of cutting costs quicker and easier. As for things like your TV and internet bills, to cut costs, it could be a case of changing the packages that you’re on. Instead of paying for your TV each month why not just opt to have Freeview? Sure, you won’t get as many channels but does that really matter? After all, most channels that are on Sky and Virgin Media are available online anyway. The fact is that is money is tight, you need to do whatever it takes to make things better, so if that means getting rid of Disney channel, then that’s what has to happen. Remember, you’re doing this to make life better in the long run for everyone.
Check you’re getting what you should be from the government
Most families in the UK are entitled to certain benefits for helping to bring their children up, so it’s important to ensure that you are getting what you are entitled to. Things like working and family tax credits, child benefits, and child care allowance can make a big difference to your monthly budget, so it’s important to ensure that you are getting what you are entitled to. The fact is that even having an extra £20 a month could make a big difference to your budget, so it’s worth taking the time to make sure that you are getting every penny that you are entitled to.
Become a savvier shopper
When it comes to doing your weekly food shop or picking up other items like new school shoes or new stationary for the kids, it’s important to be as savvy as possible. The fact is that many high street and online stores have sales days, offer rewards vouchers, and do discounts at certain times, so if you’re keen to save money, you need to take advantage of these. You will find that websites like Wowcher and Groupon offer deals on all sorts of things, from family holidays to birthday presents, so it’s worth taking the time to browse these sites to ensure that any deals that are suitable for your shopping needs, you are taking advantage of. Being a savvy shopper is about cutting costs with whatever you are buying, it’s about ensuring that before you buy anything, you have looked at all of your options for making savings.
Buy second-hand where you can
When it comes to buying anything but food, aim to buy second-hand. You may not like the idea of buying items second-hand, but the fact is that if money is tight, you have to make savings where you can. Say, for instance, your sofa has a hole in it, look for one second-hand on a local selling site or on eBay. It might not be brand new, but as long as it does the job, that doesn’t matter. From your kid’s school clothes to new garden furniture, don’t be afraid to buy stuff second-hand. The fact is that when money is tight, you have to make as many savings as possible and buying items second-hand is a great way of doing that.
Car share or use public transport
For a lot of families, one of the highest monthly costs are related to running their car. From the cost of car insurance and tax to the price of fuel, running a car doesn’t come cheap, especially when you use it for commuting every day. To reduce the amount of money that you are spending on your car each month, consider making some changes to the way that you travel. Instead of driving your kids to and from school each day, perhaps you could alternate with another parent, so you drop the kids off, and they pick them up, or something like that. To make getting to and from work cheaper, consider car sharing with your partner or with a co-worker or take public transport instead. If you live close enough to where you work you could consider walking or cycling there and back. It doesn’t matter how you choose to get around, just try and find ways to cut costs and reduce the amount that you’re spending each month on running your car. You may not like the idea of car sharing of having to get up earlier to get the train or bus to work, but if it will help you to save money then it’s worth it, isn’t it? If it helps to make family life easier, sharing a car with a co-worker or getting on the bus to get to work is worth doing, as the more money you can save, the better.
Talk to a financial advisor
If even after making lots of changes to your lifestyle you are still struggling with your finances, it could be worth making an appointment to talk to a financial advisor. The first appointment with a financial advisor is usually free, so you won’t lose anything by making an appointment to speak to someone about your finances, so it’s definitely worth doing. By talking to a financial advisor, you can ensure that you are doing everything that you can to cut costs and reduce the amount of money that you are spending each month unnecessarily. That way you can ensure that you are making savings wherever you can do and that you’re not overspending when you don’t have to be.
Family life is hard, especially when you’ve got a large family and lots of different things to pay for. Money doesn’t grow on trees which means that you have to make what you earn stretch as far as it needs to go, a task that is much easier said than done. That being said, although it can be difficult to get your money to stretch as far as possible, there are ways to cut costs and ensure that you are able to keep on top of everything. By taking note of the tips and advice above you can reduce your spending and make it much easier to keep on top of your bills and living costs and make family life that little bit easier and more enjoyable. Having money problems is never fun, which is why finding ways to keep costs lower is so important.
