Raising a family is expensive. In fact, research published by Child Poverty Action Group found it costs £166,000 for a couple to raise a child to the age of 18, and £220,000 for single parents.
Facing costs like these, it might seem impossible to increase your savings as a family. But by instilling some simple good money habits, you might find that it’s easier than you think.
So, what should you do?
In this article, we’ll share four ways to increase your savings as a family.
- Make a family budget
It’s hard to achieve anything in life without a good plan, and saving is no exception. That’s why the first step to increasing your savings is to create a sound budget for your family. A budget tells you exactly how much spare cash you have each month, and lets you make a plan of how much of it you can realistically save. You don’t have to be a financial whiz to do this either. Just use one of the many different budgeting tools available online.
- Use comparison sites
It pays to shop around and we all know it. But sometimes it can feel like too much of a hassle, so it’s tempting not to bother. You simply can’t afford to think this way when you’re trying to save more as a family. Fortunately, you can use comparison sites to do the hard work for you. These helpful websites compare prices from a range of different merchants to let you find the best deals and cut down your costs. You can use them to make savings on insurance, utilities, mobile phone plans, and much more.
- Cut back on subscriptions
Nowadays it’s the norm for people to let their subscriptions to build up. According to research conducted by OnePoll, the average Brit spends nearly £500 each year on subscription services. Every little helps, and this is potentially £500 you could be stashing away for your family’s future. Check your bank statements for any old subscription services you no longer use. And review the subscriptions you do use on a regular basis so you can decide how necessary they are.
- Buy second hand
Always purchasing brand-new items can be a serious money-waster, especially for children’s items. Kids clothes, for instance, tend to be long-lasting and your children are likely to soon grow out of them. This makes buying second-hand clothes a simple and practical way to save money. You can use go to used clothes outlets, browse on online marketplaces, or even set up clothing swaps with other young families.
Increasing your savings as a family might seem borderline hopeless. But you can use the simple tips above to make the most out of your money and build your family’s future.
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