With the cost of living rising faster than wages, budgeting is an important topic for many families. Luckily there are plenty of effective tips and tricks you can use to cut your spending without it feeling like a compromise. Here are seven of the best.
1. Educate your kids on finance
Children form their attitudes towards money early on, so as a parent or guardian it’s important to educate them on financial matters. For example, you could give your kids a small amount of pocket money each week which they can then choose how to save or spend. If you’re fostering in the West Midlands, financial literacy is just one of the many crucial life skills you can teach the child you care for – even if they are only with you for a few months.
2. Make the most of free activities
As the saying goes, the best things in life are free. Although many activities aimed at children are expensive, there are also plenty of genuinely enjoyable ways to pass the time that don’t cost anything. For instance, you could spend the day at the beach, go on a long walk in the woods in search of cute wildlife, or head to the library to pick out some books for free.
3. Shop around
Whenever you have a reasonably large purchase to make for your family, take some time to shop around to make sure you get the best deal. For example, research a few different internet providers before choosing one, or look at the same car seat on different websites to see which store is selling it for the lowest price.
4. Stock up in the sales
If you find items that you use frequently on sale, it’s time to stock up. As long as they won’t go out of date before you can use them, this will save you money in the long run. Similarly, before buying anything have a quick search online for a discount code – you might just get lucky and snag 10% off!
5. Don’t rule out secondhand items
Baby products can be very expensive, yet only get used a few times before they’re outgrown. As such, looking on parenting forums and in secondhand stores can be a fantastic way to find real bargains. Likewise, if you have friends with kids who are a bit older than yours, ask if they have anything they were planning on getting rid of that you could use.
6. Cut your grocery bills
Food is one of the main expenditures for many families, however there are ways you can cut your costs. Instead of opting for big brand names or luxury products, try the supermarket’s own brand versions. In the majority of cases, you won’t even be able to taste the difference!
7. Link it to the environment
If your kids are old enough, one way to get them more enthusiastic about cutting back on water, gas and electricity usage is by explaining to them how it’s better for the environment. This often motivates young people more than budgeting does and can help them to feel as though they are having a positive impact in the world.
