Gone were the days that it was just the two of you, enjoying the couple life and having very little responsibilities. Now though, you may find yourself in a household of three and above, and everything has changed. Saving money for your family household is difficult, but it is possible.
1. Find Budget Bargains
When it comes to the more expensive items like your 123Inkjet Cartridges for the family printer or merely the weekly shop at your local supermarket, it’s possible to find budget bargains that are just as good as the branded ones. Take a look at what you’re currently spending towards the household and see what you can cut back on or get cheaper. It may take a little more effort, but it’s certainly worth the hassle when you could be saving hundreds or thousands per year on making these small changes.
2. Switch Utility Providers
Every six months is a good benchmark to check what other utility providers are out there and what they are offering that might be better than who you are currently with. Utility costs can eat a serious amount of your monthly income, so if you can find a cheaper provider, you could save more. Shop around and use comparison websites to gather all the available providers that show offers you currently get with your utilities. Get quotes from each one and if there’s any considerably cheaper, challenge your own provider to see if they’ll reduce your bill. They’ll not want to lose you to their competition, so it’s likely they’ll reduce the bill to keep you as a customer.
3. Cut Back On A Few Luxuries
Luxuries are anything that isn’t rent/mortgage payments, food, and bills. These luxuries might be a gym membership, a magazine subscription or eating out every week. Sure, these can be considered something you need, but in fact, it’s something you want. To save yourself a bit of money each month, considering cutting back on a few luxuries that you can go without for a while. This will end up saving you a small amount each month so that you can put it aside for something important. You never know what’s around the corner so if you’re living from paycheck to paycheck, it’s good to have an emergency fund saved up for the unexpected.
4. Sell Stuff That’s No Longer Needed
We don’t know it until we do it, but a lot of us tend to be hoarders. Just think about what’s currently in your flat or house. There’s probably a lot of stuff that you no longer use or need and that could actually turn a little profit. Go room by room and clear out your rubbish into bags for the trash, for donation and to sell. There are so many online marketplaces where you can sell just about anything, so make it a challenge to find as many items to sell as you can.
5. Use Credit Cards Wisely
Sometimes a credit card can be a lifesaver in times when something happens that you weren’t expecting and can’t afford at that moment. But we often forget that credit cards should be used in an emergency and instead we see it as a way of spending ‘free’ money that we don’t actually have to spend in the first place. So use your credit cards wisely and try to keep your spend to a minimum. If it helps, set your maximum spend as low as you can. Ideally, you don’t want the maximum spend to be above your monthly income.
Try these money saving tips today and have some extra cash to spend on your family to make memories!
6. Stop the subscriptions
In 2019, we live in a world of online subscriptions. 2 decades ago it was newspaper and magazines. However digital products are seamless transaction which could stack up on cost. Try looking at your monthly payments review and see what you can remove off the list. Review what is the least important and remove it for 30 days and see if you can live without it. Most household in EU spend an average of Euros 250 a month on digital subscriptions alone.
7. Potluck Dinners or Lunch
It’s nice to meet out with friends few times a month. Friends and family gathering in kid friendly places always equates to high cost. Nothing is cheap when the Family Theme is involved. Try cooking at home potluck or picnic in parks to save on cost. It would be far cheaper to hire a cleaning team and spread the cost over eating out for 2 hours.