No matter how small, providing for a family is never an easy feat. As well as being challenging, taking care of a large family can be stressful and financially draining for most heads of the household. Plus, with the daily cost of living consciously rising, it’s no wonder that families are starting to feel the pressure and trying to devise alternate cost-friendly methods of survival.
Between housing, healthcare, childcare, and education, the costs for maintaining a family are higher than ever. Assessing your family’s daily outgoings and highlighting which one to prioritise or limit can help you and your family spend less during moments of financial uncertainty.
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5 Tips To Money-Saving From Family Expenses
Whether you have a small family, or a larger brood, paying attention to ways your family can save money on everyday expenses is beneficial. Here are some of our top money-saving suggestions for frugal families looking to cut down on their daily costs this year:
Cut Back On Unnecessary Purchases
We’re all guilty of making a few spur-of-the-moment purchases now and again; however, when you have a family to consider, these unnecessary purchases can soon add up. Unnecessary purchases may not make too big of an impact on your wallet, be it a toy that you add to your shopping trolley at checkout to keep your child occupied while you sort the shopping or that weekly takeaway to celebrate the start of the weekend.
However, cutting back on these unnecessary, unneeded purchases can save you money that otherwise would have been wasted that you can then put towards more pressing financial matters. We recommend going through your monthly bank statement or direct debits and highlighting the unnecessary outgoings or ones you don’t require, whether these are money spent on takeaways, streaming subscriptions, visits to coffee shops or little treats for your children.
Make sure that you’re brutal with the purchases you cut, as no matter how insignificant an investment may seem, all savings, no matter how minor, contribute to getting your family out of financial uncertainty. You could ensure that you stick to this by enforcing ‘no spend days’, disabling contactless payments on your devices, erasing your card details from the autofill on your devices, or by paying with cash more often.
Negotiate With Your Service Providers
When you own a household and have a large family occupying it, your outgoing bills for services will be greater than those of a smaller home. We’re sure that everyone reading this has been guilty of not checking their monthly service bills once or twice before, which we’re sure is a common occurrence in family homes due to the sheer amount of commotion within the house.
However, ensuring that you check your monthly outgoings or direct debits can help frugal families save more money in the long run by identifying bills that you could be saving money on. Whether this is changing one of your service providers or downsizing a service such as a mobile phone bill due to not using all its features and many more.
For instance, taking the latter as an example, it is estimated that an average phone bill for a resident within the UK is around £47.20 a month. Taking this into context, if your household is made up of more than four mobile phone users, that could make your monthly combined telephone bills around £188 or more, which is an incredible amount of money to lose purely on mobile phones.
With mobile phone payment plans, there are loads of additional features thrown into the price of your plan that can increase the fee you are billed for each month. By identifying and removing these features from your plan that you don’t use, like unlimited calls or texts, you can quickly decrease your monthly bill.
You could also consider switching to a more cost-friendly cellular provider or changing plans, like swapping from a Pay As You Go SIM to a value SIM-only Network. Shop around and compare different cellular providers such as Lebara, who offer a range of cost-friendly, flexible plans that can be cancelled anytime. For a complete list of their services, consider visiting them at their website via https://mobile.lebara.com/gb/en/. See how considering switching providers can help you save more on your family’s monthly bills.
Plan Ahead For Special Occasions
Special occasions are unique for a reason. Whether one of your family members is celebrating a birthday, anniversary, christening or another special occasion, you should always plan and set aside some budget to prevent you from spending too much at the last minute.
We understand that this may be easier said than done as some special occasions can be anticipated well in advance, whereas others can spring out of nowhere when you least expect it. In that context, special events can be fun but can end up causing many challenges for families.
Especially when senior household members are tasked with keeping the fridge stocked, managing the cost of housing, paying back student debts, and other daily chores, many individuals don’t have the excess funds to afford these special occasions.
This can be difficult for families as obviously they want to ensure that their family member receives the best treatment possible on their special day. To minimise the financial worry of celebrating these special occasions, we recommend budgeting or planning if you know these events are coming up in your family calendar.
You can do this by writing down your spending goals, determining a spending plan, making a list of gift ideas or by picking and choosing which areas your family can save on. Implementing these small changes into your finances will allow you and your family members to determine and save towards a budget to use for these occasions.
Ultimately, you are lessening the financial worry surrounding these events and allowing you and your family members to enjoy the event to the maximum capacity.
Cut Back On Your Food Shopping Bill
If you have a large family, no doubt one of your most significant everyday expenses will be your weekly food shop. For a family of four in the UK, it is estimated that a weekly food shop is around £121 per week, and it’s an expense that many families feel as though they cannot reduce for many reasons.
Depending on how much your family spends on food shopping per week, there are several ways that you can try to save money off your shopping bill. Some of the ways you could do so are by creating a list before you go shopping, not shopping when you’re hungry, taking advantage of promotions or coupons, meal planning during the week and many more.
Making a conscious effort to shop smart while doing the weekly food shopping for your family is one guaranteed way to save money on the overall bill. By making some simple changes to how you approach the act of shopping or even switching stores, you can make substantial savings that can be applied to other financial areas.
Organize A Swap
Undoubtedly, if you’re a parent, you’re bound to know other parents looking for alternate ways to save money. Families can save on everyday expenses by holding swaps, where participating families can exchange items with other families for something in return.
You could gear the swap around children’s toys, back-to-school items, books, DVDs, etc. Or you could hold a trade for parents to exchange their own stuff like clothing, accessories, etc. This saves families from buying everything brand-new and gives old items a new lease of life.