Raising a family is amazing, but it sure can be expensive! Since the pandemic started, it is estimated that the average household cost has increased by around 5%, the highest increase since 2008. As of June 2021, food, transportation and household expenses are on the rise. With supply chains being disrupted during the pandemic and an increase in demand for certain goods, this led to a noticeable increase in prices. Mix this with a higher than average unemployment, it is not surprising that many families are having to look for money saving ideas, especially on a budget.
When you have children, it can be harder to cut down on costs than if you are a couple or a single person living on your own. So, whether you are dealing with a job loss, non-increasing wages or simply just want to save money, here are 3 money saving tips if you are a family on a budget.
Cut Down Your Shopping Bill
On average, a family of four with two children under the age of 5 spend between £600 and £1,100 per month on food shopping. This then increases based on the age of your children – the older they are, the more you are likely to spend. Depending on how much you spend on shopping each month, there might be some significant savings to be had.
- Make a shopping list: making a shopping list means you are less likely to indulge in products you don’t really need or give in to impulse purchases. It also allows you to better plan your meals for the week ahead, resulting in less food waste.
- Read supermarket leaflets: very few people realise that the in-supermarket leaflets that are handed out or on display can actually contain a number of useful vouchers and discounts. Try to make a habit of picking them up each time you visit the supermarket and use them as needed.
- Avoid shopping as a family: whilst it is important to consider the whole family’s needs when it comes to the food shop, if you can, avoid shopping as a family. Not only will this increase feelings of stress, which can lead to overspending, but you risk young children spotting things they like they look of and adding it to the trolley. Shopping alone means that you not only get to shop and concentrate in peace, but stick to your shopping list and your budget.
Consider Switching To Reusable Products
Reusable products are not only good for the environment, but your pocket too. Making one off purchases for products that you can reuse again works out more economical in the long run and can cut down on waste. We all know that young children can get messy very quickly, especially at meal times, so instead of buying baby wipes, look at baby washcloths which can be washed and reused. Cut back on your plastic waste too, with refillable cleaning products in glass bottles, which can be reused time and again.
Unsubscribe To Subscriptions
In this day and age, it’s very easy to let the number of subscriptions your family has get out of control. With so many different streaming and delivery services available now, they may make life easier, but they can also substantially increase your monthly outgoings. Get together as a family and see what subscriptions you all have – you might not even know, but many partners tend to double up on subscriptions without realising! Then, talk through the ones you want to keep and which you get the best value of money for.