Raising kids is expensive. Not to mention, unpredictable. There are so many things to budget for that it’s natural to feel overwhelmed. Here are some simple money-saving tips for parents to save on the go, gain better control over their finances and still be able to enjoy family time.
5 Money-Saving Tips for Parents
Here are some simple money-saving tips for parents that you can employ. However, you must know each of them will work only with some patience and a whole lot of discipline.
1. Budget for all expenses (and stick to it)
One in 5 people in the UK don’t keep track of their expenses. Please, don’t be one of them! You must track your monthly expenses so that you know where your money is going – and only then can you create a realistic budget. It is the first step to saving money. Make a budget and stick to it with discipline.
2. Indulge in weekly meal planning
Food is one of the most expensive outgoings, especially with kids around. The good news is, you can save a significant amount by planning your meals. Make a weekly meal plan and then shop for only the items that you will require. It will help you avoid buying a whole lot of things that you don’t need, like that extra packet of biscuits or [inset favourite snack here].
3. Avoid spending on unnecessary things
It is tempting to buy your child that toy they have wanted or that new video game or that new book. While it might make your child happy for a while, it will definitely not sit well with your finances. Avoid acting on impulse and buying unnecessary things, and save the gift-giving for occasions.
4. Shop smartly
Be a smart shopper. If you spot essential items, like toilet paper or nappies, on sale – buy in bulk. If you find clothes for your kids on sale – buy one size up. If you can use coupons somewhere – don’t shy from it; use them whenever you can.
5. Be mindful of spending on experiences
It is easy to get carried away when spending on experiences with kids. We want to take them everywhere. But if your finances can’t afford that now – don’t indulge in it. Your child will be just as happy at the park or even at home playing a game with you as they will be anywhere else. All they want is to spend time with you.
These are just a few of the many money-saving tips for parents that you can try. But, most importantly, don’t forget the one gamechanger – save, save, and save whenever you can; however you can. It all adds up.
Every little helps
A recent survey revealed that during the COVID pandemic, nearly 43% of parents of young children in the UK were worried that ‘their households had run out of money’. Many had lost their jobs, incurred unforeseen expenses, and used up what little savings they had.
The lesson to be learned here is that you must save whenever you can – because life is good at throwing curveballs. And, with kids around, you need an even stronger safety net.
Even if it is just £5 a day, put it away in a jar and only open it when it is full. Over a few months, you will notice how significant an amount you would have saved without much effort.