Money saving ideas for families
Having a family can be a big responsibility, particularly from a financial point of view, and there can be a lot of costs that you’ll may need to consider, including household meals, extracurricular activities, and school-related expenses, to name a few.
It doesn’t matter if you have two incomes or are a single parent, here at Lowell, we understand how important it is to be able to take control of your finances and manage your money well. From planning out household meals to shopping smarter for special occasions, keep on reading to discover various budgeting tips for families.
This content is intended to be an impartial guide regarding money saving ideas for families. Lowell Financial Ltd does not provide financial advice. You can find out about organisations you can contact throughout the piece and on our debt help and support page.
1. Seek expert financial advice from trusted organisations
If you’re struggling and wanting to find out how to save money as a family, it’s important to make sure you’re getting the right information that will work for you and your household.
There are various places you can turn to for free and independent advice about managing your family finances that’s based on your personal situation. This includes trusted organisations like Citizens Advice and MoneyHelper.
They’ll also be able to let you know if there’s other ways to increase your income by doing things like claiming benefits or governments. Here at Lowell, we’ve actually got our own benefits calculator tool, powered by entitledto, which can give you an idea of which benefits you might be able to claim.
2. Work out a sustainable family budget
Working out a household family budget is important when it comes to understanding your current financial situation and is crucial for ensuring that you’re spending within your means, based on what you can afford. You can also use it to plan ahead for other potential costs that aren’t as regular, such as special occasions, emergencies or annual bills.
If you’re not sure where to start, we’ve got our own budget calculator tool that can help you get a clear view of where your money is going and how much you might have leftover as ‘disposable income’.
When pulling together your budget, you may spot opportunities where you’re overspending on non-essentials and could potentially cut back. This may include eating out less often, searching around for deals, or cancelling any subscriptions or memberships that you don’t use. For more information, be sure to read our guide on creating a budget.
3. See if there are ways you could reduce your household bills
If you’re wondering how to save money as a family, you could look into ways to reduce your household bills, especially as these are likely your largest regular outgoings.
Below are some things to be mindful of as a family that may help you cut down costs on bills:
- Where possible, use comparison websites to find better deals
- Switch off or unplug items at the socket when you’re not using them
- Wash clothes on a lower temperature
- Get a water meter installed
- Have a quick shower rather than a bath
4. Plan out your household meals to try and save money on food
Feeding a family isn’t cheap, but planning out your household meals ahead of time means that you have an idea of exactly what ingredients you need, and how much this may cost.
This will help you stay on track and avoid picking up anything you don’t need and give you time to shop around and see where you can get the best deal on certain items. As part of this, you can also intentionally choose meals that don’t require expensive ingredients.
We’ve already created a couple of blogs on cheap packed lunch ideas and budget recipes that might be able to help with this.
5. See what pre-loved items you can find
From furniture and games to clothes and tech, deciding to opt for pre-loved items is another way to save money as you can pick up things for much less than what they would cost new. There are various places you can shop second hand, including charity shops, car boot sales, vintage shops, and online marketplaces.
6. Shop smarter for special occasions
Special occasions like birthdays and Christmas are fun to celebrate but can easily end up becoming quite expensive. That’s why it can be important to shop smarter, and a few ways to do this could include:
- Set a spending limit – Having a general spending limit for an occasion should help you avoid overspending. It’s worth noting that the spending limit will likely vary depending on the particular person you’re buying for.
- Put aside money in advance – Since you know when Christmas and birthdays of loved ones are going to be, you could start saving a little bit of money a few months beforehand so that you know you’ll have the money ready to go out and purchase your present and don’t need to worry about where the money will come from at the time.
- Purchase gifts during the sales - Throughout the year, lots of shops (both online and in-store) hold sales in which you can find presents and other things for special occasions for a discounted price. For example, you’ll normally be able to find lots of Christmas decorations, cards, and wrapping paper on offer during the January sales.
- Have some spare presents ready – Sometimes you might not be able to prepare for a special occasion – for instance, you might have forgotten to pick something up for someone. Instead of spending more money finding something last-minute, you could have some spare presents ready that you got in the sales, second-hand, or received and are looking to re-gift.
7. Make the most of loyalty schemes
Loyalty schemes are in place at a lot of big shops, and they can help you save money as a family on regular purchases that you might be making.
Each scheme varies slightly but some of the most common benefits, including being able to take advantage of cheaper prices, building up points that you can spend at a later date, or receiving member-only special offers and deals.
8. Get help with school costs
If you’re struggling with your finances, you may be concerned about the back-to-school costs. Depending on your personal circumstances, you might be able to get help with some school costs like school meals, transportation, and school uniforms.
The specific support available will vary based on where you live in the UK, and what local council you fall under. To find out more about what financial support you might be able to receive, you can reach out to your local council. You can find more information on help with school costs from Citizens Advice.
9. Find budget-friendly ways to keep the kids entertained
Another way to save money as a family is to look for budget-friendly ways to keep the kids entertained, especially during the periods when they’re not at school as holiday clubs and camps can be expensive.
If they’re going to be staying at home, there are lots of free and cheap ways to keep them busy. For example, this may include playing board games, reading books, playing out on the street with other kids, or doing some arts and crafts. You can also find lots of more inspiration through a quick search online.
Alternatively, if you do want to go out of the house, this could include a trip to your local park, a beach day, or a cinema trip. You can also find lots of other budget-friendly days out and things to do near you by looking online or keeping an eye out for advertisements about local events.
If you’ve got a Lowell debt and are struggling with your family finances, please get in touch so that we can look into your account. Our main priority is to support our customers every step of the way for you to become debt-free with us.
For more helpful information on finance and debt-related topics as well as how we work here at Lowell, be sure to check out our Debt Guidance Hub.
First Published: 10th September, 2024