How To Hit Your Savings Target With A Family

There are so many amazing things about starting a family, but finances don’t tend to be one of them. Most of us will find that having children puts a strain on our finances – not just the cost of raising children, but the extortionate fees for childcare and perhaps even cutting your hours at work to part-time in order to spend time together as a family. If you add this to trying to save some money so you can go on a dream holiday, buy a new car or even put a deposit on a family home, you soon realise that you really need to make your money go further. So how do you cut corners while still supporting a family?

Get Rid Of Any Debt

Although running a family and saving is possible, combining that with any outstanding debts and it is extremely difficult. The first priority should be paying off any debt that takes up a large portion of your monthly outgoings. This, in the short term, will be really hard as you may need to cut down significantly on your outgoings, but for the long-term gain, it is worth it. The only debts that we really have are my student loan and of course mortgage repayments at the moment. If you do have debts then make sure you pay off the highest APR rating first, and by transferring the loan onto a 0% offer it then gives you a window in which you would need to repay it in without incurring additional costs, therefore potentially saving you thousands on interest rates. Check out some reviews to make sure you can access the best financing deals that could help you pay off the maximum you can in the shortest time.

Never Buy New First

Before buying anything you need to consider if you can find the same item a lot cheaper and second hand. Listings sites such as eBay, Craigslist and Gumtree are ideal for finding pre-loved bargains in great condition, and searching for them is very easy. They have everything on there that someone no longer wants or needs from kids clothing to kitchen equipment. We recently looked on eBay to purchase lots of parts so my husband can try and fix his own bike because we were quoted £300 at the bike shop. He managed to find everything and therefore saving us £150. If you are unable to find what you are looking for then you may need to purchase new, but still have a look at shopping price comparison sites to make sure you are getting the best deal and have a look to see if there are any codes to get money off. Don’t think you have to pay full price all the time because you just might not need to.

Have A Food Shop Strategy

I can’t tell you how many times I used to overspend on our grocery shop because I just did not do any planning. The way supermarkets are these days they try to manipulate everyone with unnecessary offers that really are not good value in the end. So always be prepared when doing a food shop. Never go when you are hungry or the store is busy – try to shop off-peak and after you have eaten. It just means you are less likely to be coaxed into buying things you don’t need. I always make sure I take a list based on the week’s meal plan and what gaps there are in my cupboard and fridge. Also, have a look out for coupons for products that you may need and keep them somewhere safe, or have a look on coupon apps, so the next time you are shopping you can get that bargain. And Always Stick To The List!

*Disclosure: This post is collaborated and may contain affiliate links*

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