Have you heard how much it is to raise a child to 18 years old? No? I didn’t until recently and it is estimated to be around £150,000 (for a couple) and £180,000 (for a single parent). I have 2 girls so that is a shocking £300,000 which is a substantial amount. Fear not though there is always time to save some money.
Get Life Insurance
You might not think to get life insurance will save you money because you are paying for it each month, but unfortunately, in the UK over 23,000 parents of children under 18 die each year. It’s a shocking fact, but that is where life insurance is so important. If anything was to happen to you or your partner, you would want your children to be ok financially. This also comes on to making a Will. Any assets such as savings or a house you would want to go to the right people like your children, that is if anything was to happen to you.
Switch Utility Providers
Lots of people choose to be loyal or think its time consuming to look for a new cheaper tariff on utility bills. It is actually extremely easy and something we do as a family each year which ends up saving us £100’s. Look at places such as compare the market, money supermarket, confused.com etc and check out how much you could save.
Open A Children’s Saving Account
Children saving accounts tend to pay more interest with some being as much as 4%. Why not start saving for your children’s future by opening up accounts and allowing them to earn this extra interest. Any extra money by doing absolutely nothing has to be great, right? Remember to keep checking for offers to potentially move that money across into another children’s savings account to make sure you are always getting the best deal for them.
Second Hand or Freebies
Just because something is second hand or free does not mean it is junk. There are many people that sell or give away lots of different products that are in great condition. A couple of years ago we gave away our cot and changing table for Free, which really helped out a family who needed them. I also managed to buy a suitcase in great condition from a charity shop for £10 for our recent trip away, rather than paying £40 for a similar sized suitcase from Primark. Look at buying second hand from charity shops, eBay, local facebook buy pages and also check out sites such as Freecycle, Latest Free Stuff, Latest Deals, Wow Free Stuff.
Meal Plan and make a shopping list so that you only buy what you need. There are many groups online that also give ideas for recipes and meals that cost less than £1 per head per day and sometimes even as low as 50p. Even a simple switch of using less meat and increasing vegetables can decrease the overall cost of a meal, plus own branded food items can be just as good as the brands.
When it comes to your home it is the most important thing as it provides your family with a warm, safe and secure place to live. Unfortunately, with a house, there are always things in which you might have to splash out on to provide that. But before you look at paying for anything have a look at some of the free grants that some companies offer. You could get free loft and cavity wall insulation, free boiler grants, or grants towards energy efficient home improvements.