Personal finance

Financial Tips & Tricks For Parents

Having a happy family and a full household is a wonderful feeling, but it certainly can take its toll financially. Life is expensive as a parent and even those that earn an above-average salary can have financial concerns when you factor in mortgage/rent payments, feeding an entire family, utility bills, driving costs, keeping the kids happy and entertained while also having money to enjoy yourself and planning ahead for the future. While raising a family will always be expensive, there are a few smart tips and tricks that you can use to make this more manageable while still providing a happy household for the whole family.

Control Spending With A Budget

One of the main reasons that people worry about money even if they earn an above-average wage is that they feel that they have no control. This is why it is helpful to draw up a monthly household budget so that you can see exactly where your money is going each month, which could also help you to identify areas where you could be making savings.

Put Money Into Savings

It is easier said than done, but you should be putting some money aside each month into savings, even if it is just a small amount. Smart money management is all about planning ahead, and having savings could be useful for covering unexpected costs, family holidays, college funds, or money for retirement.

Reduce Your Food Bill

Food is a major expense when you have multiple mouths to feed, and you will want to provide a good diet for your children. The good news is that there are many ways that you can make savings on your food bill while still providing them with a healthy and balanced diet with the occasional treat:

  • Shop at a cheaper supermarket
  • Buy in bulk
  • Buy non-brand products
  • Grow your own vegetables
  • Make packed lunches
  • Cook healthy meals from scratch
  • Use coupons

Lower Your Utility Bill

Utilities are another essential expense and one which can cost a fortune. Again, there are a handful of ways to lower your energy bill each month, and even just a small amount can make a big difference in the long run. You should:

  • Switch providers
  • Use alternative energy
  • Use energy-efficiency appliances
  • Turn off lights and appliances when not in use
  • Insulate the home
  • Install a smart thermostat

Reduce Motoring Costs

Most families rely heavily on a family car for school runs, driving to and from work, grocery shopping, and taking the kids to see family and friends. Keeping a car on the road is another huge expense with multiple running costs, but here are a few ways that you can make savings:

  • Walk/cycle where possible
  • Lower your insurance premiums
  • Buy a car with better fuel efficiency
  • Switch to an electric car

Cover Unexpected Costs With A Personal Loan

It is inevitable that there will be sudden unexpected costs to cover when you raise a household, whether this is a broken boiler, the car breaking down, or a school trip. These can be tricky to manage when you are working from a monthly budget, which is why it is a good idea to take out a personal loan from somewhere like Simplepersonalloans. It is a quick, easy, and stress-free way to get your hands on a large sum to cover unexpected costs.

Sell Unused Household Items

Selling items in the home that are no longer used can be a good way to raise money while also keeping the house free from clutter (a constant challenge as a parent!). Kids often outgrow clothes, change their interests, and have items that they no longer like or need, but selling these could help you to afford new clothes, toys, art supplies, and anything else that they need.

Boost Your Income With Online Work

If you are struggling to make ends meet, then you might want to think about boosting your income with online work. You can work as much or as little as you’d like and from home, making it easy to fit around looking after the kids and a good way to earn if someone has to stay home.

Keeping a happy and healthy family is a huge expense, but these tips will hopefully help you to manage financially while providing a comfortable lifestyle for the whole family.

If you have any questions, please ask below!