Nothing quite prepares you for the financial responsibilities that suddenly spring on you when you have children. You quickly go from thinking only about bills and personal spending to covering school fees, hobbies, and parties with friends. While it’s helpful to make sure you are in a financially stable position before having children, not everyone is fortunate enough to make this decision themselves.
Children can come as a surprise in many cases, and no one should have to stress over their personal finances while they should be preparing for their baby to arrive.
Some parents will work multiple jobs to be able to pay their bills and sufficiently look after their children, but sometimes this still isn’t enough – or they don’t have any free time to give to an additional job. You may be in a lucky position where you and your partner can work together to boost your family’s finances, which can be highly effective when both parties are committed and consistent with their savings. Sadly, some parents take on the responsibility of providing for their children alone, with little or no support from the other parent.
This is where making regular monthly savings can be hugely beneficial. In this article, we will explore simple ways parents can save money every month.
Smart Food Habits
Weekly food shops can be expensive, especially when the children get to choose what they want. Saving money on food is easy to do, but it takes planning and organisation to get right. You should start by planning each of your meals for every day of the week. This way you can buy the exact amount of ingredients necessary and won’t waste money on food you don’t need.
Where you choose to shop matters.
Certain supermarkets are known to be significantly cheaper than others, but you can make savings wherever you shop by choosing supermarket own brands instead of the well-known brands you’d usually go for.
Although school dinners may be easier and more time-efficient than making packed lunches, they’re certainly not as affordable. Making fresh lunch boxes for your children every day can cut monthly expenses as you can fill their lunches with healthy and affordable snacks like veg sticks and dried fruit.
Smart Shopping Habits
Of course, from time to time, it’s perfectly acceptable to treat your children to a treat or their favourite toy, perhaps – especially when they deserve it. But it’s knowing when to say yes and when to say no that could save you significant amounts every month. Try to limit treats to certain occasions, like birthdays and when rewarding hard work.
You might also find it beneficial to ask family and friends to help out with buying school essentials like backpacks and stationery. We’re not suggesting that your family and relatives buy your children boring pens and notebooks for their birthday; instead, they can upgrade their school essentials to exclusive brands like Smiley World, whose school products are one-of-a-kind and made to look different.
Additionally, you can save even more when purchasing birthday or Christmas gifts by buying presents out of season. Don’t wait until late winter to order gifts from Santa Claus, as this is when prices are typically at their highest. Alternatively, you should look for deals and discounts throughout the year and save them hidden away until they’re needed.
Many parents avoid shopping in charity stores, and they are convinced the quality and condition of the items are evidently poor. In reality, you can rarely tell the difference between newly bought and charity shop clothes. You can find a charity shop on almost every high street in the country – sometimes more than one – and you will always find surprising bargains that look just as good as buying brand new.
Keeping Track of Finances Every Month
Making adjustments to your spending habits is pointless if you’re not monitoring where the rest of your money is being spent, which is why parents can make additional savings every month if they regularly monitor their outgoings and income.
Checking your bank statements can highlight expenses that you weren’t aware you were paying, such as subscriptions you no longer use. As well as using bank statements to cut unnecessary expenses, parents can also use them to budget how much they’re spending every month. Banking partners like Monzo offer a savings feature within their online banking app, where customers can create savings pots for each of their monthly expenses, like food and house bills.
This feature can help parents to make sure they spend within the budget they set themselves and to also identify if they’re making savings which can be used elsewhere.
In order to make a significant amount of savings without having to entirely adjust yours and your children’s lifestyles, saving habits should start small and last for a lifetime. After all, setting yourself saving goals that are unrealistic will only lead parents to feel demotivated and anxious, and make little progress with their savings.
These habits might not be enough to grant you complete financial independence, but they’re certainly a starting point towards better financial control and freedom.
