4 Tips For Saving Money as a New Family #CP

Starting and building a new family is a challenging task, especially when more kids come along. Did you know the average British parent spends half their yearly salary on just their children alone? That is a huge cost to bear, especially when you have not considered other necessities like groceries and bills. Even the most organised family may find their wallets dry at some point when trying to manage their money.

So how do you live your dream of raising a family whilst giving them the best life possible and still have savings? It all starts with making smart financial choices. It might seem impossible when looking at your expenses, but don’t fret, you may well be pleasantly surprised in the long run. Additionally, your children will learn a thing or two about money management. So here are some quick helpful tips on saving money while raising a new family. Leveraging options like open banking and considering revenue based loans can provide additional financial flexibility for achieving your family's goals.

1. Plan your meals and organise your shopping

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After a long day at work, the last thing you probably want to think about is dinner ideas for the entire family, and it might be tempting to pick up the phone and order food from a local restaurant or stop by a fast food place to grab food for the kids. While this may be convenient, it could be hurting your pockets financially. Why not consider developing a weekly meal plan, which gives you an idea of what to cook? To ensure that you do not make multiple trips to the supermarket, prepare a list based on your meal plans. Not only will this help you to be more strategic when it comes to your grocery shopping, it would also prevent you from making spontaneous expenses and help you cut down on others, including fuel costs.

2. Shop second-hand

People do not usually think highly of shopping and buying second-hand items. You might not love it too if you are used to purchasing brand new things. But while it is nice to get a new item, it can cost you a lot of money. If it is for the kids, there are several used books and toy shops to take them to. If you think it is time for a new family car, why not check out used cars at your dealership or online? You can also get good-quality furniture and other equipment at garage sales and thrift stores.

3. Make purchases with cash or debit cards

One of the best things you can do to avoid more debt is to make purchases with cash or your debit cards, especially if you are trying to save money. That way, you will be able to track your expenses because all transactions will be deducted from your bank account. It will also control how much you spend if you have a set budget. Try as much as possible to limit using your credit card because it does not deduct your money in real-time, making it easier for you to get carried away or forget your expenses until that bill arrives in your mail.

4. Conserve energy

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If you want to save money, ensure that you conserve as much energy as possible. There are many ways to do that in your home; you can turn off lights when leaving a room, time your showers, and identify those big energy vampires in your household.

Saving money while starting a new family does not mean you need to make a drastic change and live hand to mouth. It only means you need to cut back on expenses that are not necessary for the time being. It is a team effort, so get everyone on board, even the kids.