Families are amazing. They’re the best thing in the world. Fact. But they have their costs. Maybe you need to buy some new clothes for the kids. Perhaps a bill has arrived from out of the blue. The expenses all mount up and soon there’s a lot more month left than there is money. This post looks at some of the biggest expenses a family faces and how you can cut them down.
Transport
You and/or your partner have to go to work. You have to take the kids to school (and pick them up) and/or to their after-school clubs or other extra-curricular activities. You’ve got to get the shopping in. You have to pay car insurance, petrol and MOTs.
There are all kinds of ways to cut transport costs. You can carpool. You can lower your speed so that you don’t consume as much fuel. You can work from home. And do you really need two cars or can you get by with just one?
Housing
Whether you rent or pay a mortgage, it’s a significant chunk out of your income. You don’t have to scrape by though. Work out how much your home is costing you and if it’s costing more than 25% of your income, look for a cheaper place so that you can build more wealth and financial security.
If you have a mortgage, look at refinancing it — because if interest rates have dropped, you could save a lot of money on your monthly repayments. Your other option is to work to pay off your mortgage sooner.
Internet
Internet bills aren’t a massive monthly cost, but totter your monthly payments up for the year and they add up, so you could be missing out on money-saving opportunities. By comparing deals for broadband, phone and TV from different providers, you can see whether you’re paying too much for your broadband.
You could also save money on phone calls and entertainment packages by signing up for a bundle. Calls and TV packages tend to be more expensive if you sign up for them as stand-alone services. Depending on your package, you can get free calls or, if you have friends or family abroad, reduced-rate international calls.
Food
Of course, feeding a family isn’t cheap. Kids are hungry eaters, but there are different ways to cut down the family shopping bill. Buying fruit and veg at local market stalls, instead of at supermarkets, can save you money. Shop in the evening, which is when supermarkets start to reduce prices on some food items by as much as 75%. Make the most of any coupons, discount vouchers and loyalty cards, too, when doing your weekly shop.
Utility bills
Utility bills are another area where you can make savings if you shop on comparison sites. You can reduce energy bills by washing clothes at 30°C instead of 40°C, switching off appliances and paying by direct debit (as long as you provide meter readings). You should also check if you’re eligible for a home energy grant.
Having a family means you have to juggle a lot of expenses and save money where you can so that the ends keep meeting. Paying attention to detail and taking the time to research and compare prices can help you to trim down the bills and live a little more comfortably.
Image by Alexas_Fotos, used under Pixabay licence
