Top money saving tips for families

Ah, money. You’re a fickle thing. One day it seems like our bank accounts are overflowing with pounds and pennies, but a few meals out and a cinema ticket later, you just disappear.

But there are things us penniless families can do to increase our funds. From creating a budget to using popular childcare voucher services – this blog will tell you all you need to know and more to squeeze every penny.

Hand-me-downs

Now I know what you’re thinking – rubbish sweatshirts. That’s what everyone says when we recommend hand-me-downs as a money saving method. But there a number of useful items that friends and families can give you.

Any young family will know how difficult it is to bring together all the knicks and knacks needed to rear a child. How can a baby’s onesie cost £55 and how is that crib £700? All questions that could be avoided if free, unwanted resources from others are utilised to their full ability.

Bundling packages

Bundling together broadband, mobile phone and line rental agreements into one package can save a huge amount of money. Many people don’t realise the extent to which providers like O2, Vodafone and Three are flexible in their payment options and making use of this could be the key to reducing monthly outgoings.

Childcare vouchers

Childcare vouchers might seem overly complicated, but in actuality, they can save you time and money by giving you the flexibility and discounts needed to be able to afford to return to work.

Although the idea of needing to “afford” a return to employment might seem a bit strange, many families struggle to balance the costs of procuring childcare with the benefits of earning a steady wage.

Childcare voucher providers can help tip the scales in your favour by giving you tax-free savings worth up to 20 per cent of the value of your expenditure and this can be spent on buying a new school uniform for your child (or a slap-up meal for one – your call!).

Buy own brand goods

It’s a little known fact that the vast majority of own-brand goods offered by large supermarkets like Asda, Tesco and Sainsbury’s are at least as good as branded competitors – if not better.

Blind taste tests have shown time and time again that consumers can’t tell the difference between expensive big-names and their low-cost alternatives and some people even profess to preferring the cheap stuff.

This stems from the fact that companies often have to spend a lot of their budgets on marketing and distribution, while supermarkets often have these outgoings built into their infrastructure already – so can pass on the low costs.

And with packs of noodles available from 11p, you’d be crazy not to take advantage of these offers!

Freecycle your goods

There are a number of websites out there, including Freecycle and Gumtree, which let Britons part ways with their unwanted goods as long as someone can give them a good home.

While this is a fantastic idea if you’re looking for essential items, care must be taken to arrange a meeting in a public setting so that nothing goes wrong and you don’t end up out of pocket or worse.

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