Saving Tips for Large Families

If you live in a large household, keeping costs down can feel like fighting a losing battle. With the price of groceries increasing just as much as other key essentials, budgeting can also be a balancing act!

And even if your salary has increased with inflation, there are still plenty of costs that can appear and increase your monthly spending. Fortunately, with some careful planning and expert know-how, you can learn how to keep your spending as low as possible.

1. Set a budget and stick to it

It can be tempting to spend lots of money on gifts and activities as a family, especially if you're lucky enough to have some disposable income. However, doing so could not only leave you in a pickle at the end of the month but could jeopardise useful saving opportunities.

Setting a budget means you can spend only within your means and ensure that your family still gets everything they need. A typical household budget should cover all the essentials, including:

* Groceries
* Fuel
* Clothing
* Insurance
* Household bills
* Appliances

Different families have different daily essentials, so there is some wiggle room. You can also allocate a portion of your budget for leisure and entertainment but just make sure that this section is reasonable and still allows you to save.

2. Save where you can

Saving money might feel tricky, but it's the everyday efforts that come together and make a larger difference in your savings account.

Whether you set your online bank account to automatically round up your transactions and put the change in a pot – or save a small amount per week – these consistent habits can really count for you and your family.

This also involves cutting any unnecessary spending especially in the form of subscriptions: for example, if you have a gym membership that you no longer use, it makes more sense to divert this into something that benefits your family. The same goes for streaming subscriptions like Netflix and Amazon Prime, or even that shopping subscription you’d forgotten about.

3. Review your bills and insurance

Many household bills and recurring expenses are unavoidable, and some are a legal requirement too. When it comes to your home and car insurance, it's always worth making sure that you’re on the best possible deal for your needs.

You can use online comparison sites to check whether you're paying the right price. And if you own more than one vehicle, multi-car insurance could help your family save money. Even if it's only a few pounds a month, this will tally up and make a noticeable difference in time.

4. Shop around for offers

Whether it's your weekly grocery shop or a big holiday you've been planning, it's worth comparing different retailers to find the lowest price.

Simply shopping in another supermarket could help you to find the same, branded foods for a lower price. If you've got the time, it could also be worth spreading your shop between different stores for maximum savings.

Similarly, there are plenty of online discount sites you can use to make sure that you only get the best deal for those big life events, from birthday parties to the Christmas holidays. Don’t forget that you could use loyalty points to purchase gift vouchers and presents.

With some smart research and a savvy approach to your household spending, you can give more time and money to the moments that matter most!