To put it simply, saving money as a young family isn’t easy. That doesn’t mean it is impossible, though, and by changing your spending habits, you could end up comfortably paying for your child while having some leftover – here’s how.
Create a Monthly Budget
A monthly budget is essential if you want to save money, so get into the habit of organising your finances at the start of each month. By doing this, you make sure you don’t overspend in areas you don’t need to. Plus, it’s easier to see exactly where your money is going and where you can cut back.
Open a Separate Savings Account
While saving money might seem like a dream right now, it’s always best to keep some savings to the side. That way, when you have a particularly hard month, you at least have a lifeline. Don’t worry if you only put in a little each month, as every penny counts. If you have never opened a savings account before, take a look at Money for more information.
Plan Your Meals
Meal planning will help you save a lot of money over time. By planning what you eat at the beginning of each week, you ensure you don’t spend too much on your weekly shop and that you use up all the ingredients you have in the cupboard.
Batch cooking is also a helpful money-saver, as it allows you to cook multiple meals in one go. If you want more advice on saving money on your food shop, there are some good tips in this blog post at Cash Lady.
Be Energy Efficient
Another way to cut costs is to be more aware of your energy bills. If you’re in the habit of taking long showers and leaving lights on, try to shake them as soon as possible. It’s might only be small changes, but it adds up in the long run.
Work from Home
If you have the option to, working from home can save you money on both transport and childcare costs. While you can’t necessarily work at the same time as watching your kid, you can at least work your hours around your child’s awake hours, meaning they won’t need as much time at nursery. Of course, this is only an option for certain roles, but it is definitely something to consider if it is an option for you.
You don’t always have to buy brand-new when it comes to clothes and furniture. In fact, there are plenty of pre-loved items to be found that’ll do the job just as well. If you find that you’re little one is growing out of clothes too quickly, instead of wasting all your money on expensive kid’s clothes, browse second-hand shops for their new wardrobe. They’ll only grow out of it again, after all!
Cut Back on Luxuries
You can usually afford extra luxuries when you’re childless, but when you start a family, you might have to cut back on some, at least while they’re young. That doesn’t mean you can’t treat yourself now and again (and you definitely should!), but money spent on weekly takeaways and three separate streaming services could go toward something a little more useful.
Saving money as a young family takes a little extra thought and effort. Once you nail this, you’ll find financing your little one much easier.