Tips for saving money whilst raising a family

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When it comes to starting a family, there are a number of costs which you will not be able to avoid. However, there may be ways in which you can save money when it comes to these costs.

Budget plan

The first step in saving money when raising a family is understanding your current situation. If you do not know where your money is coming from and going to, you cannot take the steps to save money. You can use our free budget planner to get started.

Once you have established how much you have available to spend, think of how best you can use the money. Is there a cheaper supermarket you could shop at for food? Is there a cheaper option for paying for gas and electric? Think of ways you can cut smaller costs.

Understand your situation

Everyone’s financial situation is different. Some people earn more than others, yet some people manage the money they do have better.

It is important for you to understand your own limits and not buy things you cannot realistically afford just to keep up with what other families do.

Involve everyone

Saving money within a family can be everyone’s responsibility. Both parents should be able to communicate when it comes to shared finances and be on the same page when it comes to spending and saving.

However, when your children are old to enough to earn pocket money or their own money from a part-time job, encourage them to start saving in a piggy bank to get into the habit of saving money from a young age.

  • The information provided in this article is for guidance and educational purposes only. Police Credit Union Ltd. does not offer regulated financial advice. Please seek independent financial advice.

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