Raising children, especially a growing family, is a huge financial commitment. According to an Aviva survey, parents with children aged 0-5 typically spend over £7,000 a year on essentials and indulgences for their youngsters.
Nick Hill, a money expert at the Money Advice Service, outlined some practical changes to help you budget and cut costs when taking care of your family.
Pre-planning and preparation
Some parents might not fully consider the financial implications of a new baby until after their birth. Hill advises that ‘planning ahead will save you from any first-year financial shocks and will also help you keep costs down.’ Understanding and preparing for the costs of ‘small everyday essentials like nappies and formula to bigger financial items like buggies and cots is important.’ Meticulous planning during pregnancy will help prevent you from facing any surprise expenses once your baby is born.
Take advantage of vouchers
The Money Advice Service suggest signing up for websites which are ‘dedicated to emailing you daily or weekly with a set of discount vouchers you can use against various products and services.’ Pay attention to your favourite brands, as ‘some shops and restaurants may also give you vouchers if you sign up to their weekly newsletter or start following them on Facebook or Twitter.’ These discounts could save you hundreds of pounds a year.
Research, research, research
Taking the time to thoroughly research the best prices and offers both in the shops and online can really help you save money on all your purchases. The Money Advice Service recommend that ‘whether you’re planning on buying items for the baby, yourself or your home, it is really worth shopping around and thinking clearly about whether or not you actually need something.’