Family life is not cheap. It’s been estimated that the cost of raising a child up to the age of 21 is around £200,000, a fearsome amount. That amount can be multiplied for most families (the average family size as of 2012 was 1.8 children according to the ONS). Combine that with some of the other associated costs – pets, holidays – and it can seem overwhelming. But that need not be the case with a little care and diligence.
There are hundreds of small ways that families can save money, but the earliest step is to make sure everyone believes in the process and knows why they are saving money. Even youngsters of a few years, if they’re taught early enough, can learn not to waste money. Many eco-friendly schools are now teaching children from early primary school age to turn off lights and taps when not being used, and grow their own food, for example.
There are many simple steps that can instantly save money:
- Price comparison sites: switching fuel costs might save hundreds of pounds per year, or thousands over a lifetime. There are good deals to be had for broadband, electricity and other utilities with just a 10-minute search.
- Booking events/holidays: searching for free days out and events is a start. When was the last time, for example, that you actually looked at the cheap events that are held in your local town or city centre such as festivals and the like. Similarly, have you investigated the Sun holiday deals to sunnier climes? A final tip – if you’re planning an event, order or download tickets at home so that
- you can cut through the queues and
- take advantage of any offers/discounts.
- Food waste: throwing out uneaten food can cost a family from £470 to £700 a year, according to Lovefoodhatewaste.com. Half of this food could be eaten. Simple steps to saving money include freezing items, buying smaller portions in the first place, and planning meals to use up leftovers (or taking them for lunch the next day). Buying cheaper food by simply dropping one brand level, or growing it yourself are two other ways forward.
- Clothing: Many school uniforms end up in charity shops, or being hawked around on Facebook, when the child has grown too big for them. Sometimes they might only have been worn on a few occasions, as we’ve all seen how quickly youngsters grow. You may wish to be discreet as there are no bigger snobs than children!
- Cars: Before your teens hit 17 they’ll be glancing enviously at your car and wanting their own set of wheels and lessons. That’s if they wait that long – they might want a moped at 16, of course. A decent vehicle should be available, but if you need to buy on finance shop around for a good loan rather than taking the first offer you receive from the dealer. Use price comparison sites for insurance, and consider insurers’ ‘black boxes’ which record good driving and/or putting your teens on your insurance.
Finally, put together a plan, perhaps with help from a company such as PayPlan. Explaining to your youngsters that they might have to change their habits for a while might bring forth a few moans and complaints, but a clear layout of where money will be saved and what it could mean in the long run – such as a holiday or car – should soon bring them round.