We all know how expensive being a parent can be – as soon as children come into our lives, we can kiss disposable income goodbye! With more mouths to feed and school uniforms to think about, it’s no wonder mums and dads all over the country have to plan their budget within an inch of their life because if they don’t, they could sink into debt – fast.
While there are certain monthly expenses that are unavoidable, such as utility bills, council tax and rent/mortgage payments, others can be wangled so that you make as much savings as possible. It’s also advisable to ensure your major appliances are covered, so that should something go wrong, you won’t have to try and find hundreds to replace the item. Head online to get cover for your boiler from British Gas – these invaluable pieces of equipment can cost a fortune to repair and replace – budgeting a few pounds a month to keep it covered can save you hundreds.
Budgeting is a key aspect of life, especially when you have dependents to think about – you need to know how much you’re bringing into the home and where it’s all going to give you a better idea about what you have and what you can cut. Here some fab budgeting tips:
Make sure that you’re making the most of every entitlement from the government – child benefit and tax credits when you go back to work can really help boost your income.
Cut down on your food bill by sticking to a set shopping list. Consider shopping online to avoid the temptation of the aisles and create a meal planner so that you know exactly what to buy without creating food waste.
Compare prices for energy, internet, phone and insurance requirements. Don’t automatically think that your renewal cost is the best option for you.
Compensate for any unusually big bills by limiting what you spend on luxuries that month.
Try and commit to saving money each month – even £20 over the course of a year is £240 in the savings pot annually.
Whether you choose to use online tools or the trust pen and paper, setting a budget and sticking to it can massively improve your financial wellbeing. Discipline yourself every month and your family will be able to reap the benefits.
Disclosure: This post was brought to you by British Gas. Imagine Credit: Quinn Dombrowski