When you have a family, saving money may be the last thing on your mind. However, saving can help pay for luxuries and holidays that others dream of. It’s essential you know the best tips and tricks in order to save and manage your finances successfully. If you feel in control of your money management, it will reduce stress and anxiety around your spending habits and the cost of living. Despite what people often say, there are some simple ways to save when you have a family.
Create a Savings Account
Perhaps this tip is the most obvious one but creating a savings account and having it available will allow you to save more. Many banks offer rewards and incentives for saving with them. This can be anything from an extra £50 a month, to free cinema tickets when you save a certain amount. Sometimes, people feel it is easier to save their money if there is something to save for. If this is the case with you, set your sights on something to save for and get putting away your pennies! The most rewarding saving accounts may ask for a monthly amount to be deposited. Therefore, if you decide to opt for this option just ensure you can afford it in your monthly budget.
Invest Your Current Savings
Rather than putting your money into an account, a great tip is to invest your current savings into a property. The property market is continually growing, and houses are more likely to double in price than lose money in the next few years. Through investing in property, you will build up capital as when you go to sell the property, it will be worth a lot more than what you paid for it. It has been reported that cities in the North of England have been producing high yields in recent years. Property investment companies like RW Invest contribute to the constant regeneration of these Northern cities and advise those looking into investment on their best options when it comes to their new venture.
Eliminate Unneeded Services
Is there money coming out of your account for a service you no longer need or use? While £10 may not seem like a lot of money right now, over a few months this can add up significantly. Save money by eliminating and unsubscribing from their services. The money that was being used on these services can be saved up in your savings account.
Budget and Organise Your Grocery Shopping
Grocery shopping costs a lot of money. On average in the UK, a family will spend between £45 to £60 a week on shopping. Over a 52-week year, this amounts to around £2,600. However, those who plan their food and have a budget ,will spend less. If you spend less on your weekly grocery shop, this will give you more money to save. Ultimately, being organised before grocery shopping will benefit you in several ways, you’ll be able to buy everything you need, and you won’t spend as much money while doing it.
Use Reward Programs
It’s surprising how many supermarkets and high-street stores have reward programs that can really benefit you. Reward programs allow you to save up money or points on a store card and either use these to buy more store products or transfer them into coupons for money off your shopping. While this isn’t directly saving your wage or income, you will save money by using the reward cards. Plus, a lot of the time, it doesn’t cost anything to join!
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