It can be hard to keep track of where we spend our money, and sometimes it just seems to disappear. Fortunately, there are some simple things you can do to make your income stretch further. Here are 7 ways you could improve your family finance.
1. Get the children involved
If your children are old enough to understand money management, get them involved. Explain that you are trying to cut down on what you spend and why. Are you trying to save for something big like a holiday or a car? If children know this and understand that they will benefit long-term, they are more likely to get on board.
Be open with them and discuss where you spend money and where you can make savings. You can even have fun planning a no spend weekend together. Not only will this mean your children are more conscious about money, but it will also help them develop good money habits for the future.
2. Check your energy provider
This is one area where you could save a good amount of money. Many providers offer incentives for switching; some even offer cash back. Ensure you are on the best tariffs for your needs and check for better deals every time your contracts are up for renewal.
3. Plan your meals
Meal planning saves you time and money. If you know exactly what you need to buy when you visit the supermarket, you are less likely to spend money on things you don’t need. You’ll also reduce the temptation to spend money on takeaways.
4. Save energy
Reduce your energy costs. Encourage your whole family to save energy by turning off lights and electrical appliances and having shorter showers. This not only saves money but is also good for the environment.
5. Use voucher and cashback sites
There are lots of websites that give you free discount vouchers or tell you which shops and restaurants have special offers. Check these sites if you are eating out to make sure you get good deals. You can also sign up for cashback sites which offer small payments when you shop. Only buy things you need though; don’t get tempted by offers on things you weren’t already going to buy.
6. Use a money jar
Choose a coin, for example, 5p coins. Whenever someone gets one of those coins in their change, they pop it into the jar. This will soon add up, and the kids will have lots of fun counting the money they have helped save.
7. Use cash
When you pay for things on your card, it can be harder to keep track of your spending. Instead, pay for things using cash. Once you have paid all your bills, withdraw a set amount of cash each week to cover any purchases. Only spend the cash you have and once it’s gone, don’t withdraw more. If you have some left at the end of the week, put it in your money jar or draw less out the following week.
The more aware you are of where your money is being spent, the easier it is to see where you can cut back. It’s surprising how much can be saved with just a few small changes.
About Morses Club
Morses Club is a provider of small cash loans for emergency costs. We may be able to accept customers who have bad credit or have been rejected by other providers. This is not guaranteed; every situation is unique. As responsible lenders, we only lend to customers who can afford to pay back what they borrow. If you have bad credit and would like to find out more about our loans, visit our how it works page.