The Parenting Money Saver

Posted on Feb 27 2017 - 3:31pm by Editorial Staff

Being a parent is a huge drain on the finances. It is something all couples know and prepare for before they have a child and they both know quite well that as soon as you have have a baby the monetary outgoings go through the roof. It is a sacrifice most are willing to make because the joy received is huge. You’ll make countless memories and raise a family, so of course it is worth it tenfold. Some experts have predicted each child costs over a hundred thousand by the time they have reached adulthood, and even then they can continue to cost money. What you do need to do, especially if you are struggling, if figure out ways in which you can save money. You may not think you need to, especially if you are making decent money. But still, there are issues that can stand in your way later in life, so save the money now and put it into a savings account for later down the road, because as you are about to see, you’ll need it. Here are a few money saving tips that can save you a lot of money if adhered to and done properly. Enjoy the extra cash!

Buy Own Brand Products

This means if you shop in a specific supermarket try and go for the own brand stuff. It is always cheaper and if you do this all the time it can save you a decent amount of money down the line. You may feel they aren’t as good, and this can be the case in some cases but the difference is minimal, often the factories who manufacture these goods are the same that manufacture the quality branded goods. Another saving is made by not being brand loyal. If you are loyal to a certain brand then you may spend more money. Certain brands have money off offers all the time, so switch and swap between brands depending on what is cheaper at any given time, it can really save you a packet in the long run. Try to keep comparing where the cheapest products are, especially if they are products you buy all the time.

Use Coupons

They can save you a decent amount of money if you are struggling for a month. Using these coupons can boost you out of bad situations and tight months. If you have used them before, then bad credit payday loans can seem enticing, but they can get you into more trouble. Using coupons efficiently can stop you having to get into these situations. Be diligent, it can be draining all the time but each time you go out check the internet for all different types of coupons that are available and use price comparison websites to check the cheapest products. On a weekly basis the savings may seem minimal but if you add it up over a year the savings are huge.

Foster A Passion

If you foster a passion your child is more likely to get a scholarship to a university. This can be in sports or athletics or maybe they can be really smart with maths or science. It is all about fostering the passion at a young age. Not everyone can get a scholarship, but you can only try your best and if they get it you’ll have a college fund there you can spend on other items. Take them to after school clubs, get the tutors they need and invest time into their education for the best chances of this happening. Universities are getting more and more expensive as the years go by so it isn’t going to get any easier. Route for your child and go for that scholarship. If they don’t get it, at least you know you tried your hardest.

Be Ruthless With Utilities

Another great way to save money is by being ruthless with the utility bills like gas and electric. Compare them often against each other and always to go the cheapest option. If you haven’t switched before then you can stand to make a huge saving but don’t be put off because switching all the time has benefits too. You want to go to the providers who not only have the best prices but the best boilers too. This is primarily because they burn fuel more efficiently and save you even more money because they heat your home for less. Compare your utilities as much and often as possible for the most savings. The same can be said for internet. Your best bet is finding a bundle for your home telephone, internet and cable TV. Bundled together they are far cheaper. If you look, you’ll find most of the bundles are extremely cheap for a first year but then go up in price astronomically afterwards. So, to get around this you need to keep switching after the end of each year. Go through, sky, BT, and virgin then start again. It really does work and can give you everything you need for a much cheaper price. The cable TV is a big pull, because your child will likely love the kid’s channels available which means for a happier life for you.

Start A Rainy Day Fund

With all the money you are saving, you can either buy other things you need or be careful and start a rainy day fund. The latter is the more sensible option. With a rainy day fund you have the money needed for certain emergencies such as a burst pipe or major car repairs. These can save you having to scrounge around for money at the last moment. Having it there will bring you huge peace of mind and if you are feeling confident you can even put it into a ISA savings account. It means you can’t touch it unless you really need to, but it means more interest and more money. You can either keep it separate to a main saving account or bundle it together. A thousand is a safe number, which can deal with many issues that arise over the years. Kids cost all different types of money down the years but being able to have the money there to support little emergencies can help hugely. It is about putting the money away that you have in excess for when you need it. This is certainly popular, and can be useful if you have a second child down the line.

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Editorial Staff

Editorial Staff at I2Mag is a team of subject experts led by Karan Chopra.