The Costs of Parenthood:

Saving money as a parent can be incredibly difficult. With the cost of childcare, education, and entertainment rising daily, being smart about money is essential! Here are some easy ways to save money whilst still providing for your family and advice about how financial stress can impact on your children.  

Financial stress has the potential to hinder family relationships, however, by working as a team any challenge can be overcome. Having open conversations with children on how to save money themselves can reinforce this sense of teamwork and can teach children valuable life skills. Providing a space for conversations about managing finances can increase their confidence, remove any anxieties they might have, and they are able to gain a greater understating on how to save and spend wisely. To help those struggling with financial stress, most UK banks offer financial advice, this is a good way to get the help you need. 

The tips below offer advice and tips for how you can save money! 

Establishing a budget is essential.  

Tracking your income at the start of the month and then setting aside certain amounts of money for different things will help you gauge what you have left to spend on non-essential things. Spreadsheets or different apps for budgeting will make this process easier (anything to make our life easier!) and much more organised. Here you can track the amount you are spending on things like food and if it is too much, meal prepping is an effective way to cut out any unnecessary food purchases and waste. Tracking your budget also can mean looking at how much you spend on other non-essentials like streaming platforms. Cutting down and being selective on streaming platforms such as Netflix, Amazon Prime and Spotify can help save money. Platforms, such as Sky, offer bundles which include other streaming services, this is a lower cost alternative that helps cut down on extra expenses. 

Considering secondhand alternatives is also a good way to save money.  

Clothing sites such as vinted are a popular marketplace site for buying clothing secondhand. These sites offer good quality clothing and toys at a small price compared to big retailers. Charity and thrift shops also do the same sort of stuff. Buying books, toys, DVDs secondhand rather than brand new is a low-cost alternative. This is not only cost-effective but also environmentally friendly. To go along with this, selling your own clothing or toys that are no longer used is a way to gain some extra cash.  

Days out as a family... 

Booking in advance for some activities can give you a discounted price. Multi-passes and memberships are also a good way to save money. English Heritage offer a membership that lets you have unlimited days out at over 400 historical sites. A family membership of two adults and up to 12 children is £10.50 monthly or £126 for the year.  Saving money on food and drink when you go out can also help save money. For example, having a picnic is a brilliant way to save money, using leftovers from last night's dinner is a good way to not waste food but also save money on a day out! 

Money is a hard topic to navigate, especially with all the other things going on, but discounts and coupons on days out, secondhand alternatives and setting up a budget will significantly help you save.  Additionally, helping children understand the importance of financial responsibility.