Our Top 16 Money Saving Tips For The Family Home

Estimated reading time: 6 minutes, 15 seconds.

Running a home can be expensive. Especially if you’ve got a few kids running around, each needing new toys and clothes month after month. In fact, trying to get on top of your finances whilst running a modern family home can often seem daunting and almost impossible! Well, we’re here today to tell you it can be done. In fact here are our 16 top money-saving tips to help you achieve exactly this.

1. Make use of TopCashback for purchases

TopCashback is the UK’s leading cashback site and offers cash back on thousands of different items. Signing up and using them is simple. 5 million others already use their site when making all of their online purchases. In fact, they helped users earn a grand total of more than £40 million in cashback last year alone! It is very simple to us, and for utilities, insurance, and mobile contracts this is a must! Switch, earn cash back and SAVE!

Our Top 16 Money Saving Tips For The Family Home

2. Always switch up your contracts

Just because you pay a certain amount each month for your contracts, it doesn’t mean you can’t negotiate these down over time. In fact, any savvy homeowner will revise their utility agreements at least once a year. Either by calling and asking for a discount or shopping around for a better deal. You can do this for most monthly contracts, including things like your freeview and mobile phone provider.

3. Start saving your coupons

It’s possible to save hundreds a year by making better use of coupons. Especially from your weekly supermarket shop. Rather than sticking to just one supermarket chain, instead, sign up to all of the big chain reward schemes. Then, collect your coupons and decide which one is best to visit each week. They all offer different deals at different times, so by using them all, you can save massively across the board.

4. Start making regular cutbacks

A good rule to follow is to start cutting back on one major expense, every 2 or 3 months. Do this for a couple of years, and you’ll soon be in a much more financially stable position. This might mean ditching an expensive phone contract or eating out slightly less often. And by making just one sacrifice so rarely, it is so much easier than cutting back all at once.

5. Never buy on impulse

Buying “off the shelf” is no longer the way to be a savvy UK shopper. The internet has massively altered the typical retail environment. So much so that getting the best deals on clothes and presents is usually achieved online. Every time you see something you want, instead of buying there and then, instead head online to sites like Amazon and see how prices stack up there vs in store.

6. Get rid of unused items

In order to save a little extra money and also clear up your home, why not get rid of a few unused things? Such as an old dinnerware set or clothes you no longer wear. You could make a good few hundred pounds by listing such items online on sites like eBay. You get some much-needed cash, and someone else gets a bargain!

7. Second hand cars for the win

Nowadays, it seems all too tempting to opt into a monthly finance plan for a brand new car. Yes, it’s a great way for you to have a nice new vehicle, however, is it really worth it? Second hand cars hold their value so much better and, as long as you know what you’re looking for, can still be very reliable. This is a big household money saver, especially if you and your partner each have a car on finance.

8. Look at how much you spend on family gifts

How many brothers, sisters, aunts, uncles, nieces and nephews do you and your partner have? Chances are, it’s more than 10. For many, it’s more than 20 or 30. And buying presents for everyone every single year can easily amount to a thousand pounds or more! Instead, it might be better cutting back and limiting your spending for everyone. You can make sure everyone knows this and knows to not spend as much on you either. That way, everyone gets to save.

9. Plan ahead for new clothes

The cheapest way to buy new clothes is to get them one or two seasons ahead of time. For example, the best deals on summer clothes come in winter and vice versa. This is because retailers are busy getting rid of old stock which is still perfectly good.

10. Look after yourself and your family’s health

In the long run, one of the best ways to make huge savings is to take proper care of your family’s health. This means eating right and exercising regularly. Failing to do so could lead to any number of expensive, health conditions, such as type 2 diabetes. In fact, leading a healthier lifestyle itself is usually far cheaper than an unhealthy one.

11. No more credit cards!

Everyone loves a bit of credit. It can seem so appealing, especially if you get offered 0% finance for 6 months or more. However, the fact of the matter is that these payments stack up. And over time, you can end up facing hefty charges if you fail to maintain payments. It will also seriously damage your credit score! Avoid credit cards at all costs and instead, stick to spending within your means only.

12. Save and invest

A great way to help promote this is to start saving and investing up to 20% of your monthly income. This means there’s less temptation for you to overspend each month. Also, you will have some healthy investments in a few years time that could reap massive financial gain for you and your family.

13. Start switching off your electrics

How many electronic devices do you have in your home? 10, 20, 30? Probably even more. Especially if you’ve got kids who each own laptops, smartphones and gaming consoles. So star a policy of turning off all devices when not in use rather than leaving them on.

14. Keep track of your heating

In the colder winter months, ensure you have a proper timer setup that allows you to have your heating on only when you need it. There’s no need to have a fully heated home all day if everyone is out at school and work.

Save money by switching off the bulbs

15. Put your washing out to dry

Another task we have to do every day when running a family home is washing. Well, have you ever thought about how much energy and money it costs you to use both a washing machine and tumble dryer multiple times every day? It’s an incredible amount over the course of the year. And you can make hefty savings by using an outdoor washing line instead. Then, only use the tumble dryer when it’s raining.

16. Switch up your bulbs

Across their lifetimes, LED bulbs can save you a lot of money compared to traditional incandescent bulbs. In fact, traditional bulbs only use about 15% of their energy for lighting and the rest is lost to heat! Make the switch now and you’ll be saving big in a few months time.

By following these simple 16 tips, you can easily start saving one or two hundred pounds, every single month! Possibly even more depending on your current spending habits. That could soon be enough to upgrade your home and get a better deal on your mortgage! If you’re in such a position now, or will be in 6 months time, get in contact today for a free financial review and guidance.

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