I’m always looking for new ways to save money and be more efficient at home finances. As a busy working mum this is particularly important as I simply don’t have the time or energy to be worrying about money all the time.
Being organised and saving regularly is key for me, and even though we don’t have much left at the end of the month it does mean we have some wiggle room in our budget and we are able to meet all our obligations without too many worries.
But is there anything else I can be doing? What else can we do to help ensure we put a little something aside for those rainy days? I asked some of my favourite parenting, lifestyle and money saving bloggers for their advice and here’s what I got.
Save a little often
- Every couple of days, I’m going to log on to online banking and round my balance DOWN to the pound (or £5 if I’m a bit flush – unlikely!) and put the extra into my savings account. So – if I have £25.71 in my bank, I would transfer 71p to the savings account. No idea if that makes sense! coffeecakekids.com
- We have a £2 jar – every £2 that comes into the house gets popped in – it may not sound much but it soon adds up and once you have a few in there it drives you on to fill it up. Surprising how much it can add up to altogether. www.familytravelwithellie.com
- Treat savings like an outgoing/bill. Every pay day transfer an amount into savings and don’t touch it! lyliarose.com
- Download the Chip app. It automatically calculates savings for you based on money going in and out of your account. You can transfer money in and when you like too. householdmoneysaving.com
Set a budget
- We meal plan and batch cook to save money on groceries. Instead of paying on my card in the supermarket I take cash which helps me to keep track of what I spend better. Any change goes in a jar and pays for playgroup, swimming or days out for the kids. friendlyfirstfoods.co.uk
- Very boring, but as soon as pay comes in I transfer a certain amount into different savings accounts – one for holidays, one for general saving and one for clothing and special occasions. I count this as part of my bills, so don’t include it in my spending money. howtorockatparenting.wordpress.com
- I have a weekly standing order set up and that pays for Christmas – presents and food so I have a budget and I stick to it. No stress https://Over40andamumtoone.com
Take stock of your “stuff”
- After you add up your total damage, you might find that some of the items you bought are things you truly wanted, or maybe even needed, and others may be things you don’t really want that badly now that you know the toll of your shopping thehomemakersjournal.com
- We tend to have a clear out in January to make room for the new toys and gifts we have received and anything that can be sold will be put on Gumtree or eBay to make a few pennies. Anything we make will go into savings to kick off the new year. Http://www.mymummyspennies.com
Don’t spend more than you need
- Don’t spend for the sake of it in the January sales. If you won’t use it, or can’t gift it, don’t buy it! mehimthedogandababy.com
- Make a list and stick to it, ask yourself ‘do I need this or do I just want it’ I managed to save myself £100 a month just by these words! mummycatnotes.com
Prioritise paying off debt
- If you are only paying the minimum repayment off on your credit card/s, try to increase this to a decent amount each month so that the card gets paid off quicker and you have no option but to pay it mytunbridgewells.com
Prepare for your next splurge in advance!
- Try not to have too much of a Christmas Splurge. Start shopping early to spread the cost and you don’t feel it as much. Then, start putting that bit you’ve been spending on Christmas each week into a savings account. https://bobsysmum.co.uk
- Set up a standing order for a regular amount say £10 to transfer out of your account every week. The chances are you won’t miss it each week and soon adds up for next Christmas afewfavouritethings.com
- Join a cashback shopping site and earn money on your savings, like TopCashback, so you earn while you shop. Leave the money in your cashback account and take it out when you need it. You won’t be earning interest but you won’t be touching it either – plus it’s free money!
Are you a regular saver and what are you saving for? Share your top tips in the comments.