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How to boost your savings with a family

How to boost your savings with a family

Disclosure – this is a collaborative post.

Financial stability is important at every stage of life, but none more so than when you’ve got a family to look after. Having control over your finances helps you to provide for your loved ones and ride out life’s little bumps along the way.

Savings are a key aspect of financial stability. You should be looking to build yours if you aren’t already. Why are they important and how can you boost your efforts whilst still providing for your family?

Why are savings important if you have a family?

Savings give you a financial cushion in life and help you to build towards big milestones. As parents, you’re no longer just saving for yourself but for your family’s security.

Family life is unpredictable and financial reserves help strengthen your resilience to hard times and unexpected situations. You’re always going to put your family ahead of finances, so savings are useful to fall back on rather than accumulating debt.

Striving for a better life and future for your children is another important benefit of saving. For example, improving your financial standing can boost your credit score which may help in securing a mortgage for a home to give them a better quality of life. Or, if you’ve already reached those milestones, saving on behalf of your children can help them to reach their own when the time is right.

Tips to save more if you have a family

Tackle high-interest debts first

The biggest mistake people make when trying to save is avoiding paying off high-interest debts. We get into debt for all sorts of reasons, sometimes not always in our control. But paying these off before you start putting money away is key. The longer debt sits there, the more it will cost you and the less you’ll be able to save in the long term.

Budget more thoroughly

If your budgets aren’t very accurate then look to improve these. It can be hard to control spending when family necessities are needed daily. But the more you can identify patterns, the more you can do to save greater amounts each month. If you’re making repeat purchases without realising it, you can strategise to save wherever possible.

Buy bulk where you can

See what purchases you’re making repeatedly over the month and see if you can buy in bulk to reduce your overall costs. Essentials such as nappies, toilet roll and dry foods are cheapest per unit when bought in bulk and you’re always going to use them. The savings might seem insignificant immediately, but over the year you can save hundreds.

Don’t assume that branded is always better

It’s tempting to opt for trusted brands when it comes to family products. Of course, you want the best for your loved ones but don’t disregard non-branded items straight away. Do some comparisons between products and see if there really is a noticeable difference. You never know, that non-branded cereal might taste even better than the premium brand.

Make use of support schemes where possible

There’s no shame in applying for financial support. Benefit schemes are in place if you’re in need, so see if you’re eligible to get a helping hand. Every little helps when it comes to family finances, and every penny towards savings makes a difference in your future.

Disclosure – this is a collaborative post.