10 money-saving tips for families

1. Create a budget (and check it regularly)

Every money-saving guide you read is likely to have this as number one on their list of money-saving hacks – but with good reason. It’s massively important to have full transparency over your finances before you begin to make those adjustments. Only when you fully understand what’s coming in and what’s going out can you see those areas of improvement. For example, by creating a budget you might see that you actually spend £200 a month on takeaways, which is money that might be better spent elsewhere.

It’s also vital that you regularly revisit your budget and keep it up to date. Your finances change – maybe you got a pay rise or have a new monthly expense – so come back to your budget planner every now and then to see what your current spending patterns are.

2. Be strict about meals

The average amount spent on food and drink per person in the UK is more than £41 per week. If you’re a family of four, that’s more than £650 a month. But for many, this amount can be way higher, depending on your spending habits.

Plan your meals carefully each week. Batch cooking, cracking out the slow cooker and reducing waste all go a long way towards spending less.

Another big way to cut costs on food is to lessen the amount of takeaways you have. Instead of getting something delivered every Saturday, why not save it for every other week, and fill the freezer with frozen pizzas? They’re still a treat but are a fraction of the cost.

3. Get savvy with sales

Timing is everything, especially when it comes to those big costly purchases. Retailers often hold sales throughout the year, so do what you can to hold off making those types of purchases until the sale season starts. If it’s clothing, wait until mid- or end-season sales start and shops are keen to empty the shelves.

It’s also worth looking in charity shops. Just because something is second-hand, it doesn’t mean it isn’t good quality. Often, items in charity shops have never been used or worn, so you can pick up bargains for things that are brand new.

4. Rotate your subscriptions

In the UK, families spend more than £1,200 per year on entertainment subscriptions, with one in eight paying more than £100 per month. That means many households hold at least three recurring subscriptions – and nobody can watch that much TV.

Instead of having multiple subscriptions at the same time, rotate which services you have every month. Try to coincide it with a new season of your favourite show launching. For example, month one have Netflix, month two have Disney+, month three have Apple TV and so on. Then, during that month, binge your favourite shows and movies.

Alternatively, most of the big streaming services have different packages, and chances are high that you’re not subscribed to the one that suits you best. That might be a package that gives you access on more devices than necessary, or a package that lets you watch in 4K despite you maybe not having a 4K TV.

There’s no harm in acting like you’re going to cancel your service to see if they try to tempt you to stay. Going through the cancellation process often triggers an offer that can drastically lower your monthly payments. So give it a go, it takes less than a minute and can save you a bunch each month.

Lastly, you should definitely cancel unnecessary subscriptions. If it’s been three months since you watched anything on a service, it’s definitely money you’re throwing away each month. Bite the bullet and get rid.

5. Don’t pay more for the sake of saving time

Once you sign up with your utility provider, it can be easy to just let it tick over every single month. But, by shopping around and getting quotes from other companies, you can save a lot of money every month. It might take a little effort to get a quote and switch your provider, but it’s absolutely worth it. Check your contract and see if you can switch right now, and if so put together some quotes. Even if you only save a few pounds each month, it’ll soon add up.

6. Cut transportation costs

As a family, you no doubt spend a lot of time in the car going here, there and everywhere. The school run, after-school classes, birthday parties, visiting family… and so on. And with fuel being as pricey as it is, your trips to the petrol station will drain your bank account as fast as you drain your tank.

Where possible, walk more. Drag your bike out from the back of the garage. Ask colleagues who live close by if they’ll carpool and split the costs.

It’s also important to maintain your vehicle. Of course, a service costs money, but it can improve your car’s efficiency and fuel consumption which will save you money throughout the year.

7. Adjust your thermostat

As the great Ned Stark once said, ‘Winter is coming.’ unless you’re reading this in the spring, but it’ll roll around soon enough.

A very simple yet effective way to save money is by lowering the temperature on your thermostat just a smidge. Even just a couple of degrees lower can save you loads on your household bills.

And if you’re a little chilly but think you can get away with not putting the heating on, drag those blankets out of the airing cupboard and get snuggly on the sofa.

8. Come up with a savings strategy that works for you

When it comes to saving money, there isn’t a single strategy out there that works for everyone. It all depends on your own circumstances, so what works well for one family might be tough for another.

Thankfully, there are different savings strategies out there, and it’s highly likely that at least one of them will suit you. This could be the 50/30/20 method, the paying yourself first method or something else.

Read our guide on how to save money to learn more about different savings strategies and find one that works for you.

9. Learn how to DIY

Because you’re raising a family, you might not have the time or energy (or the patience?) to learn DIY. But, getting to grips with basic DIY skills can be a lifesaver and prevent the need for you to hire expensive tradespeople. This could be anything from minor repairs around the home to decorating. Or, you could make homemade cleaning products from things you probably already have around the house lie bicarbonate of soda and vinegar.

Keeping on top of DIY around the home also increases the lifespan of furniture and facilities, meaning you won’t need to replace them as often too. It’s a win-win situation.

10. Use discount codes where possible

You can make plenty of improvements to your spending habits, but the fact of the matter is, you still have to spend money regularly. That includes food, travel, technology, health and beauty, clothing, the car and plenty more.

So, when the time comes, why pay more than you need to? At Savoo, we have an enormous collection of up-to-date discount codes that work on loads of your favourite websites, from those everyday needs to those luxurious wants, like tickets to Thorpe Park or Go Ape.

So, take a look - you’ve got nothing to lose and loads of savings to enjoy. Browse the different categories to find discount codes for your favourite retailers.