Kids, they are priceless, but they are very, very expensive! We know all about it over here at HerFamily. But if you feel like you’re drowning in outgoings each month, have a peek at our nifty tips on how to squirrel away some budget every month.
An interesting study carried out by *Laya healthcare found that 77 per cent of parents who want a big family actually decide against it as they felt they “couldn’t afford it.” The biggest sacrifices parents make in order to have a big family is not replacing the car as often (72%), not eating out as much (70%), going out less (68%), spending less on themselves (68%) and going on fewer holidays (67%).
1. Bite the bullet – make a budget
It’s not always easy to face financial facts, but it does provide a better sense of control in managing your family’s money. Look at all of your family’s income and outgoings, and mak sure that they balance.
2. Plan for special occasions
With big family events like communions and confirmations on the horizon, there can be a lot of pressure on parents to give the best to their children and keep up with everyone else. Our advice is to budget well in advance for the occasion, talk to relatives and friends to see where you can borrow and cut-back, whether it’s a communion or other family event.
3. Buy in bulk
This one really saves on those everyday essentials like underwear, socks or vests. Many online stores do multi-packs of kids essentials, so have a think about where you can buy current sizes in bulk, and while you’re at it, one size up for when they’ve outgrown them in a few months.
4. Watch discretionary spending
According to the MABS Chief, “People are generally surprised and often embarrassed when they actually look at what their money goes on every day. It’s useful to keep a track for a week or fortnight of spending on items like coffees, the kids pocket money, optional transport and so on. When you know where your money is going, you’ve got more choice in making savings.”
5. Get the kids into generic food types and limit the labelled goods
Bigger stores do own-brand products that can save huge moolah on the family funds front. When it comes to the weekly shop, you just need to change a few things. Buy a few non-branded goods – the cuts you make on regular spends will show up in your savings.
6. The big one
With little and big school-goers, comes more internet use in your house. Plus those endless nighttime calls to their friends that they are doing “really important projects with.” What to do? Call around to all the major phone and internet providers to get the most competitive rates. You might think you’re already on the best deal going, but these change all the time. You will get deals if you’re willing to negotiate.
7. Go to the Library
I’m a big believer in bringing the kids to the library for an ‘experience’ – making it a fun day out, letting them choose their own books, and finding a corner to read books to them. This might make you think when you end up in the queue of the book shop wondering why you are spending a fortune on books…. again! Of course, not all libraries are made equal that you can do this. If you’re Dublin-based, the Lexicon in Dun Laoghaire is nothing short of ah-mazing! A real day out, you can spend hours in the brilliant children’s section, and they throw loads of free events too.
8. Download the app
Try this Good Budget app. It’s a money hacking platform that allows you to budget in the best way for the school term or any other event. It’s simple to use, which is refreshing. It allows you to track what your biggest family spends are and what costs squeeze the most out of the piggy bank.
9. Reign in on eating out or takeaway bills
This sounds so simple, but putting it into practice takes a bit of planning. If you limit the restaurant luxury – when you do go, it’ll be so much more of a treat. Same goes for those takeaways, which always end up being so much more expensive, even if it is handy to not cook now-and-again. Some of those extra funds may go towards school book costs or a nice mid-term break for everyone.
10. Curb the entertaining!
In 2017, Irish parents plan to spend on average a whopping €1,319 per household entertaining their little ones – this includes computer games, membership to sports clubs, holidays and mobile phones. It’s kind of a lot when you see it written down, right? Our tip is to ease up on the extra curricular activities, let them be bored, let them play made-up games, do they really need ALL the stuff they get or do? Try to reign in in for a few months, you’ll be surprised how much you save, and maybe how much their imagination has blossomed.
There’s another way to save money. Pay for one, and the rest go free with Essential Connect Family #FamilyHacks layahealthcare.ie
Insurance provided by Elips Insurance Ltd trading as Laya Healthcare. Laya Healthcare Ltd trading as Laya Healthcare and Laya Life is regulated by the Central Bank of Ireland. A child is defined as a dependant aged under 18.
*Research carried out among 1,001 parents with children in Ireland between 2nd- 15th December, by iReach online survey, on behalf of laya healthcare.
