So much changes when you start a family.
All those carefree evenings and weekends socialising or taking trips are likely to diminish. Work-life balance might change, if you decide to reduce your hours in the office to be around more for the little ones.
Probably the biggest change to your lifestyle when you have children is the way that you use your hard-earned cash.
Whether you’re working less than you used to, or you just have more outgoings with a family to support, you’ll need to be more frugal. Fortunately, these quick tips should help you to get started.
1. Watch your credit score
One of the first things you’ll need to do when trying to live a more frugal lifestyle is understand how to improve your credit score. Many people ignore their credit reports until it’s time to apply for a mortgage or a loan. But the earlier you can start making a difference to your credit, the more likely it is that you’ll be able to get the financial assistance you need later in life.
Boost your credit rating by setting up direct debits to pay your bills on time or speak to an expert about how to pay off loans faster. Your bank account will benefit in the long-term.
2. Know your options
How often do you check on your monthly payments and make sure that you’re not overpaying for essentials like phone bills or broadband? Most of the best deals from today’s providers are reserved for new customers. That means staying loyal to the company you’ve used for several years might not be the best way to save cash.
If you haven’t yet checked what other companies can offer in terms of deals for your car insurance and other essential costs, do some comparison shopping. You can save a fortune without having to change your lifestyle.
3. Go for home entertainment
You might be tempted to take the kids to the cinemas or pay for them to go to an arcade just to get them out of the house. However, expensive day trips can quickly make a dent in your budget.
Find ways to entertain yourself indoors. Try having a board game day with your little ones, or bake together in the kitchen. You could even have a movie marathon on Netflix.
4. Stop being wasteful
If you’re constantly throwing food and other items away, it might be time to re-think your shopping strategy. A good way to reduce waste is to plan your meals in advance and list the items you need for each dish. This will ensure you only buy what you need.
Keep the temptation to impulse shop to a minimum by ordering food via online delivery instead. You might be surprised how much you save this way.
5. Don’t overspend on birthday parties
As tempting as it is to celebrate every milestone in your child’s life, try not to get too carried away. You can still make a cake and celebrate at home but avoid over-spending on huge parties when your child is still young. Reserve this for the major birthdays – like 13, 16 or 18.
It’s also worth being careful about who you invite to your parties. Let your child choose a small number. You’ll save a lot this way.
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