Raising a family, no matter how big or small is more expensive than you can even begin to imagine. In fact, many first-time parents are surprised about just how much money a tiny baby can cost – whether you’re looking to buy baby food or get new clothes for them (that they then grow out of immediately).
However, there are certain steps that you can take to get a better handle on your finances – meaning you can then tackle any of your money woes with ease and confidence. With that in mind, here are some top money management tricks that EVERY mum should know (and use).
- Create a family budget that covers the cost of everything you need to buy each week/month. For example, this budget should cover the cost of your bills, transport costs and essentials, alongside giving you a little money left over to spend on leisure activities. Operating without a budget in mind often means that you overspend without realising it.
- Understand that ‘family days out’ don’t necessarily need to break the bank – in fact, they often don’t need to cost anything at all. Do you research ahead of time to find free things to do in your local area that are fun for the whole family – such as museum visits or long country walks.
- Find new ways to save money as opposed to simply just spending it. For example, the most straightforward way in which you can do this by opening up a savings account and adding a small amount of the money to the account each week. Even as little as £5 will add up over time. It also means that you have money set aside for emergencies or future travel plans.
- Teach your children the value of money early on. You can do this by encouraging them to help out around the house and providing them with some extra pocket money for their efforts. For example, they could be in charge of putting away their toys each night.
- Ensure that you aren’t overspending on your monthly bills. For example, there are simply thousands of deals available online that you need to ensure you are taking advantage of, with many platforms offering exclusive discounts to new customers – meaning you could save hundreds each year just by switching. For example, if you are looking for a new broadband provider, you should check out LatestDeals, which provides you with a list of all the Virgin Media deals.
- If you’re finding it hard to make your paycheque last the entire month, consider new ways in which you can make a little extra money on the side. For example, you could resell your old baby clothes or toys they no longer use online. There are many benefits to reselling your old belongings – you can free up space in your home, make some extra money, and can help others provide for their own kids without having to spend hundreds of pounds. Furthermore, you can also try shopping second hand yourself.