Seven
familyfriendly money saving tips
By Carl & Jo Violetta
S
• Find family-friendly slow cooked recipes so you can buy cheaper aving money while raising a family can be a tricky business. cuts of meat while still delivering a delicious meal. While we want our family to have the best and not want for anything, most of us don’t have an endless supply of cash to throw • Incorporate a few meat free meals into your meal plan each week to see a further saving to your budget. around either. Fortunately, there are plenty of ways busy families can save money, including the 7 money saving tips we’ve outlined below.
1
CHECK APPS & RECURRING SUBSCRIPTIONS Recurring subscriptions can add up if not watched carefully. It's worthwhile reviewing any recurring payments and subscriptions to see if you can save money. Set aside 20 minutes each month to go through your bank statements line-by-line, to see if there are any subscriptions you can cancel or unusual activity you need to follow up on. It can be very easy for older kids who have access to devices to sign up to recurring subscriptions via in-app offers without knowing what they’re signing up for. A quick check of the bank accounts and your app store account every month can nip these purchases in the bud and save you paying for subscriptions you don’t want.
2
MEAL PLAN TO BUY & COOK IN BULK
Feeding a family can be an expensive exercise. But with planning and forward-thinking it’s possible to reduce your weekly food bills. By planning meals ahead of time and cooking some meals in bulk, we were able to reduce our weekly food spend by approximately 40%.
Following a meal plan every week makes it easy to know what to cook for each meal ahead of time. Our best tips for meal planning on a budget are: • Shop your pantry and fridge first. If you create a meal plan around what you already have available you can save money at the supermarket and make sure no food goes to waste. • Include breakfast, lunch and snacks in your plan. Taking lunches to school and work instead of buying lunch can save you some serious cash over a year. • Cooking in bulk or freezing meals not only reduces your costs but saves you time. Plus, you’ll have meals ready to defrost and eat on the days you don’t feel like cooking. 18 Peninsula Kids – Spring 2021
3
PLAN EARLY FOR CHRISTMAS
Planning early for Christmas is a great way for families to save money. Create a budget and list of gift ideas, so you can keep an eye out for sale items and start squirrelling gifts away early for Christmas. Half Yearly and Black Friday sales are a great time to Christmas shop. Early Christmas planning means you can avoid crowds and avoid last-minute impulse buys. Make sure you stick to a plan though to avoid overbuying and overspending.
4
CARPOOL & SHARE RESOURCES WITH LOCAL FAMILIES Imagine only having to navigate school drop-offs and pick-ups once or twice a week instead of every single day. It’s possible by getting together with families from the same school and organising a carpooling schedule. Not only does carpooling save you time and petrol money, but it also saves wear and tear on your car and it reduces carbon emissions by having fewer cars in use. Why not take it one step further and organise carpooling for sporting and after school activities as well?
5
REVIEW YOUR HOME LOAN & THE INTEREST YOU PAY
Reviewing your home loan every 6 - 12 months is another great way to save money. And this could actually save hundreds of dollars each month.
Speak to your broker to see what home loan deals and options are available and decide if you want to negotiate with your current lender to get a better deal or refinance into a completely new loan. Be mindful of any loan features, exit fees or penalties before deciding. Simply calling and asking your current lender for a better rate or having the option to make extra repayments can really make a difference to your finances. Setting up an offset account can also make a big difference. Any money sitting in an offset account will reduce the amount of interest that’s being charged to your home loan.