>You could be good at managing your family’s finances, but sometimes it feels like you’ve got holes in your pockets. Most of the time, after paying bills, there’s nothing left to save. This could prove to be a deadly situation especially when there’s an emergency and a life depends on it.
This is the plight of most families in the UK, and they are always on the lookout for new ways they can save money. Here are a few tricks to save money collectively as a family and to prepare you for emergencies.
Travel by train
A Friends And Family rail card costs about £30. For adults, you’ll get a third off and 60 percent off for kids on many train tickets yearly. Let’s take a family of four for example, the costs would be covered for a number of trips.
For longer trips, book your ticket in advance because it won’t be expensive as when it is bought a few days to your trip. Check if you are allowed to split ticket – this way, you spend less when you buy one or more tickets which covers a single trip on the same train.
Book activities in advance and early
Keeping your children occupied can cause a massive dent in your family’s budget. You can save money by booking family trips to places like them parks and zoos online instead of getting them on the D-day. You can also cash in loyalty points at the supermarket.
For activities like soft play, cinema trips, swimming, and bowling, look for discounts at off peak periods. For example, you can get tickets for as low as £2.50 for each person for mid-morning movies at weekends. Tickets can also be bought cheap during holidays from places like Vue Mini Mornings, Odeon Kids, Movies for Juniors and Cineworld.
Slash the costs of childcare
Do you pay for childcare while you’re at work? Check if you’re eligible to earn some money from combining the new Tax-Free Childcare scheme or Working Tax Credits as they pay about £2,000 for every child.
In a situation where you have to borrow for little or large emergencies, it’s always difficult to pay back due to expensive interest rates. Emergencies happen when you least expect like when your washing machine floods, you lose your job, or a nail punctures your tyres.
No matter how little, try to save up small sums, and you’ll be surprised at how fast they add up. Start by putting away spare change in a money box and don’t touch it except in emergencies.
Set up a standing order