Contributed Collaborative Post
Living costs have risen and for many families, it’s increasingly difficult to save. As a parent, you want the best for your kids, but raising children doesn’t come cheap. A recent study by the Child Poverty Action Group revealed that almost 80% of parents worry about having enough money to support their children. In this guide, we’ll highlight some simple strategies to make your savings goals more achievable.
Outline your priorities
In an ideal world, every parent would be able to afford everything on their wishlist, but this isn’t always realistic. From tutoring at school and further education to a first car, dream holidays, and saving for weddings and milestone birthdays, there’s a lot to think about. When you set savings goals for your family, outline your priorities. What is at the top of the list? Once you’ve hit your first target, you can work your way down.
Take advantage of financial support and savings schemes
Depending on where you live and how much you earn, you may be able to access financial support or special savings schemes, which boost your balances. Examples include child benefit, funded childcare and RESP, an account that helps parents save for post-secondary education. It’s a good idea to research schemes in your local area as well as national programmes that are designed to make it easier for parents to save.
Save every week
It sounds simple, but getting into the habit of putting money in a savings account every week or month can help you amass a substantial pot. Even if you only save £5 or £10, it soon adds up. It’s best to set up a direct transfer when you get paid. If you leave your money in your current account, you’re more likely to spend it.
Make cuts
Reducing your outgoings is an effective way to maximise disposable income or increase the amount you can save. Audit your accounts, review transactions, check direct debits and subscriptions, and create a budget. Use your budget to allocate funds to different expenses and identify areas where you can make cuts. Easy hacks, like shopping around for better deals and offers, cancelling memberships and subscriptions you don’t use and lowering spending on non-essentials, can put money back in your pocket.
The Internet is a brilliant resource for comparing prices and finding fantastic deals. Before you buy products or renew insurance policies or utility contracts, use comparison sites and shopping tools to locate the best offers.
Research savings accounts
There are many different types of savings accounts available. Researching accounts can help you find the best rates and incentives. Always ensure you read the terms and conditions. If you’re opening an account in your child’s name, make sure you understand the terms related to access and withdrawing funds.
Saving money is tough at the moment, with costs rising, but many parents are on a mission to hit savings targets. Whether you’re gearing up for a wedding or the trip of a lifetime, or putting money away for university, simple steps can help you save. Examples include outlining your priorities, taking advantage of saving schemes and financial support, reducing spending, researching savings accounts and saving regularly.
This is a contributed collaborative post
