Saving? Don’t keep mum…

Mum with child looking at the items that help them with saving

Savings

Sarah Willingham

30th April 2014 at 8:00am

In previous blogs – Savings? It pays to talk and Savings? The generation game – I’ve been extolling the virtues of listening to loved ones when you have some money worries or woes. I pointed out the fact that money is often the elephant in the room when it comes to family, a subject no one’s happy to talk freely on, when in fact much could be gained from doing so.

When we last met we were in the presence of gran, who shared some of her simple yet effective money saving tips she’s picked up along life’s long highway. We’re now going to step down a rung on the generational ladder and have a quick word with mum.

Running a household and juggling all the financial demands that comes with it is never easy, she’s had to adapt, make savings where she can and cleverly budget to make ends meet. With this in mind she’s without a doubt picked up a tip or two (three actually) worth sharing…

Here’s mum’s top 3 tips…

  1. Be sensible when you buy for a baby – research says that the average family will spend almost £2,000 buying for a new baby. However, much of this equipment will be unnecessary and you’ll find that you don’t use half of it. the average family will spend almost £2,000 buying for a new baby. However, much of this equipment will be unnecessary and you’ll find that you don’t use half of it. Speak to friends with kids and find out what they really found useful, ask to borrow big items like pushchairs or cots and don’t be afraid to buy second hand.
  2. Never auto renew your car insurance – sticking with the same insurance provider is rarely worth it. Shopping around every year is the only way to get the best deal.  The average saving is around £350 and if you are savvy and play around with the policy details like your job title, annual mileage and no claims discounts, you can reduce your premiums even more.
  3. Use childcare vouchers – as soon as you are pregnant, check out whether your or your partner’s employer offers a childcare voucher scheme. Using childcare vouchers to help pay nursery fees can save a family up to £1200 a year! What is really great is that they can be used for holiday clubs too and you can collect them until your child is 15. It will save you tens of thousands of pounds.Using childcare vouchers to help pay nursery fees can save a family up to £1200 a year!

Just like gran, mum’s given us 3 helpful hints that could benefit most households.

So who’s next? Surprisingly enough it’s the kids, these tech savvy teens know a thing or two about working on a tight budget too and it’s amazing how they can make that pocket money stretch. Find out more in my next blog.

You can follow Sarah on Twitter @S_Willingham for more top tips on managing your family finances.

Alternative you can visit her at www.letssavesomemoney.com where she looks to help consumers take action, save and make money through easy to follow 1-minute Guides and 1-minute videos.

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The information in this blog and any responses to comments should not be regarded as financial advice.