Most modern families waste so much money. The frustrating thing is that many of us don’t even realise we’re wasting money because alternatives aren’t always obvious. It might be time to rethink the family expenses. See this as an opportunity to teach some financial skills to your kids too. After all, they’re going to be adults who are in charge of their own money at some point in the future. You need to make sure they’re prepared for that day. Lead by example and instill the right values in your children. With that in mind, this article should help you to start reducing your bills as a family.
The household expenditures.
Let’s start by discussing the biggest costs that most families face: your household expenditures. On an individual basis, each household cost might be relatively affordable, but those individual costs can quickly add up to a sum that takes a big chunk out of your monthly income. For starters, think of ways in which the family could work together to reduce the monthly household bills. You could take shorter showers and turn off lights frequently to reduce utility bills. Maybe you could even insulate your windows to trap heat and conserve energy. Think outside the box if you want to reduce your household bills.
The phone plan.
In your family, it’s likely the case that everyone has a phone (unless your kids are only toddlers). Paying for a few different phone plans on a monthly basis (even if your partner pays for their own) is a big expense. But there are plenty of ways to reduce this bill. For starters, don’t get rid of your phone at the end of your contract. If it’s still in good condition then just get a new SIM; that’s a cheaper solution. The same goes for your kids. When they pay for their own mobiles, they can blow their money on the latest iPhone every 2 years, but this is a much more cost-effective strategy.
Additionally, you might want to do some shopping around. Don’t stick with a mobile provider because you’re used to them. There could be cheaper deals out there that give you the same coverage. Or you might not even need your current coverage. Many of us end up with data, minutes, and texts that we didn’t use at the end of each month. Maybe you could consider a plan with a Data SIM only network. That way, you would only pay for the data you actually end up using every month. It’s easy to get caught up in an enticing phone plan, but do some research to see if there are better options available.
The holiday costs.
This might not be an expense that you face quite as regularly as the other bills on this list. Maybe you only go on holiday once or twice a year. However, it’s such a big expense that it takes a sizeable chunk out of your annual salary. But there are plenty of ways to jet off to fantastic destinations for reasonable prices. For instance, compare a wide range of dates for flights; sometimes, direct flights can vary in price by hundreds of pounds. Flying during off-peak season is always a smart way to save a fortune. Book your accommodation in advance to get the best deals too. Consider hostels and Airbnb; there are often cheaper options available than traditional hotels.