We’re in the middle of a cost-of-living crisis, and parents are feeling the pinch more than ever. Money-saving expert Ruth Taylor (@moneysavvymumUK) shares her tips to improve your finances
There’s no getting away from it – parenting is expensive. The list of things a baby needs seems never-ending. New clothes as they grow, the next stage car seat, a bigger buggy, toys, nappies… But don’t despair! There are many practical things you can do to keep more money in your pocket, leaving you to enjoy those precious moments with your little one.
1. Create a budget
Having a budget allows you to see exactly where your money is going each month. Don’t worry if you’ve never made one before – it’s quite straightforward. Grab a pen and a piece of paper and list all your income – wages, benefits, any additional income – and then list all your outgoings. Don’t forget to include things like car MOT, birthday gifts, nappies and so on. Now, add up all your income and write down the total. Do the same for your outgoings and then deduct your ‘outgoings’ total from your ‘income’ total. This is how much money you have left to spend each month. You can now decide how best to use this money.
2. Check your benefit entitlement
According to independent organisation ‘Entitled To’, around £15 billion of benefits remain unclaimed in the UK each year. Make sure you’re not one of those failing to claim. Head over to entitledto and enter your details into the calculator to see if you are entitled to any benefits that you might not be claiming. This can make a huge difference to your monthly income, so it’s well worth taking the time to do. It should only take you about five minutes.
3. Make use of cashback sites
If you aren’t using cashback sites when making your purchases, you need to start. They are free to sign up to and easy to use. Whenever you need to make a purchase, go to the cashback website – I love TopCashback – click on the search bar to search for the retailer you want to make the purchase with, and click ‘Get cashback now’. You’ll then be taken to the retailer’s website where you can make your purchase as usual. The cashback site will track your purchase and will award you with cash back. You’re then free to withdraw to your bank account.
4. Make a weekly meal plan
Planning your meals weekly is a great way to save money. It reduces the risk of impulse buying takeaways because you haven’t got anything in for dinner, and you’ll be much less likely to overspend in the supermarket when you do your grocery shop. Plan your meals, write a list according to that meal plan and take that list shopping with you. Make it fun by getting the whole family involved – if you have older children, let them pick the meals they enjoy (within reason!) and include them in the meal plan. Don’t forget to download the Asda Rewards app and check-in each time you shop in Asda. You can build up a Cashpot within the app and then use it to get money off your shopping.
5. Switch to supermarket own brands
Increasing food prices is hitting most families hard. One way to combat this is to switch to supermarket own-brand items where you can. To give an example of the kinds of savings that can be made by doing this, take a look at baked beans. Asda’s Just Essentials baked beans cost just 25p per can, whereas one of the leading brands of baked beans comes in at £1.20 per can. If you typically get through two tins each week, you will save £7.60 every single month just by making this one swap. Imagine how much you could save if you made multiple item swaps! Asda’s Little Angels range has great value baby and toddler items.
(Baked bean prices as of December 2022.)
6. Have a ‘No Spend Day’
No spend days are a great way to save money throughout the month. You simply pledge to not spend any money (aside from bills and transport) on the day you pick to do the challenge. You can then challenge yourself to have more no spend days over the course of the month. This can be a great way to get your spending under control if you tend to impulse buy. Try to use visual charts and trackers to keep yourself motivated.
7. Join a local baby group
Don’t shy away from visiting your local parent and baby groups. Yes, it can seem daunting at first, but you’ll be glad you took that initial step, as you will meet other mums with babies of a similar age to yours who are likely to be facing the same worries and concerns you might be facing. They usually only charge a pound or two to attend and you’ll get a hot drink and a biscuit, as well!
8. Pick up a side hustle
There are plenty of ways for you to earn a bit of extra cash, and you can do a lot of them from the comfort of your own home. Check out Prolific and YouGov for online surveys. Completing surveys won’t make you rich, but you can easily earn around £30-£40 each month and they’re easy to do and are often quite interesting. Mystery shopping is another great way to increase your income. A typical assignment might involve going into a shop, buying an item (you’re given an allowance for this), and then answering a few questions on the app and possibly uploading a photo too. Other ideas include reselling, hosting a student, creating digital products to sell online, and tutoring online.
9. Use browser extensions for discounts
There are many extensions for browsers including Chrome that will automatically apply discounts to your cart when you shop online. This saves you having to first load up your virtual basket and then go off searching for a discount code. These browser extensions automatically do the searching for you and then apply the best discount to your cart. Some of the best-known browser extensions are Honey, Pouch, and Amazon Assistant and they are all free to download and use.
10. Organise a swap party
If you have friends with children around the same age as yours, consider organising a swap party. It’s a great excuse to have a get-together, and it’ll save you money in the long run. Instead of each of you buying new clothes and toys for your children, swap what they already have between your group. If there are quite a few of you, you won’t need to buy any new toys for quite a while. Alternatively, you can rotate the toys you have at home. Young children can get overwhelmed and bored quickly with too many toys, so gather most of them up and store them out of sight. Leave your child with just a few toys to play with and when they get bored with those, take them away and replace with a few of the ones you hid away. Doing this should keep your child interested in what they have for longer.
