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A Mum’s Guide To Making Your Family Finances Work Harder

A Mum’s Guide To Making Your Family Finances Work Harder

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If you’re worried about the increased living costs that have hit us all at the start of 2022, you are far from alone. It is a situation that’s uniting families up and down the country. While we hope that action to combat the costs, it’s evident that we must also look to take care of our own situations too.

Of course, it would be great to increase your earnings this year through promotion or a side hustle. However, learning to make the available funds work a little harder will be equally key for fighting inflation and rising costs. Here’s how to do it in style.

Begin with improved daily habits 

Small but recurring improvements often yield the biggest improvement. Perhaps the best place to start, then, is your family’s eating budget. We waste 9.5 million tonnes of food annually in the UK, and it costs families dearly. You can reduce your waste by batch cooking, buying smaller quantities, and growing vegetables in the garden. Yellow sticker shopping at the supermarket can be another wise move. If nothing else, addressing your eating habits will put you in the right mindset for further updates and savings.

Take The DIY Route

Every family needs (or at least wants) to update their home on a frequent basis. While some jobs like boiler installations require a professional, many others can be done by you. Most decorating updates can be done with a little hard work and research through online tutorials. You should always look for the affordable options when updating the nursery, for example. Not least because your son or daughter will want the room to be updated again by the time they reach school age. Save the expensive ideas for when they get older.

Calculate Everything

We all have to borrow money or make purchases using credit from time to time. This is especially true for big items like cars and properties. The worst thing you can do in these circumstances is enter an agreement without knowing the full situation. A car finance calculator will tell you the full details of a proposal, including the principal costs, interest fees, and overall cost. This lets you make a calculated choice before applying for a loan or line of credit. Knowing the full level of your commitments will be key.

Take Advantage Of New Customer Offers

Changing your TV and internet package every 12 months may be a minor inconvenience. But if it allows you to take advantage of new customer offers that help you save hundreds of pounds each year, it has to be a worthwhile trade. Similarly, if you get offered a free 3-month trial of a streaming service, you should use it and cancel your current one until that time is up. Altering mobile phone packages, energy supplies, and insurance plans can all add to the annual savings. And this will save more cash for enjoying life to the max.

Implement all of these improvements and your finances will look a whole lot healthier. The results will show quickly and can be enjoyed for years to come.

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