Money-saving tips for family budgets

As the cost of living keeps going up, here’s a few more ways to make your cash stretch, says Imy Brighty-Potts

Some 1.2 million subscriptions were cancelled over the past six months, according to Lloyds Bank, with customers tightening their budgets as the cost of living soars.

Plus, nearly one in five people (18%) say they have no disposable income left to spend after their essential outgoings have been paid for, according to a survey by HSBC.

Many families are having to think about their spending right now, and are looking for extra ways to save, cut back and make their cash stretch.

We asked money-saving experts to share some tips to help households stay in the best financial shape... 1. Walk, cycle or get the bus

It might seem simple, but ditching the car could make a massive difference.

“Petrol is insanely expensive right now, as are trains. But there are great deals on railcards. It is £30 for a family and friends railcard and that’s for a whole year and a third off of tickets,” says Jasmine Birtles, founder of MoneyMagpie.com.

Buses, generally, are the cheapest mode of public transport. And if you do still need a car for some things, it might be possible to keep costs as low as possible. “Check out websites like petrolprices.com to see where you can get fuel the cheapest,” suggests Ms Birtles.

“Or consider carsharing for regular journeys.”

2. If you didn’t miss something during the pandemic, don’t spend money on it now

The start of the pandemic in early 2020 halted all of our lives – but it also meant that for some people, who could no longer spend on socialising and travel, for example, opportunities to save money grew.

Richard Dana, co-founder and CEO of ‘family-focused mortgage broker’ Money (tembomoney.com), says he was able to save more than usual during the lockdowns – and it’s influenced his family’s approach to spending now.

“We haven’t done any travelling or been out much, so we have focused on enforced saving.

“Now we have come out of that, we are much more conscious of what we spent, and now we know we don’t miss certain things,” Mr Dana explains.

3. Be savvy with food shopping

Ms Birtles says the first way to save money on your food shopping and groceries is to go down a brand.

“If you are used to buying Heinz beans, try the Lidl or Aldi alternative,” she says.

It might just look like a 30p or £1 difference here and there but those savings can add up over the course of a month or year.

Minna Chen, a growth strategic marketer and Chinese social media influencer, has a wealth of tips.

“People often forget to use cashback sites when purchasing groceries. As long as you are shopping online, you can get cashback by going through the provider’s website first,” says Ms Chen.

4. Budget wisely

When it comes to budgeting, Money TikToker Gabriel Nussbaum believes following a strategy is key.

“Always look to save money from one of your three big expenses: housing, travel and food,” suggests Mr Nussbaum.

“Little savings are, of course, important, but often these can be small luxuries that actually improve your life drastically compared to their cost.

“Take buying a coffee for example: that coffee could be your morning ritual that gives you an extra burst of energy and brightens up your mornings – cutting it out won’t save you a lot of money, and would take away something you truly enjoy.”

FUNDS: Pulling together on some cost-cutting and saving strategies can transform your family’s spending power.