Regardless of how well off you are, it’s always worthwhile to look for ways to save on your outgoings so that your family budget stretches further. A common way people can bring an unexpected lump sum into the household is to reclaim PPI. Many don’t even realise they are entitled to a refund, and it can bring you thousands of pounds that you weren’t expecting.
Here are our top 5 tips for making your family budget stretch a little further.
1. Order your shopping online
When you do your grocery shopping online, it’s much easier to track your spending and items as you go, and you can easily check your cupboards for what you need.
Standing in the supermarket wishing you hadn’t forgotten your list can lead to you needlessly buying things ‘just in case’.
By shopping online, you can also avoid impulse buys like picking up chocolate while you’re at the checkout.
2. Use natural products to clean your home
Bicarbonate of soda and vinegar are a low-cost cleaning solution and can really go a long way. And, as a bonus to saving you money, by cleaning this way you will actually have a healthier environment than if you bring lots of nasty chemicals into your house.
3. If you do get extra, unexpected income, pay off debts first
If you do manage to score a windfall when you seek to reclaim PPI, you might think of building a savings account. Before you do, think about paying off any debts you have outstanding – this will actually save you more money and free up your income flow quicker.
When you lock money away in a savings account, any income it earns won’t match the savings you make by clearing your debts.
4. Set a little aside each week from your grocery budget
By having a little extra set aside from your weekly grocery budget, you’ll build up a little fund to use on more expensive items like toiletries and dishwasher tablets when they go on sale.
This way, you can stock up on the cut-price goods and make greater savings in the long term.
For example, if you buy 6 months-worth of dishwasher tablets when they’re on half-price sale, you’ll be all set right up until the next time they go on sale, saving you a significant amount in the long term.
5. Introduce Meatless Mondays to your house routine
Meat is one of the more expensive food items out there. If you have one day a week where no meat is needed, you will be surprised at how much money is saved over time. And you can enjoy the added benefits of helping your family’s health and reducing the strain on the environment.
If you have a good family budget in place, you’ve already taken a big step in managing your finances. But there is always more you can do to save money, and by following the tips in this article you’ll stretch that family budget a little further and enjoy greater savings in the long term.