Budgeting Tips For Families
Money makes the world go around, and pretty much controls our lives. Whether we have enough of the stuff or not, our thoughts are often dominated by what we can afford and what we wish we could afford. Budgeting with a big family can be a challenge, especially if the amount of money coming in isn’t as much as we would like. Believe me, I know. When our children were small, I was a stay at home mum, and things were tight. We weren’t in debt, but there was nothing to spare. It was stressful and not what I had imagined before we got married and started a family. Having a big family can be incredibly rewarding, and I don’t regret it at all, but it is expensive. Which is why I’ve come up with some helpful budgeting tips for big families.
Budgeting Tips To Help You Take Back Control!
Managing your budget is the key to survival. That doesn’t mean you’ll suddenly be able to afford your dream house (I’m still waiting for that one). But it will help you to save money, and you won’t be taken by surprise each time you check your bank balance. Now, some people are planners and love structure. These people will probably find budgeting easier than those who like to go with the flow and live spontaneously. Whether you’re organised or more of a free spirit, the budgeting tips below are worth trying out, so you can have more control over your money and your life. These tips aren’t just for families who are feeling the pinch. If you’ve got a healthy income and plenty of spare cash, managing your money is still important. So, take stock, make a plan, and look after that money well.
Where To Start With Budgeting?
The first thing I would recommend is to make a list of how much money is coming in each month. Write that number down. If you have a regular wage, this shouldn’t be too difficult. If your income fluctuates, I would go with the minimum that usually comes in as you don’t want to budget for money that might not materialise. Then, make a list of all the essentials that you have to spend money on such as your rent/mortgage, gas/electric bills, car costs, council tax, etc. Be honest with yourself about what is essential and what isn’t. Add the essential costs up and take them away from the monthly income. The resulting figure is how much you’ve got to spend on everything else.
- How much money is coming in each month?
- What are your essential costs?
- How much is left over?
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Budgeting Tips For Food
What about food? Isn’t that essential? Yes, of course food is going to be high on your list of costs. Obviously, you need to eat, and feeding a family doesn’t come cheap. But, how much you spend on food is a really big part of managing your money. That’s why it’s important to follow the steps above first, so you know what you can afford to spend on food, and what you can’t. Here are my budgeting tips for saving money on food . . .
- Write a weekly menu
- Write a shopping list
- Step away from convenience foods
- Eat less meat
- Freeze leftovers
- Keep your cupboards stocked with the basics
- Limit the takeaways
- Save meals out for special occasions
Food Budgeting Tips #1: Write A Weekly Menu
Planning is the key to budgeting. It might sound boring, but if you plan what you’re going to cook for the week, you can buy what you need instead of just grabbing any old stuff. And you won’t end up having mince four nights in a row because you didn’t think ahead. I recommend writing the menu where everybody can see it. Ask your family for meal suggestions if your run out of ideas.
Food Budgeting Tips #2: Write A Shopping List
Following on from the previous point, take a shopping list with you to the supermarket. You’re less likely to blow the budget on snacks and special offers if you know what you’re looking for. If you see something on offer that you would have bought anyway, go for it and stock up. Just make sure it’s not going to tip your budget in the wrong direction.
Food Budgeting Tips #3: Step Away From Convenience Foods
Sometimes, you’re tired or busy, and cooking a meal is the last thing on your mind. You just want to chuck a jar of sauce over some pasta and dump it on the table. Or stick some pizzas in the oven. However, if microwave meals and food from the freezer are your go-to at dinner time, consider cooking some simple meals from scratch. Start with a few basic recipes rather than attempting something complicated and then giving up when it doesn’t work. Convenience foods are expensive, and will have a big impact on your budget, so cooking some basic meals will save you a significant amount of money. Don’t know where to start? Take a look at my recipe for easy spaghetti bolognese.
Food Budgeting Tips #4: Eat Less Meat
Occasionally – usually after a week in Devon, surrounded by cows and sheep – I flirt with the idea of becoming a vegetarian. I like the idea, but I also love eating meat. The problem with food budgeting is that meat is expensive, especially if you prefer to buy meat that has been reared responsibly. With so many great vegetarian recipes available, replacing one or two meals a week with a sensible veggie alternative will save you money. This blue cheese and vegetable tart is popular in our house, and is a great place to start.
Food Budgeting Tips #5: Freeze Leftovers
Got a spare portion left at the end of the meal? Transfer it to a suitable container and stick it in the freezer. When you’ve got enough meals in there, have a potluck dinner with each person having one of the portions. Remember to defrost and re-heat meals thoroughly. Food that has a lot of cream in it doesn’t freeze well. This is best kept in the fridge.
Food Budgeting Tips #6: Keep Your Cupboards Stocked With The Basics
Some foods such as pasta, rice, tins and unopened jars have a long shelf life. Try to keep a good selection of these in your cupboards, so you’ve got them when you need them. If you ever have a dinner emergency, you’ll be less likely to waste money on a takeaway if you’ve already got some basic ingredients in.
Food Budgeting Tips #7: Which Brings Me On To Takeaways . . .
The fast food industry in the UK is massive. We are bombarded constantly by adverts for fast food on the TV, at bus stops and on flyers through our front doors. Sometimes, the offers seem pretty good. I’m not saying you should never get a takeaway, but have it as a treat. And grabbing a coffee or a meal deal has become such a habit in the UK that it’s easy to think of it as an essential. It’s not. Sorry to sound dramatic, but takeaways are a huge waste of money when you’re trying to budget sensibly. Don’t get me wrong. I love a curry or a pizza as much as the next person. But, with a family, it’s just not worth it. My advice is to keep takeaways for special occasions.
Food Budgeting Tips #8: . . . Followed Closely By Eating Out
Feeding a family at a restaurant can cost a lot, so save eating out for special occasions. Do your research before booking, and prioritise restaurants that have special offers. You can often find pretty good deals if you look for them. Many places have offers on certain days or will send vouchers if you sign up to their mailing list. Figure out roughly how much it’s going to cost before you go, so you can decide whether you can afford it. If money’s tight, cut corners where you can with drinks and puddings, for example. We tend to limit our kids to one drink each. After that, it’s tap water.
Budgeting Tips For Holidays
This is a subject that’s very close to my heart. I look forward to holidays more than anything else. And I think that going on holiday together is vital for your family’s mental health. Whether it’s a safari in Botswana or a caravan in Weymouth, a change of scenery and taking time to stop and breathe does wonders for our sense of wellbeing. If you can afford to do something fabulous, go for it. Got the budget for Disney? Book it! But, the simple holidays can also be enjoyable. Our kids love the beach at Bantham in Devon, and have a great time bunking in together at various youth hostels around the UK. These holidays aren’t expensive, but they are fun.
Before you book your next holiday, I recommend the following:
- Manage your expectations
- Decide on your budget before looking at destinations
- Only book a holiday that you can realistically pay off before it starts
- Consider your holiday options
Holiday Budgeting Tips #1: Manage Your Expectations
Even though holidays are important, they can be one of the biggest ‘non-essential’ uses of your money. It’s important to manage your own and your family’s expectations. It’s easy to get carried away planning a holiday you can’t really afford. Don’t promise something only to take it away when you look at the price. So, book it before you tell the kids! And do your research. Often, the same holiday comes in at a different price with different companies.
Holiday Budgeting Tips #2: Decide On Your Budget Before Looking At Destinations
Consider your options carefully before deciding on a particular destination or type of holiday. Flying to an all-inclusive resort sounds amazing, but can you actually afford it? Is there somewhere else you could go that the kids would enjoy just as much? Be realistic about your budget. It might be that your dream holiday is out of reach (mine is a Disney cruise, in case you were wondering), but don’t be tempted to book something in haste and regret it later. Whichever holiday you book, you’ll enjoy it a lot more if you know that you can afford it.
Holiday Budgeting Tips #3: Only Book A Holiday That You Can Pay Off Before It Starts
My general rule is that our holidays must be paid off in full before they start. If you can pay the whole balance at the time booking, great. Sometimes, it makes sense to put down a deposit in order to take advantage of a particular offer, though. We do this each year with our Center Parcs Europe holiday. We then pay the rest nearer the time. If you go for this route, be realistic about how and when you’re going to pay the balance. Also, consider how much spending money you’ll need, but don’t be tempted to just stick it all on the credit card. You don’t want to spend the next year paying off a holiday that’s been and gone.
Holiday Budgeting Tips #4: Consider Your Holiday Options
If you’ve got a particular type of holiday in mind, but it’s a bit of a stretch, consider other destinations that would offer a similar experience.
Swap Disneyland Paris For Efteling
Love theme parks? Desperate to do Disney, but horrified by the prices? Why not take a look at Efteling in the Netherlands? One of the most popular theme parks in Europe, families can stay in one of the onsite hotels for a fairly reasonable price. Tickets to the park are included with every booking, and some accommodation options also include breakfast. With rides to suit both thrill seekers and younger members of the family, this is a beautiful park and a great holiday destination. We visited Efteling last year, and loved it. Discover Efteling.
Swap Center Parcs UK For Center Parcs Europe
With amazing swimming pools and loads of activities, I think it’s hard to beat a Center Parcs holiday. But, the prices at the UK villages bring tears to your eyes, particularly if you’re looking at the school holidays. Did you know that Center Parcs also has villages in France, Belgium, Germany, Denmark and The Netherlands? Most have a similar look and feel to the UK villages including an Aqua Mundo and various activities. And the best bit? The prices are generally a lot lower than the UK villages. Yes, you have to get there, with ferry or Eurotunnel being your best options, but it’s still worth taking a look. You might be pleasantly surprised. Find out everything you need to know about visiting Center Parcs in Europe.
Take The Kids Youth Hostelling
We started youth hostelling with our kids several years ago, and haven’t looked back. With youth hostels all over England and Wales, the Youth Hostelling Association (YHA) offers plenty of choice whether you want to stay near a beach, in the countryside or fancy a city break. Rooms are basic with bunk beds and lockers, but there’s everything you need for a cheap holiday. Most hostels have rooms for big families and pretty good self-catering facilities if you don’t want to spend loads of money on eating out. Check out the range of hostels on the YHA website.
Book A Staycay
Lots of families are choosing to stay in the UK for their holidays. We particularly love South Devon, but there are fantastic holiday destinations all over England and Wales. Norfolk and the west coast of Wales have beautiful sandy beaches. The Peak District and North Wales have incredible mountains and scenery. Staying in a cottage or house gives you the option to eat out or save money and self-cater. Take a look at the range of accommodation available with Toad Hall Cottages. With cottages throughout the east, west and south-west of England, there are plenty of options for big families.
Budgeting Tips For Household Extras
Of course, there will a hundred and one other things that you will want or need to spend your hard-earned money on . . . clothes, school uniforms, clubs, music lessons, etc. The list goes on, and every family will choose to spend their money differently.
Pocket Money
How much pocket money do children actually need? There is no easy answer to this question. In my mind, pocket money should just be for the little extras that aren’t covered in the regular household bills. In our family, we don’t expect our children to pay for anything that they need such as food, clothes and travel expenses. Their pocket money is for the fun things like make-up, jewellery, snacks/fast food, that kind of thing. If they want to buy something they can’t afford, they have to save up for it or we’ll buy it and keep it for their birthday or Christmas. It sounds harsh, but teaching children to save, and to consider what they buy will, hopefully, help them to manage larger amount sensibly when they grow up. As a guide, we feel that £10 a month for older children is about right.
Should Children Be Paid To Help With Household Chores?
Again, no right or wrong answer to this one. Every family will have a different idea of what to expect from their children. Personally, I feel that pocket money should not be earned or taken away. I also feel that children should help with some basic chores without expecting anything in return. They’re part of a family, and families help each other. I’m talking a bit of vacuuming or unloading the dishwasher, not big unpleasant tasks such as cleaning the bathroom or the kitchen.
Top Budgeting Tips From My Family
So, in the interests of research, I decided to ask for some budgeting tips from my husband and older children . . . with some helpful and some not so helpful replies. Here’s what they said:
Mark’s Budgeting Tips
‘Don’t go food shopping when you’re hungry.’ Well, I definitely agree with this one. It’s a lot harder to resist doing a supermarket sweep when you’re hungry, and everything looks delicious. If you’re hungry, you’ll end up buying far more than you intended to, so eat before you shop.
‘Set aside some money each month as a buffer for birthdays, Christmas and unforeseen expenses.’ If things are very tight this might not be possible. If you’re able to put aside a small amount each month, you’ll be glad of this little pot when the time comes.
Daniel’s Budgeting Tip
‘Open a Monzo account for holidays abroad.’ This is a great tip from Daniel, who has spent a lot of time travelling through Europe in the last couple of years. If you’ve read my post on essential items to pack for your Center Parcs holiday, you’ll know that I’m a big fan of Monzo. When you’re paying for a holiday in foreign currency, Monzo won’t charge you an exchange rate, so there are no hidden fees. When you use your Monzo card abroad, you can choose to pay in the local currency or in British Pounds, so you know exactly what you’re spending. Again, you won’t pay an exchange rate like you would with most other banks or credit cards.
Caroline’s Budgeting Tip
‘Don’t impulse buy.’ Another helpful suggestion. If you’re having a mooch around the shops and see something you love, walk away, leave the shop, and come back later or on another day. It’s surprising how we don’t love some things quite as much when we’ve had time to think about them.
Chloe’s Budgeting Tip
‘Don’t have a big family.’ Right. I think it’s a bit late for that, so not particularly helpful. In all seriousness, though, if you’re feeling overwhelmed with an unexpected pregnancy, and don’t know how you’re going to cope with another baby, please talk to the lovely people at the charity ‘Life.’ Visit their website at lifecharity.org.uk or call their national helpline on tel:08088025433.
Start With Small Changes
Trying to create order when you’ve got money going out left, right and centre can seem like an impossible task. Maybe you’re looking to overhaul you’re entire budget. Or maybe there’s plenty to go around, and you just want a few pointers. If you’re new to budgeting or if you’ve been managing your family’s finances for a while, try starting with a few small changes. Pick some ideas that ring a bell from the suggestions above, and have a go at pulling back in those areas. Even small changes will make a difference in the long run.
If you’ve found this article helpful, let me know how you get on. Have you got some budgeting tips of your own? Pop them in the comments!
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