10 money saving tips for families

With the cost of raising a child until their 21st birthday rising to £225,000, it is clear that as a family, we need to budget more. Starting a family, or adding to your family comes with many challenges, so here are some everyday ways I look at saving money

simple money saving tips

  1. Shopping alone (or better, ordering my shopping online for delivery) and whilst I am not hungry.
  2. Looking for coupons for money off necessary purchases.
  3. Turning the oven off 5 – 10 minutes before a meal is finished cooking.
  4. Using free online printables for activities for the kids.
  5. Car boot sales can provide a great morning out – not only do I find great bargains, the kids also have fun.
  6. Cineworld offer movies for juniors, priced at just £1.50.
  7. Meal planning, bulk cooking and cooking from scratch. Together they not only help us to save money, but we can ensure that leftovers are used and that meals are healthy.
  8. Making sure we get the correct benefits.
  9. Selling outgrown clothes and toys on eBay or local Facebook selling groups.
  10. Seeking out free activities in our local area such as museums, libraries, etc.

Parenting can come with many unplanned expenses, so I know there may come a time when budgeting and cutbacks are not enough and I have to apply for credit. Having a good credit score means that I am more likely to be accepted for credit I apply for. It also makes me eligible for better rates from lenders. This is why I always make sure that my credit score is the best it can be. Understanding my credit score When I first viewed my credit score, I found it very confusing. The numbers seemed to be meaningless, but CreditExpert provided me with a wealth of information on how to understand your credit score. Simply put, my credit score is a number between 0 and 999, and the higher the number the better my credit score was. And the better my credit score, the more eligible I am for credit and getting better rates.

Why is my credit score important? Nowadays, lenders are gathering more personal information when making a decision about whom to lend to. My credit score lets potential lenders get an idea of how I manage my finances, and more importantly, how I managed my repayments in the past. My credit score is a reflection of how well I have dealt with my creditors in the past and it helps my potential lenders to predict their risk by assessing the type of borrower I will be.

Simple ways to increase my credit score

There are a few simple ways that I can improve my credit score.

  • Ensuring payments are made on or before the due date.
  • Registering on the electoral roll at my current address.
  • Spacing out my credit applications – this includes mobile phone contracts.
  • Checking my credit report to ensure there are no errors.
  • Asking my lenders to close any credit agreements that I have paid off and no longer in use.

I keep up to date with my credit score, because knowing my credit score is a powerful tool. It means that I can accurately judge which creditors and products would suit my current circumstances. It also lowers the chance of me being rejected for credit when I need to apply.

Follow:
Share:

1 Comment

  1. August 28, 2014 / 9:09 am

    Also making sure you unlink yourself from any credit you may have got with a previous partner in your life can help improve your own personal score.
    Angela Spicer recently posted..Are You Ready For Back To School?My Profile

Leave a Reply

Your email address will not be published. Required fields are marked *

CommentLuv badge