Top tips for saving money and protecting your finances when you have kids

As I said in a previous post, I’m always looking for ways to save money.  If you google the cost of raising a child in the UK, the figure that you get is an incredibly scary £230,000.  OK, that’s to the age of twenty-one and it does include the cost of sending them to university, but even so, how do any of us ever manage to do it?  No wonder that money is always tight.  It makes you realise just how important it is to protect your family financially, so here are my suggestions for making your money go as far as possible and for protecting the family finances from unforeseen events.

Entertain your kids with free activities

I’ve written a lot about arts and crafts stuff that you can do with your children for next to nothing.  It’s not just about entertaining them cheaply though, because the experience they get from working with you and using their imaginations is actually a much richer one than an expensive day trip to a theme park where you stand in a queue for hours on end.  If you live in a city they’ll be plenty of free museums, parks and events on offer, so get online and get organised.  It might take more effort to pack a picnic and cycle somewhere, but I guarantee you’ll all have a better time than driving in heavy traffic and buying fast food.

Don’t miss out on family discounts

I love a good discount, who doesn’t? Get restaurant vouchers online and you’ll be amazed at what you can save.

Set up a savings account

In my experience, the more you’ve got, the more you spend, so set up a standing order and siphon off some money each month into a savings account.  It’s like paying into a pension, after a while you don’t even notice.  Then when holiday time comes around or there’s a school trip to be paid for, you’ve got a little nest egg to help.

Get a family railcard

It’s way nicer travelling by train with children than a long car journey and with a family railcard it’s also so much cheaper.

Protect your family’s finances by taking out life insurance

If you’ve got a mortgage, you’ll have life insurance, but if it’s the one provided by the lender, you might be paying more than you should, so it makes sense to shop around for the best deal.  If you haven’t got life insurance, you really need to think through what would happen should an accident happen. Getting it ensures that your family’s finances will be protected.

Are you eligible for tax credits?

It’s estimated that four million families are missing out on tax credits.  Are you one of them?  Get online and check.

Don’t be charity shop shy

I’ve written before about how I love finding treasures in the charity shops, but they’re also a great source of new clothing for you and your family.  There’s no shame in getting a bargain and you’ve got the added satisfaction of knowing that your money is going to a good cause.

Disclosure – this is a collaborative post