In this blog we’ll look at money saving tips that are useful for a growing family. It is always a good idea to take a look at your finances and work out how to better manage your money and maximise your savings.

As your family grows, so do your expenses and outgoings. We’ll provide some practical ways to reduce your spending and save money.

Below are some simple tips for ways to save money.        

Set a goal for what you’re saving for

Decide what you’re saving for, how much money you need to save and by when. Whatever it might be, saving for a purpose feels good and is easier when you have a clear vision for your money in mind. Be sure to make it realistic to avoid disappointment. Keep reading below for different ways to save money.

Use a budget planner calculator

Budget calculators such as ours are great for a simple representation of your income and expenses designed to help you get a clearer picture of your finances. Check out our budgeting calculator. 

You could also try a budget planner app or personal budget planner. There are free versions of these tools online and they get you in the habit of tracking your spending. It also helps you understand where you’re spending and where you might save money by switching or eliminating.

Look for alternatives

To save money, you will need to get creative and look for alternative ways to fund certain activities. Try going for a walk or jog rather than paying for a gym membership. Try buying non-perishable items in bulk and take advantage of cash back schemes such as return and earn. Comparing insurances and electricity/gas suppliers is a good way to make sure you’re always getting the best deal.

Set up a savings account
A savings account with a great interest rate that encourages you to save money is a big help. Check out Horizon’s Reward Saver account to get started. It is easy to open an account online and deposit funds. Regularly putting money away into a savings account each time you are paid is also a key component to saving.

Check your statements
Get in the habit of checking your statements monthly for transactions that are out of the ordinary – it’s a good security practice. Every six months, check for memberships to clubs and societies you’re not actively involved in anymore so they can be cancelled, as should any magazine subscriptions or repeat direct debits you’re not using.

Change small habits
Another money saving tip is to look for regular expenses you could be cutting back on as you’re checking your statements. Daily coffees and eating lunch or dinner out all add up at the end of the week. Look up simple recipes online that you can cook at home and make it a family activity by getting the kids involved.

Get rid of un-wanted items
No matter what the season, it is always a good time to de-clutter. Take a look around your home for un-used or un-wanted items in good condition that could make you some extra money at a garage sale or online. Deposit any money you earn straight into a savings account, or allocate it to an upcoming expense before it is spent on anything else.

Hopefully these simple money management tips have given you a good grasp on saving, and will help you to manage your money in future.

Use our budget planner calculator to kick start your savings journey

Need some extra help with reaching your savings goal? Get in touch with the friendly team at Horizon today and let us help you on your journey.

Horizon Bank has a branch network along the South Coast and Illawarra: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong