Every Little Bit Counts

Money saving tips for hard working parents

Yes, you had a lovely break over the summer, but wherever you ended up going, it was bound to put a bit of a strain on your finances. Now the kids are back at school at least, but there’s the October week right around the corner, which means keeping the kids entertained, and then the countdown starts until Christmas. Don’t forget to factor in the repayments on the new television, the dog has to go to the vet and the car needs a service...
Yes, there’s a constant drain on our resources, but how can we make sure that we’re not wasting any of our hard-earned money each month?
Scotland Parent has some tips to help you on your way:

Don't spend what you don't have.
Easier said than done, right?  Keeping up with the McJoneses is a competitive sport in Scotland. But the reality is that the people you see with the flashiest cars and the latest gadgets are probably the ones with the biggest debts too. So make a resolution today to keep things simple, and stop living beyond your means.

Search for hidden waste
-    Are your credit card charges consuming a considerable chunk of your monthly budget and are there automatic charges such as subscriptions or monthly fees you can cancel?  Have a look into consolidating your balances or getting a lower interest rate and take the time to examine your credit card statement.
-    Take a good look at your mobile phone statement.  Are you using the services you’re paying for?  You might be better off with a pay-as-you-go deal.
-    Have you considered a media bundle deal?  There are countless offers with any combination of TV service, mobile, phone and broadband. Do your research and start saving.
-    What about cancelling your long distance service and purchasing budget phone cards – or if you have broadband internet access, start using a free service like Skype whenever possible.
-    Is it time to refinance your mortgage or car payments? Can you raise your insurance deductibles, which lowers your premiums?
-    Are you getting your money's worth from your gym membership, or could you walk, jog, or get on your bike instead? Don’t let those precious pounds go down the drain.
-    Consider becoming a one-car family – you'll save on petrol, insurance, and car maintenance.
-    Ask your utility companies how you can lower your payments.
-    Even simple changes, like turning down the temperature on your central heating or installing energy-saving showerheads and lightbulbs, can bring your monthly bills down.

Don’t buy on impulse. Don't go food shopping when you're hungry as you'll end up buying twice as much. Try not to take your children along on any shopping outing, if that’s at all possible.  Not only will you buy less merchandise, but less junk as well. Before shopping for food, create menus for the week and stick to a meal plan.   

Before shopping for clothes, make an inventory of your wardrobe.  Chances are you have more than you thought you did.  Buy your clothes on sale and make sure you have something for every occasion so you are not rushing out at the last minute to buy an expensive outfit for a night out.  And ladies…accessorise!  It is much cheaper to buy a fashionable accessory than an entire new outfit and chances are, everyone will remember that individual item that sets you apart and not the identikit outfit you just bought on the High Street.

Buy groceries online. The first time you shop for groceries online can be a pain, but it gets easier every time you do it.  Your shopping lists are saved and all you have to do is re-order.  You tend to avoid the temptation to spend over your budget as the tally is kept there in front of you.  And shops such as Tesco have their special offers well-organised.  By the time you’ve made your way through the buy1 get one free section you have already made considerable savings.

Shop and sell on eBay.  The internet auction site is becoming more and more popular every day.  There is no need to get obsessed, but saving hundreds of pounds on designer clothing can be quite exciting.  That is, of course, if you actually need it.  Go online and make a few purchases to build your profile and you are ready to go.

Cut coupons. Keep and use coupons and tokens. Set some time away each week to organise your coupons. Give the wee ones suitable scissors and get them to help you clip. There are also numerous online coupon websites, but be careful – you might get sucked into buying something you never dreamt of or really needed.

Don’t spend a fortune on toys. You all know the feeling of forking out for some expensive toy, only for your child to show more interest in the box than the fancy gift. So why not join a Toy Library, which allows you to borrow a toy for a fortnight for only around 25p.  You can even stay and play and then take away.  Toy libraries are also great places to meet new friends and teach kids good play skills. You should also try before you buy. Most Toy Libraries stock the latest toys so on the run up to birthdays and Christmas take your children and see what it is they like before you splash out. There are 120 Toy Libraries throughout Scotland. Visit www.natll.org.uk to find one near you.   

Start a babysitting co-op. Nights out are never the same again after you have kids. Not only do you have to pay for your meal, movie or concert, you also have to fork out for the babysitter, and make sure they get home okay late at night. So maybe a babysitting co-op is the answer. By trading babysitting duties with other families you're close to, you can save money on childcare and know you're leaving your child with people you trust.

Personal debt is widespread throughout Scotland, with poor financial planning the biggest cause. There is a range of free advice services online but don’t be afraid to contact a personal financial planner or solicitor. There will be a fee, but it may well be worth it if they help you to get out of thousands of pounds of debt and save you even more.  

Get started with the debt calculator at Debt Help Scotland, at www.debthelpscotland.co.uk.

Visit www.moneyadvicescotland.org.uk for a list of free debt advice agencies throughout Scotland.