As the cost of living continues to increase, millions of families are facing rising expenses and higher bills. If a pay rise isn’t on the cards, you might be wondering how you’ll maintain your standard of living without getting into a substantial amount of debt, but there are ways to reduce your outgoings. To start planning your financial overhaul, take a look at these six ways to cut the cost of raising a family in 2022:
1. Plan Days Out in Advance
Last-minute adventures and impromptu days out can be a fun way to spend time with your kids, but it can be expensive too. When you purchase tickets to attractions, like theme parks or zoos, upon arrival, you’ll typically pay a premium rate. If you buy tickets in advance, however, you can often benefit from ‘early bird’ discounts, which will help you to save a significant amount.
Similarly, if there’s a particular attraction or venue you visit regularly, check whether an annual family membership is cheaper than buying individual tickets. Depending on how often you plan to go, this can save hundreds in the cost of ticket prices over a single year.
2. Switch to an Electric Car
Motoring costs seem to be rising all the time, particularly as the price of fuel is at an all-time high. Unsurprisingly, more and more people are transitioning to electric vehicles in a bid to reduce expenses and avoid paying a premium for petrol or diesel. Many people assume that driving or buying an electric car is expensive, but it doesn’t have to be.
As more manufacturers release electric models and more electric motors come on to the second-hand market, prices are being reduced regularly. Furthermore, not having to pay fuel costs or road tax will significantly reduce your regular expenditure. For those looking to make this switch, there is a very useful guide on the ElectriX site which breaks down the key points you may have questions on.
3. Look for Group Activities
If your child is receiving one-to-one tuition, consider whether a group version would offer the same benefits. Many kids have one-to-one music lessons or academic tuition, for example, which can cost a considerable amount. By switching to group activities or tuition, you can cut the cost while still ensuring that your child is getting the instruction and support they need. What’s more – your child may even enjoy a group setting more than one-to-one learning.
At the same time, review how many activities or groups your kids are taking part in and find out whether they’re still as committed. If you regularly have to persuade your child to attend a group or they miss sessions because they don’t want to go, you may be able to reduce costs by finding alternatives or spending more time on other hobbies.
4. Find Alternative Childcare
Childcare is one of the largest costs that parents face, which is why it’s so important to find reliable, cost-effective childcare options. If you have friends or family who are willing to help out, you might be able to reduce the number of hours your child spends in a formal childcare setting, for example.
Alternatively, consider whether your child is capable of keeping themselves entertained if you’re able to work from home. Depending on their age, you may be able to set tasks and activities for them and work while they play, which will cut your childcare costs and help you to boost your finances.
5. Start Batch Cooking
If you’ve noticed your grocery bills increasing over the past few months, you aren’t alone. The cost of food seems to be rising steadily, which is why many families are making cutbacks when it comes to shopping. If you want to spend less at the supermarket and reduce food waste, batch cooking can be a great option. In addition to costing less, batch cooking also means that you can prep meals in advance and spend less time in the kitchen each day – so there’s many benefits to be had!
6. Check Out Different Providers
Instead of simply accepting price hikes and rising costs, find time to do some research and identify providers who can offer similar services at a lower rate. From electricity and gas companies to plumbers, landscapers, and broadband providers, there are lots of ways you can reduce your regular expenditure. By finding fixed-rate deals and tariffs, you can even set your expenses for the next six or twelve months, which will give you a more accurate idea of how much you’re likely to spend and enable you to budget more effectively.
Reviewing Your Family’s Finances
Dealing with financial matters should always be a top priority, even though it’s something that’s tempting to put off to another time. By taking control of your finances, however, you’ll find easy and innovative ways to cut the cost of raising a family and be able to spend more on the things you all enjoy.