Our 3 Top Budgeting Tips For Large Families

Living in a big family household? Whether you’ve got lots of little ones or a few troublesome teenagers at home, you’ll know that catering for everyone can quickly get very expensive very quickly.

From groceries to clothes and games, there are plenty of unavoidable expenses to factor into your budget. Add to that the pressures of inflation and cost-of-living increases, and it’s hardly surprising that many families are struggling to afford the essentials. 

Learning how to budget effectively means you can make the most of your income and help your family thrive.  

1 Establish a clear budget

Most importantly, you need to set a budget that you can realistically afford. 

Track all income sources and try to categorise your monthly expenses, planning carefully around all the usual essentials. These typically include groceries and utilities, but you’ll have the best idea on the specifics for your family. You can find detailed, free advice on creating a household budget.

This is your opportunity to distinguish between the things you need and those you only want – and could get by without. Prioritising your spending should be a process of supporting your family’s health and growth without excess or indulgence. 

2 Save on regular bills

Next, you should try to identify opportunities to reduce your regular expenses. From utility bills to mobile phone contracts, it’s likely that you’ll be covering multiple direct debit payments for yourself and other members of your family too.

Start by reviewing your providers to see if you can find more cost-effective policies or plans. You can also use online comparison tools to see if you could get a better deal elsewhere. If your family owns more than one car, you could consider getting multi-car insurance to save on cover.

Avoiding unnecessary journeys by car could give you more pocket money. Don’t forget that small changes to your daily habits, like switching off the lights or TV, could reduce your spending too. 

3 Shop smart

Finally, being efficient helps you to save on grocery shopping too. 

Sit down with your family and discuss money-saving strategies like writing weekly meal plans, shopping with a list, and buying your favourite products in bulk when they’re on offer. Make the most of supermarket apps or loyalty cards, which could enhance the savings you make on your weekly shop. 

If you or anyone else in your family usually buys lunch during the week, you could try preparing portioned meals at home to cut down on these additional expenses. Remember, every little effort could contribute to big savings.

Ready to cut back and start saving? After just a few months, you might be surprised to see the gains you can make for your family. Good luck!