Managing the Household Budget: My top 5 Tips

Are you currently trying to save up for a family holiday, a house deposit or even something else? It can feel quite difficult to save when you first start and in the beginning you do feel such a long way off. But I've come up with some of my own tips on how you can manage your household budget to allow for more saving! 

1. Use loyalty cards!

Tesco clubcard (as an example), is one of my favourite loyalty cards. We shop with them every week and so collect lots of clubcard points up with them. We are then sent money off vouchers quarterly for the points we've collected. You can use the money off vouchers towards your shopping OR you exchange them for things like restaurant and days out vouchers.

2. Always compare insurance renewals!

I always use comparison sites to check that I am being quoted fairly when any insurance renewal comes through the door and most of the time I do end up finding myself a better deal. I will either switch to a new insurance company or I will ask my current provider to match the better quote and most of the time they do. 

3. Shop online!

I do my grocery shopping online every week and find it saves me so much money when compared to me physically going in to the store to shop. I tend to browse if I am in in a store and then end up spending extra money, so shopping online works out quite a lot cheaper for us. I also think that buying other sorts of products from places like Amazon or eBay works out cheaper in some cases compared to what you might pay in a store.

4. Sell things you no longer need/want! 

If you've got things you no longer need/want floating around your home in cupboards or the attic, why not make some cash selling them? I think the best site to use to do this is eBay. If you're not quite sure how to make the most money for your items, have a look at my blog post about the Best kept secrets of selling on eBay.

5. Open up a savings account!

Set up an automatic transfer from your main account to your savings account every month. Since it'll be automatic this means you won't ever accidentally spend it (or be tempted to). It's so easy to set up up and once you've done it, you never have to think about it again.

Extra tip: If you are thinking of saving up for a home of your own but aren’t sure if you could afford the repayments, there are calculators that you can use that will help you. For example, take a look at TSB’s mortgage repayment calculator.

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