Top money-saving tips for families
Saving money is easier said than done, especially when you have a family to look after.
So whether you’re a single parent, you’ve got your first baby on the way, or you’re a seasoned expert in parenting, we’ve put together our top money-saving tips for you.
Railcard
Railcards are often overlooked. But if you and your family are regulars on the train, it’s worth looking into a railcard.
A Family & Friends Railcard gives you 1/3 off train fares for up to 4 adults and 60% off for up to 4 kids between 5 and 15.
Sprive
If you’ve never heard of it before, Sprive is designed to accelerate your mortgage payments.
It calculates the ideal amount to save using AI technology, allowing you to make overpayments with a single tap.This app is compatible with 12 UK mortgage lenders and also offers cashback from select brands.
Jinesh Vohra, Sprive's CEO, said the app has helped users save around £8,000 in interest and reduce their mortgage term by approximately three years.
Saving money on your life insurance premiums
It goes without saying that when you’re starting a family, sorting your life insurance is a no-brainer. But there are still so many people who don’t know the benefits of using a brokerage.
One of the biggest perks of using a brokerage to help you take out your life insurance policy is that we can save you time and money.
So, instead of wasting time scrolling through comparison sites and ending up with a policy that doesn't serve you like it should, come to Caspian for help setting your policy up.
Batch cook
If you’re still cooking three meals a day, you need to start batch cooking.
By introducing batch cooking into your lifestyle, you could cut a chunk off the time you spend in the kitchen and save yourself some money at the same time. Plus, by prepping your meals ahead of time, you’ll have the added bonus of less food wastage.
No spend weekend
When was the last weekend you didn’t spend any money at all?
Why not go a whole weekend without spending any money? Not only does this force you to think of more inventive ways to spend your time but you’ll give your bank account a break for a couple of days.
Kids bank accounts
By opening up a children's regular savings account, you could get better interest rates.
Halifax and Barclays offer around 3.5% interest rate, and Darlington Building Society is recommended for Junior ISAs.
Save the same as you spend
Want to splurge? Consider saving the same amount first. If you regularly overspend, why not deposit the same amount in your bank account first?
Say you see a nice T-shirt you want for £30; try putting £30 into your savings first. You’re probably more likely to think twice about that purchase, and if you stick to it, you could quickly rack up the pounds in your savings account.
Life insurance benefits
Taking out life insurance these days can come with all sorts of rewards and freebies.* But only if you know where to look.
By coming to us, an award-winning life insurance brokerage, we can help you find the policy that best suits your and your family's needs and wants.
Here are just some of the benefits, rewards, and discounts you could access when you take out life insurance with one of the UK’s leading providers:
- Access 24/7 virtual GP appointments
- Expert second opinions for diagnoses
- Online mental health support and up to four therapy sessions/year
- Up to 36% off FitBit devices
- Up to 50% off gym memberships
- Up to 81% off Bluecrest health screenings
- Up to 40% off Garmin watches
- Up to four therapy sessions a year
- Support from personal nurses for a range of mental health problems
- Free 12-month Headspace subscription**
Wonky 5-a-day?
Next time you do your weekly food shop, take a closer look at the fruit and vegetables.
Many mainstream supermarkets offer cheaper prices on fresh fruit and veg that aren't perfect. So, if you’re not too fussy about your food's appearance, use this hack to save some cash on your weekly shop!
Too Good To Go
This app lets you purchase unsold food items from cafes and stores at a significant markdown. Users have reported saving over £35 per month using Too Good To Go.
You can purchase their Magic Bags' ranging from £3 to £5, that contain food nearing its expiration date. It’s a win-win for reducing food waste and saving money.
Plum
Loved and used by over 1 million people, Plum is a money-saving app that can help you put away some serious cash.
Plum links to your bank account (compatible with all major UK banks) and analyses your spending to determine the best amount to put away every week.
Through AI, automation, and other features, Plum feels like it has a mind of its own. This clever app can track your spending habits, and help you save.
Olio
Olio is a sharing app for local communities, making it easy to give away the things you don't need to someone else who would value them. This service links you with others nearby with surplus grub to give away, so nothing goes to waste.
The app is free to download through the App Store or Google Play. Plus, although the app began as a way to combat food waste, you can now find all sorts on there: clothes, books, or toys - the list goes on.
Steer clear of buy now, pay later schemes
We’ve all heard of the likes of Klarna, Clearpay, and PayPal.
Buying something but not having to pay in the moment almost sounds too good to be true, right? Well, in some ways, it is.
But getting wrapped up in buy now, pay later schemes can see the debt soon mount up. If you make a late payment, you’ll likely incur a fee. Plus, late payments can negatively affect your credit rating.
The 1p challenge
This could be one for the new year. But the 1p challenge is a great way to save money without feeling like you're trying too hard.
All you need to do is save one penny on the first day, 2p on day two, 3p on the third day, and so on. After 365 days, you could end up with savings over £650. You can’t go wrong!
*Free benefits are not contractual and may be removed at any time
**Headspace reward is available on qualifying plans with Vitality and is subject to their T&Cs
