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Tips For Saving Up For Big Family Purchases

Tips For Saving Up For Big Family Purchases

Those big family purchases that plague every budget sheet – how do you save up for them? Maybe you struggle for a while as you try to put 20% of your income into the pot per month? or maybe you’ve got a pretty strong credit card and a lot of debt to put away? No matter how you pay for your family, you know there’s going to be another big purchase just around the corner and you’re dreading it! That’s why we’ve put together a list of finance tips that could help.

Buy Used as Much as Possible

Toys and clothes tend to work out as big family purchases thanks to just how much of them you’re going to have to buy over the years. As such, count them in this clause and try to buy used as much as possible. This doesn’t mean you’re buying poor quality or dirty items, just second hand, pre-loved pieces that the kids are going to grow out of anyway. 

So visit charity shops on a regular basis and see if there are any vintage stores near you. These shops tend to be quite fun to browse through anyway, so they won’t be hard to add to the errand list! 

Start Saving Early

The earlier you save for something, the more money you’re going to have to buy it – the rule is really as simple as that. That’s why saving for retirement should start as soon as you enter the workforce. When you give yourself time, you have more cash to work with, which means you’re more likely to afford the items you actually want, compared to buying something that’s second hand or own-brand. 

Keep Car Hunts Simple

Buying a family car is hard work, thanks to just how many promises a manufacturer might make about family friendly features, which they then charge you ten times the price for. But if you want to save money for this kind of purchase, whether you’re shopping with mrg cars or at a second hand dealership, keep it simple. 

Know what you want ahead of time and stick to those principles – don’t be ‘wishy-washy’ about the features that are important to you, and make sure the dealer understands this when they try to push a ‘similar’ vehicle in front of you. 

Use Smart Tech in Your Home

Smart tech allows you to track the way you use your home. You get to see your bills go up in real time, whenever you use the electricity, heating, or water, and thus you can keep spending on these things to a minimum. 

Thermostats can help you to keep the temperature in your home to a consistent level, meaning there’s less likely to be sharp spikes around the summer and winter periods. Similarly, if you can use a smart meter to find out when your electrical use spikes, you can work to lower the price. 

If you need to save for your family, use tips like these.