Budgeting for families: A practical guide to saving money

The cost-of-living crisis has dramatically reshaped household budgets across the UK. With average basket/food prices surging by 19.1% in 2023 and mortgage rates reaching their highest in over a decade, families are feeling the pinch more than ever, according to figures from the Office for National Statistics (ONS). 

As we navigate through this, it's crucial to find ways to stretch every pound further – so here are the practical tips on budgeting and saving that I’ve found to be most useful. I hope they’ll help you make the most of your family's hard-earned money.

Like many families, mine has felt the impact of rising costs. We've had to rethink our spending habits, from shopping smarter to planning more affordable outings. This journey has taught us valuable lessons in frugality and creativity, which I’m excited to share with you. We eat out rarely, preferring to cook fresh, healthy ingredients at home. We shop at pre-loved clothing stores and sell items on Vinted. We love to declutter and sell those items to make extra money, give unneeded items to friends or do an exchange of services. We also donate items to charity.

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Not yet a member? If you're working in or retired from the public sector or civil service, Boundless has two great membership options to choose from: Boundless and Boundless Plus. Enjoy unlimited access or discounted entry to many of the UK’s top attractions, as well as year-round deals on restaurants, holidays, shopping and much more.

Ways to budget your finances as a family

1. Use discount cards for grocery shopping

Supermarkets often have loyalty programmes or discount cards that provide significant savings on your weekly shop. For example, joining Tesco’s Clubcard or Sainsbury’s Nectar scheme can result in substantial discounts. By planning meals around offers and using these cards, you can save a tidy sum each month. 

Boundless members can often access exclusive supermarket discounts at chains, including Morrisons, Marks & Spencer, Waitrose and Tesco, further enhancing grocery savings. Have a read of this helpful guide to the deals and discounts on everyday essentials available to Boundless members, and this guide on how shopping discount cards work. 

My favourite and most generous loyalty schemes are Boots Advantage Card and the Co-op app. I use these on a weekly basis and save lots.

Never forget to check the yellow-sticker section for reduced-price food that you can freeze and keep for another day. A great yellow sticker bargain makes my day. 

2. Create a family meal planner

Meal planning is a game-changer. By deciding your weekly meals in advance, you only buy what you need, reducing waste and avoiding impulse purchases. This approach not only saves money but also time, as you won't have to think about what to cook each night. I love BBC Good Food for inspiration and simple recipe ideas – and here’s my Mrs MummyPenny frugal recipe for Slow Cooker Cottage Pie that’s really tasty.

3. Cook mostly at home

Eating out can be a significant drain on your budget. Instead, try to cook meals at home. Not only is it healthier, but it's also cheaper. Get the whole family involved in cooking to make it a fun and educational activity. We love to cook pancakes and cookies, and make smoothies for something a bit healthier!

Eat out for less with Boundless

For times when the occasion warrants it, or you really fancy a meal out, remember that if you’re a Boundless member, you can enjoy a delicious dining experience at an affordable price with tastecard. It offers access to dining discounts at a wide range of chains, such as Prezzo, Zizzi, Bella Italia, Café Rouge and Carluccio’s, as well as at local independent restaurants. Plus, with Coffee Club included, you can save on your daily coffee at Caffè Nero, Black Sheep Coffee, Krispy Kreme or your local participating coffee shop. And you can celebrate the end of a busy week with 50% off pizza delivery from Domino’s, Papa Johns or Pizza Hut.

4. Use cash-back and coupon apps

There are numerous apps available that offer cashback or coupons for everyday purchases. Apps like TopCashback and QuidCo can provide cash rebates on all manner of purchases and even utilities. I’ve been using TopCashback for all of my online purchases for 10 years, and have racked up thousands of pounds in savings.

5. Opt for free or low-cost family activities

Enjoying time together doesn’t have to be expensive. Look for free local events, parks and museums. Many communities offer free or low-cost activities, especially during school holidays. The local library and museums are an incredible resource for free activities. I adore my village library (it has several copies of my book ‘The Money Guide to Transform your Life’, which doesn’t hurt!). When in London, we love the British Library, the Tate Modern, the V&A and the Crick Institute.

Want to save even more on days out? Boundless members get free entry to top UK attractions and up to 57% off days out – find out more about Boundless savings. 

6. Shop second-hand

Buying second-hand can save you a fortune on clothes, toys and even furniture. Charity shops, online marketplaces and community swap events are great places to find quality items at a fraction of the cost. I’ve always done this with my family, and we do it even more so now. Why pay more when you can get quality second-hand pre-loved clothes from vintage and charity shops.

7. DIY household projects

Instead of hiring professionals for every minor repair or home improvement project, consider doing it yourself. There are countless online tutorials for DIY projects that can save you money. From painting a room to fixing a leaky tap, tackling these tasks yourself can be satisfying as well as cost-effective. I learned how to completely revamp my bathroom ceiling. It took me forever (!) but saved me £400.

8. Optimise your subscription services

Many families have multiple subscriptions for streaming services, magazines and more. Review these regularly to ensure that you’re only paying for what you use – if you’ve got Amazon, Netflix, iPlayer, Disney+ and Now TV, are you watching them all? Perhaps you could also consider family plans that offer savings, or share subscriptions with extended family members. 

9. Prioritise health and wellness

Investing in your family’s health can save money in the long run. Encourage regular exercise, balanced diets and preventive health care. This can reduce medical expenses and improve overall wellbeing. We love a Saturday morning Parkrun as a family. 

Boundless members have access to discounts on health and wellness days out, and fitness brands, making it easier to maintain a healthy lifestyle.

10. Use comparison sites for major purchases

When making significant purchases, always use comparison websites to ensure that you’re getting the best deal. Whether it’s electronics, appliances or furniture, these sites can help you find the best prices and deals. My website of choice is Idealo. I use this for all big online purchases, particularly at Christmas and birthdays.

The benefits of setting a family budget 

Navigating the financial landscape as a family can be challenging, especially in the face of rising costs and economic uncertainty. However, with thoughtful planning, resourcefulness and the strategic use of available benefits, it's entirely possible to manage household expenses effectively and even find room for emergency or retirement savings.

Ultimately, successful family budgeting is about consistency, creativity and adaptability. Regularly review your expenses, stay proactive in seeking out new deals and discounts, and be open to adjusting your strategies as needed. By fostering a culture of thriftiness and financial responsibility within your household, you not only alleviate financial stress but also set a positive example for future generations.

Happy saving, and here’s to a financially secure and prosperous future for all! 

Do more with Boundless

If you're working in or retired from the public sector or civil service, Boundless has two great membership options to choose from: Boundless and Boundless Plus.

With Boundless, you get unlimited access or discounted entry to many of the UK’s top attractions including Kew Gardens and Wakehurst and WWT centres across the UK, as well as year-round deals on restaurants, holidays, shopping and much more. With Boundless Plus, you can enjoy additional benefits including unlimited access to Historic Royal Palaces sites, National Trust for Scotland places, access to the Ramblers' extensive group walks and routes, and peace of mind with roadside assistance and local recovery by LV= Britannia Rescue.