Money Saving Ideas For Families

Cost of living increases, school fees, medical expenses, soaring housing and rental costs, inflation, and interest rates that seem to never fall; raising a young family in modern-day Australia is not easy. But there are plans and steps you can put in place to reduce these financial burdens and get ahead. And we’re here to help you do precisely that. 

ActOn Wealth provides experienced, tailored financial planning for families in Melbourne and Australia. You’d be surprised how affordable our tailored services can be, so don’t try to get through this alone; contact us to find out more. 

In the meantime, we’ve developed this handy list of ways to save money as a family. Here, you’ll find practical money-saving strategies for families that are achievable, easy to introduce and geared towards protecting and growing your wealth. 

Money Saving Tips For Families 

Money-saving ideas for families are often hiding in plain sight. There’s no need to make this any more complicated than it needs to be. Keeping the ideas smart, simple and achievable is key. 

Start With the Family Budget and Cashflow

A family that budgets together builds wealth together!

Indeed, it all starts here if you want to know how to save money for your family. Before they come to us, many families think they have a budget and a rough idea of where money is going. However, our financial advisers take your cash flow management to a whole new level. In saying that, we don’t advise you to introduce harsh austerity measures; that never works. But we do dive into the detail and adopt a near-forensic approach to how you spend your money and where. 

It’s important to add that we’re not here to judge. We’re here to simply help you get ahead by understanding what will bring you the most value, and how you can move the dial in meaningful ways. We’ll recommend clever, simple-to-adopt saving techniques and new ways to make your dollars work as hard as possible.

Optimise Everyday Expenses 

When you look after the pennies, the pounds look after themselves. Sometimes, the greatest gains can be in the most obvious places. 

• Look at your energy providers and see if a switch might be worth your while (or threaten to switch with your incumbent provider to see if that triggers a decrease). 
• Bundle all streaming services for the best possible deal. 
• Use helpful petrol price tracking apps to buy fuel when the cost cycle lowers (and try to walk, ride, or use public transport whenever this alternative makes sense). 
• Bulk buy items when on sale. This applies also to perishables if you purchase as part of a collective (say, a group of friends or family members who want to save on grocery bills). 
• Strategically use supermarket reward schemes and compare prices before buying or shop online if the virtual savings are bigger. 
• Pay all bills on time to avoid incurring penalty fees (set up automatic payments where possible). 
• Consider opting for second-hand where available – you’ll be helping the environment as well. 

Be Strategic About Housing Costs 

Are you confident you’re on the best mortgage deal possible, or could a mortgage refinance secure better rates and save you money? 

Our financial advisors are also fully qualified mortgage brokers, so we’re able to look at this from both perspectives. We work in this area every day – you’d be surprised what our professional property advice can reveal.  

Regardless of your mortgage, always try to make extra payments to reduce interest (once you’re sure you won’t be penalised by the lender). If you’re renting, try to negotiate lease renewals rather than moving frequently, as the costs to do so can be draining. Fortunately, tenants in Victoria and Australia have increasing rights, so if you don’t think you’re being treated appropriately, contact the governing body in your state (if you’re renting in Victoria, contact Tenants Victoria). 

Real estate is probably the single biggest expense your family will have. So, if you’re wondering how to save money while raising a family, this is an area to scrutinise. 

Make the Most of Government Benefits 

Our expert tax accountants can help you identify and claim all eligible family tax and Medicare benefits. Services Australia is a terrific resource in listing many government benefits available to families. They include: 

• Additional childcare subsidy 
• Child care subsidy 
• Double orphan pension 
• Family tax benefit 
• Newborn supplement and newborn upfront payment 
• Parental leave pay 
• Parenting payment 
• Single-income family supplement 
• Stillborn baby payment. 

Consider education benefits also, including Youth Allowance, Austudy, ABSTUDY, and Education Entry Payment. Focusing on government rebates and benefits is one of the best money-saving tips for families that we can recommend. 

Protect Your Family’s Finances

It’s not just a question of how to save money as a family, but also how to protect it. There’s little point in building your wealth if you don’t take the necessary precautions to keep it safe. ActOn Wealth believes strongly in the need for risk protection insurance. This is particularly pertinent for young and growing families. It’s one thing to risk your own welfare and well-being, but quite another to risk that of your dependents. 

See a Professional Financial Advisor 

Financial planning is not reserved exclusively for the rich. Everyday Australians are increasingly aware that professional financial advice is an effective way to make the most of modest incomes. 

It’s also a misnomer that financial planning is something you do later in life. This couldn’t be further from the truth. The best time to begin growing your wealth is right now. In fact, the earlier, the better. So don’t put it on hold for a rainy day. Give your family the best chance of getting ahead, and contact our team today. 

We hope our list of tips for families to save money is helpful to you. Why not schedule a no-cost, no-obligation call with our team and see how much more we can do for you? 

How Much Money Should a Family Have in Savings?

The amount of money an Australian family should have in savings depends on the household income, everyone’s age, personal circumstances and lifestyle goals. Although a general rule of thumb is to have three to six months of living expenses in a savings account and available at any point, that’s not always practical. ActOn Wealth is here to help plan your family’s finances and put you in the strongest position possible at any point in time.