Managing Money – All about Saving

Plan ahead: Some purchases cannot necessarily be planned. The washing machine can fail without warning or the car may need repairs and a replacement can no longer be postponed. It's also good, to put aside money each month for emergencies, so as not to be surprised.

Communication: Talking to each other is important in every respect. When it comes to handling money, however, many fall silent. Talk about problems such as a tight budget or different expectations about saving directly. This way your child learns from the start that money is not a taboo subject is.

Planning: A vacation, an expensive birthday gift or a bicycle. It makes always sense, every month a modest amount to set aside, to be prepared for planned, larger purchases.

Keep track: Anyone who knows what the money is being spent on finds it easier to put something aside. Even if you only save small amounts each month, over the course of a year it quickly adds up to a considerable sum. When it comes to overview aiding a household budget, in which you write by hand your income and expenses you record, or apps for your smartphone that you can use together with your partner and enter all amounts.

Where to put the money? Keeping your savings

A household ledger or corresponding apps are useful not only to gain an overview of income and expenses, but also to set money aside for saving. However, many do not necessarily want to keep their savings in the regular family account. If the money is in a separate account, the threshold to spend it is higher and you think more about whether a particular purchase is really necessary. Here a savings account or a checking account, for which you set up a standing order or transfer some money every month. This way the money is available when needed.

Saving – but how? Tips for families

Check utility costs: Compare offers for electricity, heating and telephone. Often you can find cheaper rates and providers here.

Plan meals: Create a cooking plan for the week and write an appropriate shopping list. This prevents too much ending up in the shopping cart and unnecessary leftovers spoiling in the fridge. It also eliminates the tedious evening question: 'What's for dinner today?'

Reduce energy costs: Unplug devices, ventilate briefly, or turn off lights. The whole family can pay attention to this, and the small amounts they save will certainly show up in the account at the end of the month.

Take advantage of family offers: Family days at the zoo or special prices for the leisure pool: There are often special offers for families. Find out about promotional days and discount prices and plan your outings accordingly.

Opt for no-name brands: Just because you don't know the manufacturer's name of a product doesn't mean it has to be worse than the well-known brands. These products are often placed lower on the supermarket shelf but have the same quality.

Compare prices: Pay attention to the price per kilo when shopping. You can often snag hidden bargains here. However, only buy bulk packages if you can use them. Discarded food is not saved food.

Use bargains — with caution: Buying something just because it's cheap rarely pays off. Before you decide on a promotional offer, you should check the quality. If you're not convinced, it's usually better to spend a little more money so you don't have to buy the same product again after a few months.

Second-hand and flea markets: You can especially find children's items here, since they don't get worn out because children quickly outgrow them. You can also sell your own old items and bring some extra money into the family budget.

Library: Everyone has a few favorite books that help with falling asleep in the evening or bridge a rainy afternoon. Other stories, however, are left in the corner after being read once. Here you can benefit from the large selection in libraries: library cards for children are often free and you can look for new books together and read them. Another advantage: the child's room does not overflow with books and your child has a better overview.

Image credits

Family saves money in a piggy bank © MaaHoo Studio/Stocksy - stock.adobe.com

Family shopping at the farmers' market © Seventyfour - stock.adobe.com