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A working families guide to saving money.

Introduction:

The information in this article has been put together based on my own experiences everyday observation and the research that I have done, in an attempt to try to ease the pressure on my families budget.

It is only a guide and should be treated as such. A certain degree of common sense on your part is required as what works for some may not for others. We are all different and we all live our lives accordingly. We have our own preferences and make our own choices.

It is not a DIY guide to insulating your loft, fitting Double Glazing, lagging your pipes or any other form of home improvement. Nor is it a guide to cheap airfares, theatre tickets or any other discounted products. It is purely based on a day to day family existence and living with what you already have.

I don't have time in my daily routine to sit for hours wading through page after page of figures, blurb and statistics so there are no long drawn out detailed explanations.

Some things you may already know others you may not. Some are so obvious they probably go unnoticed everyday. A lot is just pure common sense but if you, like most of us, lead a busy hectic life then reading this article is just what you and your family might need.

At the end there is a list of sites relevant to each section that you may find useful depending on your situation.

First and foremost:

If you like millions of others have any kind of outstanding balances/debts no matter how insignificant they might seem the first thing you must do is try to pay off as many of them as you can before the recession really hits. e.g. Credit cards, Loans, Catalogues, Tax bills, National insurance contributions, whatever they are try to get a lid on them. Try to pay off the ones with the higher rates of interest first. The longer you leave them the harder it will be to manage them. At all cost avoid loan sharks or any other great offers of reducing your debt. There are a lot of companies out there who are more than willing to cash in on your current situation so beware and do the research first and don't be afraid to ask questions. If you are really up to your necks in debt then seek professional advice. Try speaking to your local citizens advice bureaux. They may be able to advise you and put you onto a genuine reputable company who can help you. I know its really hard for any of us to admit we are in trouble or need help, especially if it's to do with finance or family, but sometimes you have to know when to swallow your pride and seek advice.

With that in hand you now must at all costs avoid adding to and increasing your debt.

I know this is easier to say than it is to put into practise, especially when you have a growing family but what with rising costs, falling incomes and the fear of job losses ever present you now have to start thinking " If I can't pay for it with cash, than I just can't have it." (My father always raised me by this philosophy and so far it has stood me in good stead.)

Start building an emergency fund even if you can only manage a penny a day, as they say "A penny saved is a penny earned"( Benjamin Franklin).

Cut out those must have treats. As torturous as it sounds that Cappuccino in the cafe after shopping or the bottle of wine at the weekend all add up in the long run. We all want our luxuries and hey why not we work hard so we deserve them, BUT realistically we now have to start asking ourselves "Can we afford them right now ?"

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