The New Year welcomes changes for the better and although you may be debating whether to give up chocolate or take up running, we recommend working these money saving tips into your family’s New Year plans. You can even get the kids involved with helping make them possible:
1 Become more energy efficient
With energy prices consistent
ly rising it’s more important now than ever to be as energy efficient as possible. Whether that means setting the children the task of hunting out the cheapest deal on a new tarrif or finding fun ways for the family to reduce their energy useage, there are loads of creative way to save some cash.
2 Maximise your Savings
Over the last few years savers have been given a bit of a hard time with interest rates staying low. This doesn’t mean that we should all stop saving, it simply means that people should give more
3 Maximise your Children’s Savings
Savings accounts for the under 18s have some great rates available. Whether you are thinking of building up a nest egg for your kids or just want to put a bit aside for them there’s many good options. We regularly update these tables with the top rates on Children’s Saving Accounts and Junior ISAs, with some giving up to 6% tax free.
To help children understand the importance of saving early on we recommend checking out the savings tables with them, explaining to them a little bit about interest and then together choosing an account. You can find the Children’s Saving Tables here.
4 Trade things in before buying anything new
Before you want to buy something new it can be good to try and trade in some old stuff. We’ve found that children love the challenge of trying to get cash for old things and with trade in sites as Money Magpie offering cash for old video games, music and DVDs, it can also be a good habit to get children into. This post on The RB (our children’s blog) has more tips on how to get cash for old toys, games and electronics.
5 Switch to a better current account
Apparently people are more likely to move house than change current account. Although it may seem like a headache, if you see a good deal (of which there are many) then the new Current Account Switching Service will make the change very easy indeed. Here’s everything you need to know about making the switch and here’s a great guide from Guardian Money on finding the best current account for you.
Over the New Year, we will continue to bring you the latest tips and ideas in family saving, whilst helping you manage pocket money in a way that gives children a head start in learning to save and spend responsibly.