A new report by the Children’s Society and Step Change has found that nearly 2.5 million UK families are struggling with debt. As a result, many households are being forced to take out loans to pay for household basics, such as food, clothing and shelter.
When a family takes out a loan to pay for essential products, they will most likely enter a debt spiral, taking out one debt to pay for another. The debt will most likely not only impact a person’s bank balance, but it could lead to arguments with partners or emotional distress for the children. Many people with significant problem debt are therefore forced to seek professional money advice to resolve their growing financial troubles.
It is therefore we try to tackle the problem head on, in a bid to tackle individual household debt, which is approximately £3,427. Here are some ways you can cut back on household bills and save yourself some money…
It’s amazing how many people choose to hire a handyman rather than do the job themselves. There are so many how-to guides online to help you get started, and you can even take a DIY course at your local education college to learn some basics. You can trust it will save you a fortune in the long run!
Switch to Free Days Out
There are so many ways to cut back on those expensive family days out. Instead of taking your child the cinema to see the latest movie, take a trip to one of the many free museums and galleries on offer. You can even take a trip to your local park for some fun in the sun. There’s plenty of free things to see and done in your area, you just have to do your homework.
Buy in Season
Our grocery bills usually make the biggest dent in our budget, especially when raising a family. Expensive fruit and vegetable prices are only going to amplify the total price, which is why it pays to buy fruit when it’s in season, instead of paying over-the-top prices for a punnet of raspberries or a pineapple.
Cut Food Waste
It’s about time you stop throwing away all that food. Instead of binning a bashed banana or carrots you know you won’t use in the next few days – freeze them. You can use them to make a delicious and healthy smoothie that both you and your kids are sure to love.
Need Over Want
The next time you’re out shopping, food or otherwise, ask yourself whether you really need an item. If the answer is no, put it back on the shelve and save the money for something you do need – like paying off a bill or towards Christmas. You will be glad you did!
Become More Active
Do you often get the bus a few stops up the road or driving your car to visit a friend who lives just around the corner? Stop wasting money on fuel or public transport if you really don’t have to. Walk instead. You’ll be surprised how much money you’re wasting my being a tad lazy, and the walking is a superb way to stay active and healthy.