With a new study highlighting the rise of ‘generation pause’ – the 20 and 30 somethings who are choosing to delay life events like getting married or buying a house due to financial concerns – it’s clear that it’s important to budget from an early age. I’ll admit, I was fairly useless with money until I met Mr P. I racked up credit card debt and student loans, having to rely on my parents to bail me out. But during my 20s, I learned to be more sensible with money.
TSB, who have a handy mortgage calculator on their site, have asked me to share my family budgeting tips with everyone. So here goes…
1. Upcycle furniture or buy cheaper bits that you can transform. I’m a huge fan of an IKEA hack. Inspired by Gill from A Baby On Board, I bought these Bekvam spice racks for £3 each (see pic at top), asked Mr P nicely to paint them white, and put washi tape on them, to turn them into book shelves for the four-year-old’s bedroom.
2. Plan meals. We used to be so bad at just deciding what to eat for tea that day, and popping to the shop to buy the food in. It saves money (and time) now that we plan our meals each week, and buy veg that will do us for a couple of days.
3. Shop around. We love popping to Waitrose for treats, as much as the next person, but we also shop around, depending on supermarket offers (tip: Tesco has my fave wine Villa Maria on offer this week and Co-op has a great prosecco for £6.99) and we shop in Lidl for our basics. Continue reading