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Having a family is no easy task when it comes to your finances. Not only do you have the usual bills to pay, but you also need to consider all of the costs that you can forget. Clothing, school equipment, birthdays, Christmas, it can all mount up hugely. So there is no surprise that quite often a family's finances can get a little out of control. However, it doesn’t have to be the case. With a regular overhaul and savvy saving, quick thinking and earning extra income, you can overhaul your finances every few months to ensure that you are staying above aboard. With that in mind, here are some of the ways you can do this for your household. Let’s helps you with your current financial situation. 

Take a look at your existing outgoings

When it comes to overhauling your finances one great place to start is your current outgoings. Get yourself your last few months bank statements and sift through them. Highlight your regular bills and any additional spending separately. The regular bills are often a mortgage or rent and any energy, water and food bills you have. Sometimes sits one of the best places to start, often because we can find rogue payments leaving our account each month for things we had thought we had canceled. Magazine subscriptions and gym memberships being the biggest culprits. There are plenty of times where you can save yourself a fair few dollars just by checking your bank statement alone, and every little helps. 

Can you make a saving on your bills by switching providers

Once you have gotten rid of any unwanted debits and you know where you stand, it’s now time to look at your current providers to see if you can make some savings anywhere. This might be considering something like a remortgage for cheaper interest rate, or starting with the smaller bills like your gas or electricity. Many people assume that loyalty pays off, but a lot of companies save their better deals and rates for new business. So you end up missing out. Using comparison sites could open your eyes to a whole host of savings. Switching isn’t as complicated as it sounds, as many of the companies handle it all for you. Making it swift and easy, and offers you a huge monthly saving. It’s advisable to check your deals every few months to ensure you are getting the best rate. The same can be applied to insurance products like cars and contents. 

Can you make a saving by reducing what you use 

Sometimes you can make monthly savings by changing some of your habits. Do you ensure every light is switched off in rooms that are not being used? Perhaps switching things like the TV off at the wall instead of using the standby button. Boiling the kettle only for the amount you need, or making sure the dishwasher is full every time you put it through a cycle. All these things can make a huge difference to your energy usage and subsequently reduce your bills. You might also want to consider things like collecting rainwater to water plants in the summer or support animals in the future. Many homes these days have animals on their land from large gardens to small holdings, which is when farm water tanks could be a great solution. This especially works if you pay high rates for your water usage. 

Take control of the bills you spend frequently

There are some bills you have control over each week, and the most common one would be your food bill. Each week you make a decision to spend a certain amount, do you make a frugal choice when it comes to your food bill? In some cases, there can be huge savings to be made when it comes to food shopping. One of the first things you can do is switch to a cheaper supermarket. Often this can provide huge savings on some of the regular products you buy. Another option would be to consider meal planning to ensure that you only buy what you need for the week. Writing up a list can help you to avoid situations where you buy things you don’t need. Some people have halved their shopping bill by making just these few changes to their spending habits. 

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Make savvy choices when it comes to additional spending

There is always additional spending to consider. Children grow out of clothes or shoes regularly. They need things for school, or you have birthdays to consider, Christmas to plan for, etc. So this is when it’s important to make savvy choices with your spending. 

Discount codes and vouchers

Take advantage of discount codes or vouchers as and when you see them. This can give you a huge savings when it comes to checking out. These not only work for things like clothes, but you can apply discount codes and vouchers for days out, restaurants, toys or food shopping. 

Using sales

Sales are also a great way to ensure you get a good deal. If you can try and stock up on things like clothes for the next size ahead in the sale. It may be expensive initially, but overall the savings can be huge. 

Get a grip on your debts and unwanted bills

Sometimes our debts can be a huge part of our outgoings, so while overhauling your finances and trying to make savings, it’s worth throwing some attention their way. 

Consolidate existing debts

If you have a lot of debts in all different places then often you are paying high-interest rates on all of them. This is a bit like false economy because you end up paying a lot more out in interest than actually reducing your balance. So if you can, and if your credit history allows it, it might be worth consolidating the debts into one lump loan. This gives you the benefit of one payment, often cheaper than them all combined, and one lot of interest to pay. It enables you to have a plan for full payment and saves you on costs. 

Concentrate on the bigger bills

If you can’t consolidate your debts, then make sure you place some focus on the bigger debts that cost the most first, While it may not be saving you money right now, it will certainly be helping you save in the future. 

Let’s hope this guide helps you overhaul your family finances.