Family Budgeting: How Does Your Spending Compare?

Written by on March 11, 2013 in Family - No comments | Print this page

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family-budgetAs your little treasures, your darling children are wandering around the supermarket behind you, they’ll undoubtedly be asking you for every toy that they spy with their eagle eyes and of course, you’ll be wishing that money really did grow on trees.

The scene is all too familiar and as you’re sat working out your budget for the coming months, we all begin to wonder, is everyone else spending as much as us? Surely we’re not the only ones spending a fortune on food shopping, a number which seems to mysteriously rise month on month! So exactly how much is everyone else spending? Are you spending above or below the average?

Food: How Much?

The average cost of a weekly food shopping bill in Britain came to just under £77. This number has increased by almost £6 since last year which means that in just one year the average food bills increased by around £72.

A startling statistic in an article from the Guardian suggests that the cost of food bills will continue rise at almost double the current rate of inflation every year until 2022. These statistics show that in 10 years’ time the average food bill for a year will reach £4,000!

Food: Ways to Save

- Always write a list of everything you need before you shopping. You won’t forget anything and you won’t buy more than you need.

- Plan your meals. If you know what you’re eating for the week, you can effectively budget as you’ll know roughly how much it’ll cost.

- Shop around. You might be loyal to one supermarket in particular but that’s not the best way to keep your spending down; always shop around for the best deals at the time.

Electricity: How Much?

The average annual household energy bill is now estimated to be £1,252. Unsurprisingly, the increased price of energy bills now tops the chart as the biggest worry for Britons followed closely by food bills and then mortgage or rent payments.

If you’re struggling with your energy bills, you’re not alone! Over around 1 in 3 consumers have said that their energy bills are unaffordable.

Energy: Ways to Save

- Always turn your lights off when you’re not using them or you’re not in room.

- Get the whole family to start taking showers instead of baths.

- Turn your heating down by 1 degree.

- Turn off appliances and chargers when they’re not in use.

- Shop around for the best deals from energy suppliers.

- Turn your heating down and put on a warm fleecy jumper instead.

- Turn your heating off at night; if you get cold, a pair of warm pyjamas will be much cheaper than your heating bill would have been.

There are no end of ways to save energy and hundreds or forums, blogs and articles giving you great tips about the best methods. Get reading and it could save you a fortune!

Clothing: How Much?

The average wardrobe of a school-aged child is approximately £1,700 with parent spending, on average £764 every year on clothes for their kids. This study also found that 6% of parents were actually spending £1,500 annually!

Recent statistics have shown that the cost of raising a child has increased by 12% over the last 5 years which amounts to £1,085. The worrying thing about this is that it only accounts for raising a child until they are 11!

Clothing: Ways to Save

- Always factor a clothing budget into your monthly budgeting or else you’ll be faced with a fair few unexpected expenditures.

- Don’t be tempted to buy clothes that you or your kids don’t need!

- Go for quality over quantity. Buying cheap clothes is a false economy; it could end up costing you a fortune in the long run.

- As ever, shop around for the best deals!

The national average is, of course, only good to give you a rough idea about how your spending habits stack up against everyone else’s, and is a great way to identify where you can make changes. If you’re spending over the national average then you might want to look at how can make savings in one particular area that perhaps you hadn’t considered as an over-expenditure before!

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This article was written by Jennifer Griffiths on behalf of Mini Vanilla. Make sure your kids pyjamas will stand the test of time but without breaking the bank; Mini Vanilla is a great place to go for your kids’ PJs!

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