When you have a family, saving money becomes incredibly difficult. With more mouths to feed and more bodies to clothe, our bank accounts take a lot of stick. In a recent report, it was said that household savings have reached record lows , with less and less of us putting away a little extra cash each month.

As a mother of two young children, I’m only too aware of the effect little people can have on your bank balance. All the budgeting in the world and making use of sites such as dealsdaddy, doesn’t stop parents up and down the country haemorrhaging money to keep their families happy. With this is mind, it got me thinking about other ways in which we can make our money go a little further. Simple and effective money-saving solutions are widely available, to those who are willing to look for them!

Make your Debt Work for You

Having debt is one of the most common problems, when it comes to the lack of saving within a household. With credit card bills to pay off, putting money aside becomes impossible for some families. There is a way you can make your debt work for you though, all you have to do is transfer your debt to a 0 per cent credit card. This means that you’ll no longer have to pay extortionate amounts of interest, on top of your existing debt. Taking the time to transfer your debt can mean paying off your debt sooner than you had previously imagined, freeing up extra cash to stow away for later!

Cheaper Energy Plans

One of the biggest bills in our house is the energy bill. Especially during the colder months, when the central heating is on throughout the day. Energy can be so expensive and if you don’t keep track of your tariff, it’s possible that you could be paying even more with a rate that’s completely over the odds. It’s worth checking your tariff on a regular basis, not letting your energy provider roll you over onto a new contract, professing to have offered you the best deal on the market.

One of the easiest ways to check whether your energy tariff needs an overhaul is by using sites such as; Cheap Energy Club. By inputting a few details, you’ll be able to compare other energy plans on the market. You’re likely to be left surprised and ecstatic by the amount of money you could save!

Money that Makes

If you don’t mind a little risk in your life, I’m not talking about dicey investments but calculated risk, then you could consider peer-to-peer lending. The idea of this, is that you become a lender to those who may be in need of a little cash injection. There’s an online platform, through which consumers are credit checked to make sure they’re in a position to keep up with loan repayments. There’s always the small risk that they’ll default, meaning the lender will lose money, but these checks are designed to avoid this happening.  If you do decide that this is the route for you, you can expect a tidy annual return of >5. It’s now possible for consumers to include this withing an ISA, making it worth even more to the lender!

Make Money by Paying Bills

Another great way to maximise the amount of cash you’re saving, is to switch your bank account to one that gives you a tidy return on your monthly bills. Available from banks such as Santander, these schemes pay back a certain percentage of the amount you’ve paid to your providers. There’s often a small monthly fee to run one of these accounts, but when you work how much they cost, in comparison to how much you’ll earn, it’s a no brainer!

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*This is a collaborative post.