Money expert shares four ways every single parent can fit check their finances to make savings this year

dailyrecord.co.uk:

The cost of living crisis squeezed household budgets to breaking point in 2022 and shows little sign of easing up this year as energy bills continue to rise and inflation remains in the double digits.The UK Government’s cost of living support has been extended for the next financial year, however, despite millions of households set to receive cash help, not everyone will be eligible.

Google searches for budgeting apps and money-saving tips have increased by 66 per cent in the last six months.To help parents and families across the country keep on top of their spending and stick to a budget without feeling guilty, one of Europe’s leading price comparison sites, idealo.co.uk, has teamed up with mortgage and protection broker Clementine Palmer at Bright Money Independent to share four ways to save money in 2023.One of the easiest ways families can manage their finances is by creating a family budget.

This will be essential in helping to establish where and when they can spend each month.Expert Clementine explained: “Start with your total income, deduct essential fixed expenditures such as mortgage or rent payments, insurance, utility costs, Council Tax and childcare costs, then use an average of four weeks fuel, travel and food, and household costs to work out your disposable income.“This will give you an idea of how much you need to save, try to set aside 20 per cent of your income towards savings as this will ensure your family is covered in the case of emergencies like boiler replacement or car repairs.”It is important to consider key dates like term start dates, school holidays, and Christmas as these can often be expensive for families.Clementine said: “The summer holidays for school-age children are always a challenge