There is no doubt that with kids, comes additional expenses from more mouths to feed, to more need, to use transport to get them to their various activities, school, sports, clothing, food and everything in between.

So, saving every bit of money that you can counts, especially if you are yet to save up a ‘rainy day’ fund as you never know when you are going to need it.

Here are my top saving tips to get you started:

Save 20% of your pay

Occasionally, bigger expenses are going to crop up, but on the weeks that does not occur, try to put away 20% of your pay for when you need it. It’s always a good idea to have a rainy-day fund and to keep contributing to it.

I recommend putting this money into a high interest account which you can talk to your bank about. Once you feel that you have enough of a ‘buffer’ for emergencies, then you can invest some of your additional saved money. Speak to a financial planner before you do, but options for you may include shares, property bonds, property, salary sacrificing super and the like.

Plan out your grocery shop

Going grocery shopping blind (especially with kids) will often mean that you come home with way more than you need. Make a list of what you are purchasing before you go to the grocery store to make sure you only come out with the essentials, you will be surprised how much you can save when you have a plan.

Furthermore, depending on how much you are planning on buying, sometimes an online shop will be cheaper as grocery stores tend to hide the same items around the store in different prices. If you shop online however, you can instantly see the deals. You can also see the same ingredient that is in the health food store, is also available in the baking aisle for half the price.

Avoid impulse buying

Go shopping to check out what you like and want to buy, but then do your research online and see if you can get a better deal or price elsewhere. You would be amazed how many things sell for a premium price when you can find the same thing online for less.

Be aware of your subscriptions and your insurance

Subscriptions and insurance are where a lot of people lose money. I highly suggest going through your bank and credit card statement and seeing where the money is coming out as it may surprise you to see a number of apps that you don’t even use are charging you among other things.

Additionally, if you have on-demand TV, consider just having one membership. You don’t need Netflix, Stan, Binge and the rest. If you have it streaming on multiple devices, keep an eye out for the best payment model for you as you may be paying way too much

Finally, keep tabs on your insurance. Prices tend to jump most years as insurance companies are not always loyal to their customers, so each year, shop around. Additionally, be aware not to over insure. If you earn less than $60K for example, life insurance is not necessary

Sell what you no longer need

Be it on Facebook market place, Ebay or at the local markets, if you are not using something anymore, sell it. There is no point in holding onto something you don’t use and there is also no point in binning it if you can get at least a little return back from it

We would love to hear your favourite money saving tips! Tell us in the comments below.