Thursday, August 3, 2006
Category:
Secured Loans
Co-operative insurance recently teamed up with The Children’s Mutual to put together a top 10 list of money saving tips for new families on a budget.
It is suggested that new families could consider changing their mortgage as the first step to saving money. Opting to fix a rate would make budgeting far more straightforward and if the interest rates rise, worries about increased mortgage payments are eliminated.
Re-evaluating family cars is another area that makes for savings, especially if you happen to run a two seater sports car which becomes impractical with new family arrivals. It is never too early to start saving for a new family so being organised with budgets during the months before new arrivals are born is advisable. Other advise for new families includes buying reusable nappies and making baby food purees at home rather than buying jars.
David Newman, Director of Marketing at Co-operative insurance said ‘The emotional and physical strain of starting a family is stressful enough for most people. Added to that the financial strain and the whole experience can become quite daunting. With a little careful budgeting and some sensible planning, the arrival of a new baby can be a miraculous event with no financial worries.’
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Growing families finding that they need more space could consider a secured homeowner loan to carry out vital home improvements.
