“As a father of two young children, I know first-hand how costs for looking after the kids can quickly add up,” says Rajan Lakhani, personal finance expert and head of money at smart money app Plum.

Lakhani says all is not lost though and with some budgeting hacks, parents can cut costs and even have more in their pocket for spending or saving.

Commit to a quarterly spending review

“Firstly, you need to go through your finances and check what’s really needed and to see if you’re getting the best deals on things like insurance, mobile phone contracts and streaming packages,” says Lakhani.

“It can be really hard to find the time to manage your money alongside family life, so make it part of your routine to set aside some time each month to review your finances, pay any bills and create your budget. Do it on a day where you know you won’t get interrupted and can give it your full attention.

It is also helpful to have a yearly overview of your finances, he adds. “You can easily review a whole year’s worth of bank statements to check, or use an app to secure a good overview of your spending so you can see where your biggest outlays are. You want to get a sense of when in the year you spend more (e.g. Christmas) or have a higher income (e.g. due a tax rebate). This will help you plan your budget accordingly and not have any unpleasant surprises.”

Save money with pre-loved items

“If you have children you’ll know how fast they grow and how quickly their interests change year to year, this is why it’s better to embrace pre-loved clothing, books, and toys,” Lakhani advises. Try charity shops, eBay, Vinted and Facebook Marketplace.

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Teach older children about budgeting

When you go on holiday, consider giving your teens a small allowance to spend, suggests Lakhani. “This will help them to make their own decisions, take responsibility for money and learn how to stay within a budget.

Even if they splurge it on just a couple of items quickly, it’s an opportunity for them to learn so don’t reprimand them. Just make sure to stay strong-willed and not give them any extra, otherwise you’re reinforcing the wrong behaviours.”