Your family finances mini guide
Written and accurate as at: Oct 29, 2026 Current Stats & Facts
Raising a family involves two things that aren’t always in abundant supply: time and money. And the current cost-of-living crisis has put even more pressure on already-stretched household budgets.
While you can't control grocery prices or how high interest rates will go, there are ways to make your household finances easier to manage. Here are a few ways to spend with greater intention and make family life a little more affordable.
Do a financial audit
Your first step is to get a sense of how your finances are currently tracking. Start by comparing your take-home pay with your regular expenses, debt repayments and any discretionary spending. Scanning a few months of bank statements can open your eyes to where your money is going, including those small purchases that seem harmless on their own but add up over time. Those one-click Amazon purchases might save you time and hassle, but they can add up if you’re not keeping on top of things.
Build up your emergency savings
A well-stocked emergency fund can help contain the financial fallout from any major costs that pop up out of the blue (think car repairs, urgent dental appointments or broken household appliances). It can also help keep your family from turning to credit cards or personal loans when in a bind.
Try to build up enough savings to cover three to six months of essential expenses – potentially in a separate account if you think there’s a risk that you might be tempted to dip into it for everyday purchases.
Keep an eye out for sales
A little forward planning can help you avoid paying full price for things your family needs. For example, if your kids have birthdays coming up, keep an eye out for gifts on sale ahead of time, rather than leaving it until the last minute. The same goes for everyday essentials: if your pantry staples are running low, look for discounts before you run out.
Just be sure you’re not buying something you don’t need purely because it’s marked down. Half off a $200 item still represents $100 leaving your wallet.
Get on top of subscriptions
Subscription charges continue whether you’re using the service or not, so try to review yours regularly and cancel any that you no longer use. If you’ve racked up more than you can count, check your bank app or statements for recurring charges. You could also rotate streaming subscriptions rather than paying for several at once.
Find better deals on utilities
Your larger bills deserve attention, too. Compare energy and internet providers to see whether there are better deals available elsewhere. You might even find your current provider is willing to offer a better price once they learn you’re serious about switching.
And if you haven’t already, setting up direct debits for all your bills can take several items off your to-do list, freeing up your attention for other priorities.
Look for affordable ways to spend time together
Keeping your children entertained can be surprisingly expensive, especially if you have a large family, but it doesn’t have to be. A picnic at the park, a beach trip or a bike ride can fill an afternoon without costing much beyond transport and snacks.
It’s also worth keeping an eye out for community events. Many museums, libraries and galleries run free or low-cost activities for families.
Make sure your super beneficiaries are up to date
It might not seem like an immediate priority, but it’s important you don’t neglect your super while managing the demands of today. Super sits outside your will, so you'll need to make arrangements directly through your fund if you want your super death benefit to go to where you want it to. This is especially important if you’ve welcomed a child into the family recently, or you’ve undergone another major life change, like a separation or divorce.