How families can save £350 by consolidating their finances

POSTED: 14th March 2013
IN: Personal Guides

Many families will be looking to make the most of their money in these austere times and there are plenty of ways to ensure cash is going as far as it can.

undefinedIt takes a certain level of organisation, however, so parents need to be prepared to review their finances if they want to stretch their budgets further.

Indeed, research from Aviva has discovered families could be missing out on savings of as much as £350 per year by failing to consolidate their financial affairs.  

The study shows up to 30 per cent of savings can be made by taking advantage of multi-person policies and services including multi-car insurance, mobile phone contracts and family railcards.

While married couples are typically the most likely to use cost-saving policies, Aviva suggested cohabiting parents could do more to consolidate their finances.

And with figures from the Office for National Statistics suggesting the number of cohabiting couples in the UK has risen from 1.5 million 1996 to 2.9 million in 2012, there are plenty of unmarried couples with children that could benefit from reviewing their finances.

"At a time when many families are feeling the squeeze, reviewing finances across the household and consolidating spending to make the most of multi-person discounts could be a simple and effective way to save money," said Heather Smith, director of marketing at Aviva.

For example, families could make savings of 12.5 per cent by signing up to health and fitness clubs under a multi-person policy, rather than as individuals.

Similarly, they can make savings of ten per cent, or £84, by taking out a multi-person motor cover policy, with an average premium costing households £844 per year.

Indeed, consolidating mobile phone contracts could help to reduce families' costs by five per cent, so there are plenty of areas in people's financial lives where savings can be made. 

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