6 savings tips for families

Managing the family finances can be tricky. Kids’ costs can spiral out of control, and the rising cost of living is pinching household budgets year on year. But that’s not to say you can’t optimise your outgoings and build a financially stable life for your family. Here are six family-recommended savings tips to help you squeeze the most out of your money in 2026.

1. Explore free events

Become a member of your local library for free or low-cost entertainment to slash your entertainment spend. Some libraries even offer discounted access passes to local attractions like museums or parks, and lay on a program of activities like crafts, classes and concerts. Focusing the bulk of your family fun around free or cheap events can leave you with more money to spend on higher ticket things like holidays or special events and occasions.

2. Gamify spending on bigger ticket items

Create a family economy where currency towards larger spends is earned through tasks, goals or achievements. Whether it's contributing to household chores, completing homework on time, or achieving personal or family goals, work together as a family to save up for bigger purchases or treats.

3. Set a fun budget

When you’re trying to be more money savvy, it can feel like you must cut out all fun or non-essentials. However, setting money aside for fun as a family can be a perfectly healthy part of your household budget. Get the whole family involved in budgeting the monthly fun budget and teach your kids the art of balance and prioritisation by demonstrating how spending on one thing may mean sacrificing another.

4. Organise your finances into buckets

Managing your money all in one account might feel like the simplest method, but it can make it harder to stay on top of things. Using multiple savers, or ‘buckets’, to allocate different chunks of money to different things can make a world of difference to your financial decision making.

When you get paid, distribute your money into your different buckets, for example groceries, bills, entertainment, school fees, etc. Then, draw on that money when you need it. It saves the hassle and confusion of getting it mixed up with money you need for other things.

You can open multiple Bendigo Bank EasySaver accounts, allocate them to your chosen categories, and view them in your online banking or app.

5. Track your spending in real time

It’s the advice nobody wants to hear – track your spending. But, it really does make a difference. The day-to-day costs of a busy family can add up quickly, so knowing where your money is going is crucial to getting value out of it. When you know exactly what you’re spending, you can find ways to cut back on things you don’t really value, to free up money for the things you do.

6. Collect points, rewards and cashback

Loyalty programs can help you slash the cost of everyday spending on things like groceries and entertainment. Lots of supermarket rewards programs allow you to convert your points into money off your shop or even transfer them to frequent flyer points for your next family holiday. You might even be able to double dip by earning points via a credit card.

Cashback sites allow you to shop online and in store as normal but claim a small percentage of your spend back. There are independent providers like ShopBack and TopCashback, as well as cashback options through insurance providers like Bupa and Medibank. Go through your regular spending and identify areas to earn rewards on money you’re already spending.