Budget hacks

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

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Commit to a 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 Rajan.

"It can be hard to find the time to manage money alongside family life, so make it part of your routine to set aside some time each month to review 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 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 so there are no unpleasant surprises."

Check bills quarterly so you get the best deal

Broadband, electricity and gas are some of the most common bills people forget to switch and compare, Rajan says. "It's estimated that consumers are losing up to £291 per year by not switching.

"It's advised you review your energy provider every 12-18 months, prepare for when your broadband contract ends, and make sure you're comparing deals well in advance so you're ready to switch when the contract does come to an end."

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