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We have talked quite alot about finances on the Lilypad lately but this is important to growing families, with ever reducing budgets due to the rising cost of living. So can changing bank accounts save you money and how easy can it be to change?

I have changed utility providers before and have always used online comparison sites but I think sometimes we open a bank account and never look to see if it continues to provide us with the best deal and options for our money. (I am guilty of this, as I still have the bank account that gave money boxes for savings goals as a child!)

We don't claim to be financial experts but in the words of Martin Lewis "Switching CAN make you £100s. While banking is 'free', this only applies if you're in credit. Most banks pay a pitiful 0.1% interest on your money then loan it out as overdrafts at 20%. So, even if you like the service, if it's so good, are you willing to pay £100s in lost benefit?"

There are lots of options available and we are not here to suggest anyone in particular but to serve as a reminder that changing your bank account or indeed loan or mortgage could save you hundreds of pounds. Using a comparison site or budgeting tool, like the one we found on family friendly site MyFamilyClub definately helps to reduce the search. 

Budgeting for a family can be a juggling act, whether you are living day to day or saving money for your children's future, so it's great to know that we can save money by using a simple budgeting tool to make simple changes. At this point, I usually make a comment about saving money means I can buy more shoes but the rate my daughters are growing, I think it will be more shoes for them instead!