Kinsail chats to Ed Fraser - The Parent Money Coach

On today's blog we welcome Ed Fraser. Ed is the parent money coach who offers a variety of support to parents looking to save money whilst parenting. We spoke to Ed and asked him about some of the best ways to save money as a parent.

Hi Ed, thanks for speaking with us today. Tell us a bit about yourself and what you do.

Thanks for having me on to Kinsail Oliver and for asking to chat.

As an intro - my name is Ed Fraser and along with my wife, Amy, we run The Parent Money Coach.

We are a financial coaching business that supports working parents to feel more secure and confident with their finances and the financial decisions they make. With two young boys ourselves, we know the challenges of running a household and keeping on top of the household finances. 

Whether it is balancing the monthly budget, building the emergency fund, saving for a family holiday or your children’s future or even your own retirement, we are here to listen to your thoughts, aspirations and worries and help put a plan in place that empowers you to take action towards these goals.

What are parents missing out on when considering their finances?

Some of the key aspects that I work with parents on are around knowing your numbers, saving correctly, considering tax incentives and education of finances for the whole family. I focus on this because many of the parents I work with come up against many of the same issues. Here are some further details on those points:

1. Not Knowing Your Numbers: Many parents overlook the importance of creating a budget, leading to overspending; inability to save; potential debt; lack of clarity and increased financial stress.
2. Not Saving for the Future: Some parents focus solely on immediate week by week/month by month expenses, neglecting to save for long-term goals such as retirement or their children's education.
3. Lack of Emergency Savings: Without an emergency fund, parents may struggle to cover unexpected expenses like boiler or car repairs or loss of job, leading to financial stress.
4. Debt Mismanagement: Parents may accumulate high levels of debt, such as credit card debt or loans, which can be difficult to repay and hinder their ability to save.
5. Lack of Protection: Some parents may not have adequate life insurance coverage, leaving their family vulnerable in the event of illness, injury, or death.
6. Ignoring Tax Efficiency: Failing to take advantage of tax-efficient savings vehicles like ISAs or pension contributions can result in missed opportunities to maximise savings.
7. Not Planning for Life Events: Parents may overlook the financial implications of major life events such as having children, buying a home, or sending children to university, leading to unpreparedness.
8. Not Teaching Children About Money: Some parents do not educate their children about financial literacy, missing an opportunity to instil good money habits from a young age.

What are some great products or tricks to help parents with financial cost savings?

To combat some of the issues parents face I tend to spread my approach on a number of tools. Below are some existing products that I recommend:

1. Budgeting Apps: Apps like Emma, Snoop or YNAB can help parents track expenses, set budgets, and visualise spending habits in real-time.
2. Savings Apps: Platforms like Plum or Chip analyse spending patterns and automatically save small amounts of money into savings accounts, making saving effortless.
3. Expense Tracking Software: Programs such as QuickBooks or Xero are excellent for self-employed parents or those with side businesses to track income, expenses, and invoices efficiently.
4. Comparison Websites: Websites like Compare the Market, MoneySuperMarket, or GoCompare allow parents to compare prices on insurance, utilities, and other services to find the best deals.
5. Cashback Websites: Portals like Quidco or TopCashback offer cashback on purchases made through their links, providing an easy way to save money on everyday shopping.
6. Meal Planning Apps: Apps like Mealime or MealBoard help parents plan meals, create shopping lists, and reduce food waste, ultimately saving money on groceries.
7. Coupon and Voucher Apps: Apps such as VoucherCodes provide access to discount codes and vouchers for online and in-store shopping, helping parents save on purchases.
8. Robo-Advisors: Robo-advisors like Nutmeg or Wealthify offer low-cost investment management services, making it easy for parents to invest for the future without needing extensive financial knowledge.
9. Family Banking Apps: Some banks offer family banking apps that allow parents to manage multiple accounts, set up allowances for children, and monitor spending habits, providing financial education from an early age.
10. Utility Management Tools: Utilities companies often provide online portals or apps that allow parents to monitor energy usage, set budgets, and identify ways to save on utility bills.

What’s it like being a parent and owning your own business?

Being a working parent of two young cheeky boys and running a business with my wife, Amy (who recently left her corporate career to join our entrepreneurial journey), is a fun ride filled with laughter, tears, and a healthy dose of chaos. Working alongside Amy has brought a new sense of energy and is great to share the joys and challenges of not just parenting but now also entrepreneurship.

From early morning wake-up calls to negotiating with toddlers over breakfast bowl choices (spoiler alert: there's always a "right bowl"), our days are a whirlwind of memorable moments. Whether it's discovering porridge art on the floor (much to the delight of our dog) or impromptu living room dance parties that leave us knackered and laughing, our family life is anything but dull.

Of course, there are also the less glamorous aspects of parenting and business ownership. Balancing client emails with refereeing toddler squabbles, or trying to factor in how to juggle who's meetings need to be prioritised when you have an ill child at home.

But amidst the chaos, there's an undeniable sense of wonder in watching our boys grow and learn alongside the evolution of our business. Witnessing their curiosity and enthusiasm for life (and our computers!) fuels our determination to succeed, even on the most challenging days.

In the business realm, the journey has been equally thrilling.

From celebrating signing new clients to celebrating current clients achieving their financial goals and feeling much more confident, everyday brings new opportunities for business and client growth. And while there are moments when it feels like we're barely keeping our heads above water, seeing the tangible impact of our hard work reflected in the success of our business is incredibly rewarding.

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Thanks to Ed for speaking to us at Kinsail.
He also backs our scheme to support parents with reducing childcare costs through our salary exchange.

If you would like further information about the scheme, please contact us today or use our calculator to find out how much you could save.