Mastering the art of saving money can be difficult for many people, however, it is achievable. Many moms find themselves struggling when it comes to proper management of their hard earned money on household needs. I was in the same boat not too long ago until I decided to turn it around take charge of my financial situation. Are you a mom that finds herself living paycheck to paycheck and can’t seem to catch a break? Then you are in the right place as in this post I give you realistic money saving tips that will change your financial situation for the better.
Create a Budget
Creating a monthly budget is the first step towards organizing your finances. A budget is an estimate of incomes and expenditures. By staying within your budget you will comfortably be able to cater for all the household expenses as well as save up some money. The only catch here is to live within your means! You can also make Extra Income to supplement for unannticipated expenses.
Keeping a monthly budget will also help in setting both long term and short term goals. Saving up for an annual family vacation and Holiday Gifts are examples of short term goals which are attainable if one is disciplined enough to maintain a budget while living within his/her own means. Long term goals like creating a college fund for the kids, saving for retirement and having an emergency fund for rainy days should also fall in place if one wants to attain Financial Freedom.
Money Saving Tips for Moms on a Tight Budget.
Money saving tips on Groceries
The average American family wastes approximately $2200 worth of foods every year according to a recent study conducted by the Natural Resources Defense Council (NRDC). This is a a lot of money going down the drain. I use the following tips to save me thousands of money in groceries.
Make a meal plan
Making a weekly meal plan will save you money. You will precisely be able to generate a grocery list based on the planned meals. Stick to this list will ensure that you don’t buy extra groceries that will end up in the trash costing you your hard earned money.
Buy non perishables in bulk
When it comes to buying pantry items, buy them in bulk especially when they are on sale. This is a great money saving tip because these items are non-perishable.
Buy store brand
Store brands are less expensive than national brands. do not be fooled you into thinking that store brands are low in quality, contrary store brands meet all the standards and requirements as all major national brands.
Money saving tips on electricity
Electricity bill can make a big portion of any household’s expenses. The following two major money saving tips will save you hundreds of dollars on your electricity bill.
Use energy efficient bulbs and appliances
You will be surprised on how much money you can save by just using energy efficient bulbs. when it comes to home appliances, it is advisable to use energy efficient appliances like washers ,dryers refrigerators and dish washers. Although they might be a little more expensive, they will save you money when it comes to how they run and consume electricity. They save the amount of electricity used to run them therefore lowering your electricity bill.
Pro Tip: Do larger loads of laundry as opposed to multiple loads. The same applies for dish washers, load the dish washer once a day, I do this in the evenings,and empty it in the morning.
Turn lights off when not in use
Other than using energy efficient bulbs, another great tip is to turn off lights when they are not in use. Have everyone in the family practice turning off lights when they are not using them and literally see your electricity bill get smaller.
Changing trends on fashion and the different seasons of the year play a huge part on how much money you spend on clothing. In this money saving tip, I explain how I save thousands on clothing for my family.
Buy clothes off-season
Buying clothing off-season is a proven way of saving. Logic behind it is most stores are trying to create room for the new season by putting items from the previous season on sale. For instance, winter merchandise will go on sale to give way for spring merchandise. Buy high quality items that will last you longer rather than buying low quality items that wear out in no time.
Shop at Consignment store
This is a big one! Consignment sell secondhand items; typically clothing and accessories on behalf of the original owner, who receives a percentage of the selling price. Families with children could really benefit from this. As you already know, baby clothes can turn out to be expensive. This is because babies grow very fast leaving all their “cute outfits” only having been worn once or twice. Consignment stores come in handy here as you can sell the items that you no longer need and buy the ones that you need at very low prices. A great consignment store is Once upon a child.
There are many money saving tips for moms on a tight budget. There is always an inexpensive alternative to spending if only we do our research. Other ways to supplement our regular incomes are, which helps us save more, are explained in this Side Business Ideas. The above three common household expenses are just a few examples on how moms can save their hard earned money.
How else can we save our money in household expenses? Let me know in the comment section below. Happy savings moms!!