If you are a mom and trying to find some easy ways to cut back on your expenses and manage your money more effectively, then you have come to the right place!
Money Management Tips for Moms
From going to work, to going back home in time to make dinner for the family, being a mom can be an extremely hard task. If you are a mom and trying to find some easy ways to cut back on your expenses and manage your money more effectively, then you have come to the right place! Here you will learn a few ways to help manage your money that will hopefully help you save your hard-earned money.
Setting a budget is the first and most important step in being able to successfully manage your money. It will allow you to see where you are spending the most money and where you can start to cut down on expenses. The simplest way to start forming your budget is to know exactly how much money you earn and how much you spend per month. Gather every piece of information you can find (credit card bills, receipts, paychecks, etc.), so that you can thoroughly analyze where your money is going. Once you know this, it is so much easier to realize where the cut-backs need to occur so that you can start to allot your money more usefully and even add to your savings account. The benefits also go beyond being aware of where your money is going and getting more organized with your earnings and spending. Sticking to your custom budget will also increase your ability to have better credit, save more money, and you will also save time when it comes to anything that requires your financial attention because you will have everything organized! Making a budget is the best start to managing your money and keeping yourself responsible for your where your money goes!
Cutting Household Expenses
After you have a budget, it would be a great idea to start cutting down on several household expenses to instantly start saving money. There are
a myriad of ways to cut down, here are two routine ways to save some extra money:
1. Make a shopping list: This is an incredibly easy way to help refrain from buying unnecessary items from the grocery store. When you go shopping without a list or plan in mind, it makes it very easy for you to start shopping compulsively. The best thing to do is to add to the list throughout the week and choose one day out of the week to go shopping consistently. This way, you always have enough groceries, and you do not end up spending money that will literally be thrown away.
2. Saving on electricity: The electric bill can be one of the most expensive bills that you receive monthly. Making sure that you turn off or unplug all of the appliances (such as computers and phone chargers) that you are not currently using is a good way to easily cut down on the amount of electricity you use. Another way is to save electricity is to replace the light bulbs in your house with fluorescent light bulbs. Fluorescent light bulbs use 75% less energy than regular incandescent light bulbs. Replacing a standard 60-watt bulb with a 13-watt CFL can save a household at least $30 in energy costs over the life of the light bulb.
Paying off Debts
Debts can bind your financial household into a very tight situation. If you do not get them paid off, they can end up haunting you for a very long time to come. An important way to approach debts is to set up, just like your budget, a monthly plan that will enable you to take some of your earnings and put them towards paying off those debts. A great way to ensure that you will get your debts paid off relatively quickly is to try to regularly pay more than the minimum that is required each month. If you can, try to pay off more than what is required each month— you will end up saving a few months’ interest, and can keep that money in your pocket!
Angie Picardo is a staff writer for NerdWallet. Her mission is to help moms stay financially savvy and save money with NerdWallet’s low interest rate credit cards.