Saving money is very difficult today, as the prices of various products have gone up and bills have also been challenging to pay. However, there are still several ways for us to save money, which we can then use for the college funds of our child, emergency funds in case of accidents or disaster, or simply whenever we need extra cash. Here are ten money-saving tips that any mom should know.
Create a Budget
The very first thing that you will need to do to save money is to create a budget, which would dictate how much you are going to spend in a day, a week, or a month. Creating a budget is relatively easy, as you just have to take note of the necessities that you regularly buy in stores and then compute the prices of those products or items to make the total budget for the day or week. You can create a daily, weekly, or monthly budget, although we recommend starting with a weekly budget that is manageable and less restrictive.
Once you are done with creating a budget, keep track of it. Don’t exceed your limited budget but, if you do so, try to recover the cost by doing some extra work.
Track the Money You Saved in the Budget
In order to track how much money you saved, you should also add your savings to the budget. By seeing the money you saved for the week, you will be motivated to keep saving more. Of course, there will be certain times when you won’t be able to save anything, but those times are fine as long as you spend the money on necessities.
Follow the 50-30-20 Rule
If you don’t know how big or small your budget should be, you should just follow the 50-30-20 rule. This rule is actually a budget plan where you will spend 50% of your income on necessities, 30% on wants, and 20% on savings or emergency funds.
If you want to save a lot more money, you are free to modify the budget plan and increase the savings from 20% to 30% or 40%, depending on how much money you can save in a week or a month. However, if you are going to add more money to savings or emergency funds, you would need to decrease the percentage for either necessities or for wants, but we recommend that you decrease the money on wants instead.
Keep Track of Your Expenses
Of course, if you have a budget, you also should keep track of your expenses. Tracking your expenses would allow you to see just how much you spend per day or per week. Then, by seeing those expenses, you will be able to check which activities, products, or services are too expensive for your budget and should be removed. For example, if you are buying expensive coffee almost every day, you should try to remove buying that coffee from your routine and just stick to a more affordable cup of coffee.
However, if you are brand conscious, encourage yourself to try on local brands as well. For example, if you are interested in buying expensive branded clothes, you should also pay a visit to a local market where goods are cheaper than branded items.
Replace Expensive Products with Affordable Ones
Besides expensive coffee, you should also try to replace other expensive products that you regularly buy with affordable ones that would fit better with your budget. Some of the expensive products that we usually buy are milk, butter, vegetables, and other items that we can buy in grocery stores. There are generic brands of those products that you can buy instead, and some of those products would even have the same taste or flavor as their expensive counterparts.
Stick to Your Grocery List
Whenever you are going to a grocery store to buy necessities and products for your pantry, you should write a grocery list first so that you will know what to buy and spend less time thinking and looking for products while you are already at the store. The grocery list would also help you save money, as it will guide you to what you need to buy and prevent you from purchasing things that shouldn’t really be in your pantry. Stick to buying items on your grocery list and avoid the products that are on it.
Try Cooking More Meals Instead of Eating Out
Eating in restaurants can be quite expensive, so instead of eating out, you should try to cook more meals for yourself and your family. The cost of buying ingredients for different dishes is significantly lower compared to the bills you will be given at restaurants. If you already have the skills in cooking, you should definitely use those skills more. But, if you don’t have the capabilities to cook good meals, it is very easy to improve your cooking skills nowadays thanks to the internet, where you will find guides and recipes.
Set a Goal for Saving Money
As you all know, inspiration comes from within. It is you who has to decide whether you want to save money or not. And, once you have decided, stick to the plan! We are sure nobody would be able to deviate you from your path if you are firm.
For you to be motivated to save more money, you should try setting a goal, specifically on where you are supposed to use the money you saved. Some of the common short-term goals that you can set are saving money for emergency funds and for treating your family to an outdoor trip or vacation. You can also try setting long-term goals like saving money to buy a car and getting a large down payment for a home mortgage. Use these goals to stay motivated to save money.
Avoid Utilizing Your Credit Card as Much as Possible
Credit cards are generally used for you to divide expenses for specific products or items. For example, if you are going to buy a sofa, you can purchase it using a credit card so that you can pay for it for three to six months instead of straight cash, which will prevent you from following your budget.
However, using your credit card too much would just lead you to spend more since it lures you with convenience and split payments. So, don’t use your credit card too much and just focus on saving money if you want to buy an expensive item.
Use Discount Coupons or Vouchers Regularly
If you are frequently buying products or items in online stores, you should try collecting discount coupons or vouchers first before purchasing so that you can save money on the things you buy in those shops. Luckily, a lot of online stores provide customers with discount coupons and vouchers regularly, so you don’t really have to wait long for a voucher that you can use to get discounts. Use discount coupons so that you can get more products while spending less money.
But, be aware that discount coupons are only going to save you some extra bucks. If you continuously use them unnecessarily, it might end up spending more than your usual routine. So, use these coupons carefully and occasionally.
And these are some of the best money-saving tips we can provide for moms and for anyone that wants to save money in the long run. We know that saving money is not easy as you think. Especially in this rapidly increasing inflation, one can barely save a few extra pennies. But, if you follow the above-mentioned tips, you will definitely save up to 20 percent of your monthly earnings!
Keep saving money, and you will surely be able to have enough money for emergency funds and other things that you would like to have in the future.