While everyone in the family has their part in ensuring that the family’s resources are used wisely, it is usually moms who have the biggest role to play. Moms must consider all the family’s necessities, and how the family’s income can be managed best in order to still have savings.
Here are 7 personal savings tips from us for frugal moms:
Create a budget
The first and probably the most important habit of a successful saver is creating a budget. Your budget should have all the recurring expenses, as well as some allowance for any emergency expense.
Also on your budget should be all the sources of income your family has. With this, you should be able to tell whether your income is able to sustain all your needs. If your income is greater than your expenses, then you would have an idea of how much savings you can have. If you have higher expenses than your income, then you should consider cutting down on costs, or finding additional source of income.
Buy in Bulk
Moms should know that there is more savings if you buy in bulk as compared to buying in small amounts. Whenever possible, buy in bulk those items that you are sure you’ll be using often. Don’t stock up on perishable goods as this may end up becoming waste, defeating your purpose of saving money.
Set Up Automatic Savings
Always allot a portion of your income as savings. At the very least, the excess of your income from your expenses should be placed into savings right away.
Actually, some more frugal practice takes out a portion of the income as savings even before paying for expenses. This means that the adjustment will have to be on your expenses instead of the resulting savings. If this is too much, at going for the first option is fine.
Limit Eating Outside the House
Eating out may be convenient, but it is a lot more costly so it should be not be done regularly. In as much as you can, try to cook at home and let the family eat together. Not only will this be less expensive, but this will also serve as quality time for all members of the family.
Of course, eating out once in a while is a good idea. The key idea here is to limit the times you eat out in order to maximize your savings.
Purchase Discounted Clothes
Clothes can be quite costly so it possible, you should consider purchasing from discount stores. There are many cheap clothing outlets out there that still provide quality that is at part with branded clothing. If you are thorough enough, you will find nice clothes at a lower price tag.
A great way to make this fun is to allow the children to pick their own clothes. Kids would appreciate the freedom of being able to choose from a wide variety of clothes. Make them responsible for the clothes they’ll pick and pay with a designated budget.
Don’t fear generics
Over the years, generic products have been penetrating the market. This is an attempt to help lower the costs of certain products, especially commodities because the brand value is removed from the cost. Generic products are not bad either.
Even generic medicine is fine because provides the intended action with the same active ingredients, but only without the pricey brand name. The same is true for other generic products. Without the brand value, the price of products can go significantly lower so you should definitely give generic products a chance in order to meet your saving goals.
Seek Out Affordable Fun
Finally, frugal moms should know how to seek out affordable fun. Having fun doesn’t always mean spending a fortune. There are many different ways on how you can have recreational activities at a lower cost.
One way you can do it is by subscribing to Netflix instead of watching in the cinema. Ticket prices have become so expensive so Netflix is indeed cost-effective.
There are many different fun activities that your family can do at home instead of spending so much in commercialized recreational activities. With a creative mom, the sky is the limit to what your family can do for bonding.
There are lots of ways for how frugal moms could level up savings for the whole family. Saving does not mean that your family should be deprived from the good things in life. Saving only ensures that the family would be able to meet its entire need all the time.
Mentioned above are some simple tips on how families can save more money. We hope that through this, you family would be able to live comfortably, and bountifully.