"Save money, build wealth,
retire like a boss in your own corner of heaven and watch the sun go down as
you sip on your super Shirley temples." Sounds easy when the experts on
CNN are talking about it, but in reality, saving money is difficult.
Throw children into the mix,
and the savings mountain becomes that much harder to climb. Think about it,
raising a child born around 2015, to the age of 17 years will cost you a
whopping $233,610 as per
the U.S Department of Agriculture statistics. This enormous
amount that could boost any retirement package magnificently does not take into
account the huge costs of education of putting a child through college or
university!
Saving…with children
For parents with more than one
child in the brood, saving cash and providing the best care you can afford can
be two difficult balls to juggle. Did
you know that over
25 million U.S households live paycheck to paycheck? There is really
not enough money to go round and have much left after the needs and wants have
been met.
Statistics show that 70% of
mothers with kids under 18 years have to work, with most
taking on full-time jobs to fend for their families. In fact, 74% of the households
with children under 18 are solely dependent on their moms as the
sole income earners. So can mothers
pursue the virtues of savings, while they juggle busy work lives and parenting?
Below are tried and tested saving tips backed by mothering experience.
Build your meal preps and menu around your grocery store's sales
Most moms learn the art of
frugal cooking from their own parents. It could be your mom or dad, but there
is always that one parent who loves to keep things simple and frugal. They are
also very good at smelling bargains in stores, and no vendor loves to haggle
with them. Why? They will always come out shining and with more money on their
hands than the vendor intended.
Food costs are some of the
largest expenses a mother has to deal with, so any leeway thrown at you should
be welcomed. To keep your food budget in control, get acquainted with your
local grocery store's sales. If you combine this with loyalty, reward coupons
and programs you can hive off a sizeable chunk off of your food budget. Coupons.com
Jeanette Pavini says that you could save up to 40% of the costs of the grocery
bill by leaning on grocery sales.
An easy way of keeping tabs on
grocery sales is to download a grocery app. On it, you will find all offers
available from milk, to diapers. Buy vegetables and fruits in season too since
it is most likely to be the produce on sale and they will be more affordable
also.
Buy generic
Another easy to do money saving
tactic is to buy generic items instead of branded versions. Believe it or not,
neither you nor your children will tell what the difference is, as far as
quality is concerned. Shop at inexpensive discount stores and those that will
also give a money back guarantee for those shoes or shirts that will not fit
your kids. And if the kids also have acquired an expensive taste from your
sister's rich kids and they do not like a generic item you purchased, you can
always return it back and not suffer any financial loss at all.
Make one extra mortgage payment
There are few achievements in
the life of a parent as impressive as a fully paid
off house. The easiest way to accomplish this goal faster and save a
little bit of money off of your interest rates is by paying the home off more
quickly.
Stock that pantry
To save money? This strategy
might sound counterintuitive, but it has its merits. An exhausted working mom
comes home at the end day, checks the pantry, finds nothing worth cooking and
buys a takeout meal. But with a well-stocked pantry, mothers can save money by
eliminating expensive and unhealthy takeouts and making affordable healthy
meals at home. With a stocked pantry you will make timely meals and save on
cash too you would have spent on last-minute groceries that could be expensive.
Accept those hand me downs
Clothing and toys are
expensive, and children will outgrow them faster than you can purchase new
ones. You can, therefore, save a lot of cash by taking on gently used items
from parents that no longer require them. If you eventually do not require
them, you can donate them so that another person in need can enjoy them as
well.
Start daycare at home
If you are a stay at home mom,
with some little time on your hands, you can use it to make some cash that you
can save for a better future. By proving a licensed day care services from your
home, your babies will acquire instant playmates. Make the daily activities of
the daycare as educational and as fun as possible, and you will be laughing all
the way to the bank in no time.
Buy households items in bulk
Most grocery store products
will go on sale every other week so do not buy them in bulk when they are at
their most expensive. Rather wait till they are at discounted prices and
purchase them. By purchasing twice as much as you require when the items are on
sale, will leave some hundreds of bucks in your purse. Buy expensive food items
like meat in bulk too. Go for family packs that are usually priced cheaper than
small packs. Subdivide larger packs into small portions and freeze them for
another meal.
Cut down on eating out
Let your children know that
eating out is a special privilege that the family will enjoy a few times every
month. This will help save a choke hold of cash that could have gone down a
pizzeria's pockets.
Go to the library
There are tons of resources,
books, and activities that will keep your children engaged and happy in your
local library. Take away some story books and have some story time nights with
your kids. Pick up a novel or movie too to get lost in when the kids
are finally down from exhaustion.
Carpool
If you have a brood that you
have to move around a day from school and back home, you will spend a good
amount of cash on gas. So why not talk to a few mommies you could carpool with
and get yourself some carbon credits while at it?
Save like you are paying off a bill
If you want to have a good nest
egg, you have to be very deliberate with your savings. Make saving a priority
rather than an afterthought. If you settle your savings like you do the lights,
heating or water bill, you will become more consistent at it, and your mindset
towards saving will change. You will be surprised that within a few years you
will have saved more than you ever thought possible.
Pay off your high-interest debt
To save you have to tackle debt
head-on. If you have accumulated high-interest debt from credit cards, payday
or personal loans up to
$2,000, set a strategy to clear them because the interest rate
will balloon and choke you within no time. Outstanding debt will also mess up
your credit card score. Make a plan, prioritize debt payment and avoid
high-interest debt in the future.
Resell your children's unused items
Most parents have a garage full
of things that their kids have outgrown or lost interest in. These items might
have cost you a small fortune in their heyday, and they are still worth some
cash. If you are looking for a good source of quick cash, either hold a garage
sale or sell them off on websites like Swap.com, Amazon or eBay.
Pack those lunches
What might look a few dollars
spent every week on lunches could amount to thousands of dollars in a year.
This is money that could have gone to retirement kitty or been saved for a
rainy day. Pack your own lunch and preserve food as much as possible, to avoid
wasteful dumping of good food.
Know of other mom proven and
effective ways you can save an extra buck? Share them with us!
Let your children know that eating out is a special privilege that the family will enjoy a few times every month. This will help save a choke hold of cash that could have gone down a pizzeria's pockets. Instead, you're better off signing up to paid survey sites like survey junkie, and make extra money.
Let your children know that eating out is a special privilege that the family will enjoy a few times every month. This will help save a choke hold of cash that could have gone down a pizzeria's pockets. Instead, you're better off signing up to paid survey sites like survey junkie, and make extra money.

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