Money-Saving tips For Stay at Home Moms

Money-Saving Tips For Stay At Home Moms

Choosing to be a stay at home mother and focus on raising the next generation, is a noble calling. However, giving up a job to be a full-time mom does come with sacrifice. Learning to live on a single income can be a challenge and will require extra planning and budgeting. If you are a stay at home mom, there are a number of ways that you can not only be financially secure, but you can also earn and save.

What a stay at home mother can do to save

Take stock of your expenses: The very first step in financial planning is to know where you spend your money. For example, if you have a monthly budget of Rs. 30,000 and have Rs. 5,000 leftover at the end of the month, you need to know how you spent Rs. 25,000. Write down all your expenses like groceries, tuition fees, doctor’s fee, and so on. Be as accurate as possible, so that you know exactly where you’re spending your money.

Budget for the necessities: After you know how you’ve been spending your monthly budget you should make a list of all the items that are absolutely necessary for each month.

For example, you need to buy food, so write down vegetables, dal, oil, flour, and so on. Next to each item write down how much each item costs. If you pay the maid Rs. 2,500/- write down that amount.

Make a total, so that you the minimum amount is that you need to spend each month. If your total is Rs. 15,000, write that down. The remaining Rs. 10,000 can be recorded as miscellaneous expenses. write down what you spent the money on like a new pair of shoes for your child or a gift for your friend.

Look for ways to save: Next, look for ways that you can save money. Many supermarkets have discounted prices or buy-one-get-one-free offers which you can make use of to lower your grocery bill.

Repurposing leftover food to make tasty snacks means you have less wastage and you can spend less on buying readymade snacks.

If you find yourself buying clothes every month, you can cut down to buying once in two months or buy things only when needed. These are a few examples of how you can save money each month.

Put change in a jar: It might not be possible to save money every month because unexpected expenses can show up. However, whatever you are able to save, put it away somewhere safe for a few months. Check how much you’ve saved after six months and you might be surprised by how the money has built up. You now have a nice nest egg for yourself.

Invest some money: To make your money grow even more, you can look for ways to invest it. You can put it in fixed deposits or other types of investments. If you are not familiar with how best to invest your savings, then it’s always a good idea to ask for help and do some research. When you feel more stable, you can look at options like health insurance and life insurance.

Saving is a habit that can be cultivated over time. The important part is to get started and to be aware of how you spend your money.

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