Looking for ways to save more money?
Want to upgrade your saving superpowers?
As a mom, you have a lot going on. The last thing you want to worry about is not having enough money each week or each month. Because of this, it’s important that you do everything you can to save money and spend less. You should use every trick that you can find for saving more.
Luckily we’re here to help. Below we’ll tell you how you can start to save more money as a mom.
1. Make a Budget
One of the top ways that you can start saving more money is to get serious about budgeting. Making a budget may not sound like much fun, but it is well worth doing if you want to make sure your money goes as far as it can go.
Creating a budget and thinking carefully about it will help you ensure you’re only spending money on the essentials. It can also help you see where you might be able to make some changes. Creating a budget is not just about spending less, but it’s also about using the money you do have wisely.
There are some great budgeting apps that you may want to use if you want to have the easiest time mapping out your budget.
2. Be a Savings Scout
If you’re a mom who wants to save money when shopping, there are a lot of options out there. You should always be on the lookout for a great deal so that you can get the stuff you need at great prices.
It’s important for you to take time to hunt down promo codes, coupons, sales, special offers, and online rebates. Make sure you’re checking sites such as Groupon and RetailMeNot regularly to find coupons and special deals for anything you need to buy.
However, don’t neglect local deals as well. Coupons you find in local newspapers and sales papers can also be incredibly helpful for spending less.
3. Shop Differently
In addition to standard sales and coupons, you can also save a lot of money by venturing outside of the box when shopping. Rethink your current shopping habits and see if there are some alternatives you should make use of.
Instead of always shopping at traditional retail stores in-person, you may want to try shopping online instead. You may also want to try going to yard sales or thrift stores on the weekends. Buying groceries online is also an option now
Some of the alternatives can actually be both more fun and more convenient than your usual shopping routine, so don’t be afraid to think outside of the box.
4. Buy Generic Products
Many moms opt for brand name products over store brands or generic brands simply because the name is familiar to them. However, you should usually opt for generic products if you want to save as much money as possible.
While there are a lot of ads out there that make it seem as though brand name products are superior in every way, the difference isn’t as big as you may think. You may want to break the mold and consider trying out generic products instead, whether that includes salsa, peanut butter, ibuprofen, or something else.
If there’s a brand name or two you have to have, that’s okay. However, try to make the switch when possible.
5. Don’t Be Afraid of Hand-Me-Downs
While it’s nice to get your kids brand new clothes from time to time, you can save a lot of money by choosing to let them use hand-me-downs instead. Some parents opt for only new clothes and refuse to use hand-me-downs, even if they’re still in great shape.
If you have several kids, consider handing down some clothes from your older ones to your younger ones as they outgrow them. Reducing the amount of brand new items you purchase can be a big help for saving money, and you’ll be able to put those savings towards other important things instead.
Additionally, don’t limit hand-me-down usage to your children only. If you have friends who have kids that are a little bit older than yours, chances are that they get rid of things often. Let them know that you would be happy to take anything they’re thinking about donating or getting rid of.
6. Go DIY
While making use of hand-me-down items can be a great idea, there are other ways you can avoid shopping as well. Whenever possible, you may want to look for a way to make a do-it-yourself (DIY) version of something you need instead.
This could be just about any product or item that you would normally buy brand new at the store. In the age of YouTube and the internet, learning how to make something you need is only a few clicks away.
Whether you need a desk for your child’s room or you need Halloween costumes, doing it yourself can be a good option that will help you save money. As an added benefit, going DIY can also be a lot of fun and will give you an extra sense of pride in yourself.
7. Open a Savings Account
It should come as no surprise that a great way to save money as a mom is to open a savings account.
Having a separate account just for savings can be helpful because it allows you to compartmentalize that money in your mind, and you’ll be less likely to spend it.
An added bonus of opening a savings account is that it will accrue interest. However, make sure to weigh your options when deciding which bank to use for your savings account. Some have higher annual percentage yields (APY) than others.
Especially worth considering are online savings account options as they will often have higher interest rates than traditional banks will.
8. Pay Off Debt
Paying off your debt faster is also important if you want to get serious about saving money. Any money you’re spending on monthly debt payments is money that you’re not able to save. Additionally, the longer you take to pay off credit card debts and loans, the more money you’ll pay in interest over time.
If paying off your debt quickly isn’t an option, you may also want to look into refinancing or loan consolidation options. Sometimes you can renegotiate your loan or credit card terms to pay less in interest and to save more money each month.
9. Make It Automatic
A great way to save more money each month is to set up a habit of saving a percentage of money each time you spend or each time more money comes in.
Some banks make this incredibly easy to do. Some banks will give you an option of automatically putting a percentage of each debit card transaction into your savings account. Taking a few cents or a few dollars off the top of each debit card transaction can be a good way to save money because you’ll hardly notice it, but eventually, the money you save will add up.
If you don’t have a bank that does this, it’s still a great option. You may just have to get into the habit of doing it manually instead.
Using These Tips to Save More Money
If you’re a mother who has a need to save more money from week to week, it’s not as hard as it may seem. By using the tips above, you’ll be able to save money and create more financial security in your life.
Looking for more budgeting tips? Explore the rest of our blog now to find more helpful ideas and advice.