Raising a family can get expensive fast. It’s not always easy to cut back on spending, particularly if you’re a working mom. It can feel like you just don’t have enough time to think about money or budget.
However, when you create healthy money savings habits, it can save you from a load of stress and improve the quality of life for you and your family. That’s why we’ve outlined our favorite ways to save for moms below.
Plan Meals in Advance
It’s a story as old as time itself. You’ve spent the day waking your kids up, getting them ready, taking them to school, doing chores and by the time the kids get home and it’s time to eat, you’re too burnt out to make a meal. In that situation, it can be easy to fall back on eating out.
When you do this too much, however, it can do a number on your bank account. Instead, try to plan meals in advance. If you make a menu for the week, it helps you mentally prepare for what you’re going to cook each day.
You might even decide to purchase a couple of frozen pizzas as back-up meals for those days where you feel completely overwhelmed. This way you can avoid spending extra money eating out while still giving your kids something nice to eat.
When it comes to food and groceries, the generic brand is often comparable to its name-brand competitor. In fact, often those two brands are one in the same with identical recipes. For this reason, try out the generic versions of cereals or soups that you like in order to save some money.
If you find that you absolutely can’t stand a generic brand, you can always go back to your name-brand preference. That said, you’d be surprised how much money you could save simply by buying generic.
Buy in Bulk
Big families go through products like paper towels and toilet paper fast. For products that you know you’ll be using for a long time, it’s easy to save money by buying them in bulk when they’re on sale.
You can also do the same with groceries. In fact, you may even want to invest in an extra freezer so you have more storage space for your bulk purchases.
Make the Most of Free Activities
If you’re regularly going out with your family to concerts, movies or other big events, it might be a good idea to cut back. It’s important to remember that it’s completely possible to have fun without spending money.
Some fun free activities that you can do with the family include:
- Planning a picnic in the park
- Attending a museum
- Camping in your backyard
- Going for a hike
- Playing board games together
This isn’t to say that you need to completely prohibit yourself from going on any family adventures that cost money. It just means that you should strike a balance of making the most of free activities and going out on special occasions.
When you have a family, maintaining financial stability can be easier said than done. That said, with healthy money-saving habits, you can cut back on spending and start building an emergency fund for the family with almost no effort.
That said, to ensure your family is financially secure, you may want to invest in a life insurance policy. For more information about life insurance and tips to manage your family’s financials, check out the infographic below.