Are you a stay at home mom or thinking of making that move? Wondering where to start?
We all know that the current state of the economy means we need to start budgeting better. If you’re already living in a single-income household then this hits home even more. It can be extremely stressful living off one salary, but we’re here to tell you, there is a way!
Why not try these money-saving tips for moms and start saving today for a healthier financial future for the whole family.
First things first, set a Budget
Why is a budget so important? Because if you don’t know where your money is going, you won’t know how to save. Sit down, crunch some numbers and set a realistic budget, taking into consideration all your living expenses including house payment, savings, groceries etc. Remember, budgeting puts you in a space where you can have complete control over your finances and will also help you to live within your means. Plus, you can still budget to save! In debt and not sure how? Read here: How to start a budget when you’re in debt
(Ps. Struggling to save with all your debt? We can help! Connect to Meerkat and say bye to debt and hi to a stress-free financial future!)
On the menu: Home cooked meals
We all love convenience food because it’s quick and easy, especially when you’ve been running around all day and haven’t had a chance to cook. BUT it also costs a lot more money. You can make just about anything at home for a fraction of the cost plus it will be a lot healthier because you know each and every ingredient used. Got a freezer? Why not prep meals for the week or month and freeze them to ensure you have something to whip up when your time (or energy) is running low.
Buy (and sell) Pre-loved
When it comes to kids clothing and toys, you can spend a whole lot less when you buy second hand goods. Try local classified sites or even check out a few second hand stores for everything your kids need, without the extra spend. Have your kids outgrown their outfits or no longer playing with their favourite toys? Why not use these sites to advertise the items and in return, make some extra cash?!
Cash Back? – yes please!
Put money in your pocket for items you already buy. Most local banks offer cash back campaigns that give you money back on purchases from various stores. This is usually via points that you can redeem back for cash. It’s an excellent way to get money back on everyday expenses like groceries and petrol so speak to your bank and get activated!
A few more quick and easy ways to save:
These days, generic items are just as good as brand products and they’re a fraction of the cost. Stock up on generic items and save!
Pack lunches for the family.
When you’re packing lunches for the kids, why not add an extra one for your spouse? Eating fast food five times a week is costly and unhealthy. And even if your spouse replaces one fast food lunch a week, the savings will be about R200 a month. That’s R2600 for the entire year!
Slash those bills and banking costs
Get rid of unnecessary bank costs, ATM fees, monthly checking account fees by choosing the right accounts to suit your lifestyle.
Celebrate tax season
Take out a retirement annuity and also look into the use of a tax-free savings account to reduce your tax burdens and make sure you fill out your tax claims correctly!
AND LAST, BUT CERTAINLY NOT LEAST…
Get rid of debt (AND SAVE!)
Is debt eating into your savings? Get on top of your finances and grow a healthy financial future with the help of Meerkat. We'll deal with all your creditors on your behalf, leaving you to focus on what matters to you most. Contact us today for a FREE no-obligation debt assessment.