Money is one of the most important things in life (of course after the basic needs are met), that we all need to survive. Nothing in life is free and a lot of the things we need cost money.
While it’s easy to get carried away with buying this and that for us and our family, it’s also very important to learn how to save money, as this will help us greatly in the long-term.
Although it is more difficult for us as mothers to save money compared to anyone else as we juggle the needs/wants of the family first. However, there are quick and simple ways to save money and be more sustainable with your earnings.
Many of my colleagues at work have often asked me how am I able to save money so effectively, especially as a working mother. As a working mother, I follow the steps below and implement them into my daily lifestyle as a way to manage my money.
“A Debt Problem Is, At Its Core, a Budgeting Problem.” ― Natalie Pace, The ABCs of Money
Are you paying additional amounts?
There are some hidden costs to many things that will always make you pay more than you have to. For example, your credit card purchases may involve some additional charges that you aren’t aware of. You should identify the hidden costs that result in excess payments.
Check your credit card bills, travel costs, and insurance plans regularly, and then find ways to reduce those additional expenses.
“Budgeting has only one rule: Do not go over budget.” ― Leslie Tayne, Life & Debt: A Fresh Approach to Achieving Financial Wellness
Prepare a weekly or monthly budget
Prepare a weekly or monthly budget that will help you to know more about how to spend money. Besides, a budget allows you to cut down on unnecessary expenditure effectively, therefore helping you to save more money.
“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.” – T.T. Munger
Avoid small expenses
You spend more money annually when you don’t avoid your small expenses. Small expenses include visiting a nearby coffee shop, which costs around £5-£10, or buying an unnecessary item, which leads to additional expenses.
Hence, it would be wise to list all of your small expenses on a paper to eliminate them effectively.
“Never spend your money before you have earned it.” – Thomas Jefferson
Do you save a fixed amount of money monthly?
Save a fixed amount of money every month, to help manage unexpected expenses in your life. Furthermore, you can use the amount for paying loans and other bills – this will reduce the burden. Also, make sure you remember to save some money in your bank account that can be of use in the future.
“Expect the best. Prepare for the worst. Capitalize on what comes.” – Zig Ziglar
Save costs on energy bills
Sometimes, you have to pay more on utility bills. It’s important to know how to use energy wisely. Therefore, focus on how to save energy efficiently, to help save money on power bills.
Furthermore, you should evaluate the amount of energy used for electrical appliances and other things by taking the readings regularly.
“A penny saved is worth two pennies earned . . . after taxes. ” ― Randy Thurman
Learn more about how to manage finance
Learn more about how to manage finance from experts who will help you to invest money in your children’s future in advance. There are many online courses, blogs, and YouTube videos to take a look at to help you with managing your finances and budgeting.