Supermoms always have everything handled… including the family’s budget. But there are actually two types of moms – the ones who are smart and wise to handle the finances and the ones who bring the family budget into a downward spiral.
If you are the latter, then learn from these 6 ways on how you can become a money-smart momma, yourself.
1. Have a household budget.
A great financial plan starts with a clear budget. As a mom, you should know all the expenses and sources of income. Once all the expenses are listed down, you should provide a max limit for expenses such as groceries, eating-out, vacation, etc.
2. Keep an eye on your spending and be wise on your purchases.
A money smart mom knows what is practical, what a necessity is and what matters the most. She also looks for ways on how to save on purchases. So, be sure to filter your child’s requests. Before giving in, make sure that it’s what they really need and not just something they want at that moment. Use coupons, shop at discounted stores, buy in bulk and DIY as much as possible.
3. Reward yourself and the family.
Who says that a money smart mom should be frugal? If you are smart about money, you will have a budget for this. But make sure you don’t overspend! Have a designated amount for this and stick with it.
4. Save up for an emergency fund.
A smart mom has a certain amount of money stashed away for emergencies and not just relies on credit cards.
5. Have a long term savings.
Also, you should know where to put your family’s long term savings like education plan for your kids, retirement for you and your husband and probably a dream home.
6. Find ways to earn more.
Whether you are a stay at home mom or not, a part-time job or a business venture is a great idea to earn extra. Are you a good writer? Start a blog. An artist? Creative? Crafty? Sites like Etsy and Amazon Handmade are good places to turn your creative talent into money. You can even check online and freelance jobs at sites like Upwork where you can just work while at home. The options are endless, all you need is hard work and motivation.