How to Drastically Reduce the Amount of Money You Spend Each Month
If you ask any stressed mom what of her biggest concerns is, chances are that she’ll mention something about managing household finances and excess spending. No matter how much money we’re bringing in, just about all of us feel as if we could stand to cut down on our spending and put a little bit more money into our rainy day fund.
Saving money doesn’t mean that you have to drastically change the way that you live your everyday life. Plenty of people can save money if they just make little changes that barely even alter the way that they live their lives. Here are some tips on how you can drastically reduce the amount of money you spend each month, without having to dramatically change your day to day life.
Start Logging Your Purchases
Most of us view those “big” expenses, such as a replacement television or a remodeling job on our home, as what can set us back financially. While those purchases can and do put a dent in our savings, they are so infrequent that they barely make much of a difference overall. What can really start to chip away at our savings are the seemingly little purchases that we make each day.
If you make a lot of drugstore or coffee runs throughout the day, start keeping track of them in a small notebook. When you purchase that $4 coffee or that small $10 worth of impulse buys at the corner store, it might not seem like much. However, these “little” purchases can really start to add up over time. It’s really not the big purchases that can keep us from achieving our savings goals. Rather, it’s the little purchases that start to hurt us over time and prevent us from meeting our saving goals.
Set Specific Goals
Setting specific goals can help to get us excited about saving money. If you’re saving just for the sake of saving, it’s easy to rationalize why you should be able to spend that money on something you want right now. However, if you’re saving for something specific like a vacation, it’s easier to find the motivation to keep saving instead of spending. It’s not just moms on a budget who create specific money goals. Even successful business people, such as Don Gayhardt, set specific savings goals and advise others to do the same.
Become a Savvy Shopper
You do not need to become a crazy woman buying 100 jars of mustard to become a savvy shopper. Learning how to use coupons and rebate apps as well as shopping on strategic days in order to maximize your savings is an excellent way to save money. Someone who’s single and living alone may be able to afford the retail price for their groceries and household items; however, moms who are trying to save up for vacations or college funds need to be a little bit savvier. If you devote an hour or so a week to clipping coupons or researching deals on your favorite deals site, you’ll be amazed at the amount of money you save over time.
Don’t Be Afraid to Shop Secondhand
Any mom knows that kids get sick of toys and grow out of clothes pretty darn quickly. For this reason, it makes little sense to buy most kids’ items brand new. Many moms feel as if there is a stigma surrounding buying items secondhand. However, the truth is that as more families become budget-conscious, buying gently used items is becoming more popular.
You aren’t limited to just thrift stores. Check out local rummage sales, which is a great way to find cheap deals right in your own neighborhood. You can also join swapping groups on Facebook, which allow you to meet other moms and trade gently used items as needed. Once you realize that secondhand items are oftentimes just as functional and fantastic as their brand new counterparts, you’ll get addicted to saving as much as you can on your kids’ clothes and toys.
Raise Kids Who Are Smart About Money
One of the reasons why many moms end up spending too much is because they have kids who expect to be spoiled. If you raise your kids to have an understanding of money and just what it takes to earn a dollar, they’re less likely to demand every new toy or gadget. Not only will this make your life easier as a mom, but they will grow up to be adults who are smart about savings and less likely to fall into serious debt.
It can be hard for any family to stay on top of their savings goals. However, if you can make these little changes, you can put money into savings without changing all that much about how you live your life. No one wants to sacrifice their family’s happiness in the name of saving money. However, saving money doesn’t have to be a miserable experience for you and yours. Make little gradual changes and you’ll see phenomenal results.
This post is a guest post.