These are tough times for a lot of families, and many things are completely out of your control: the economy, the cash for clunkers program, what time your child wakes up in the morning, the state budget, and dirty diapers. Not much you can do about any of those.
However, when it comes to your personal financial situation, more may be within your control than you think. The Bee recently shared one tip a day for 30 days from a finance blogger who challenged readers to save $1,000 in a month. For his complete list of tips, click here.
$1,000 is a lot of money, and you’d have to be spending quite a bit in order to reduce spending by that much. Still, even saving $100 or $200 a month would be a great step for many families, and since moms are often the ones to buy the groceries, clothing and household supplies, you’re probably in a good position to take a spending challenge of your own.
Here are some common spending pitfalls for moms, and some easy ways to save a little more:
Fast food – if you buy a kid’s meal for two children a couple times a week, that alone can cost almost $100 in a month. Packing a lunch from home when you know you’ll be out, or stocking some snacks in the car to hold kids over for times errands run long can save you a fortune.
I-have-nothing-for-dinner syndrome – when you realize at 5:30 that there’s nothing in your fridge, and the easy answer is to order out for pizza or go to the store hungry and without a shopping list, you’ll probably spend more than you’d like. Creating a weekly menu plan may not be especially fun, but by planning ahead and having ingredients on hand for several nights of dinners, you’ll avoid last minute impulse purchases and probably eat healthier too.
Hiring out lots of services – yes, it’s wonderful to have a housecleaner, gardener or pool service, but how much are these types of services costing you? Could you reduce their frequency, or do even part of the job yourself? Figure out the savings, and see if a trade-off is worth making.
Babysitters – if you’re spending a lot on sitters, talk to other moms you know and see if you can find (or organize) a babysitting co-op, where moms use a barter system and take turns caring for each other’s children. Sitters, and especially drop-in centers, can get expensive very quickly; getting free sitting once or twice a month could easily save you $50 or more.
Forgetting the coupons – before you head to a restaurant or entertainment venue, take just a minute to look for coupons, either in mailers, the Entertainment Book (which offers 2-for-1 deals on most area museums and many attractions and restaurants), in the newspaper, or online. Often you can find a discount, and even small savings can add up.
Using the charge card – unless you pay your balance in full each month, every credit card purchase can add 10-20% to the cost of whatever you’re buying, making good deals not so good. If you’re carrying a balance, paying this down is one of the best investments you can make.
It’s not easy to change spending habits or behaviors, and it can seem tedious to plan menus or pack lunches, but even the smallest changes can reap big financial rewards, especially over a period of time.
Your assignment: Pick at least one way to cut back on spending over the next week, and pay more attention to where your money goes. How much can YOU save?
