Tightening Your Purse Strings? Here Are 6 Ways Moms Can Start Saving Money Big Time
Regardless of whether you’re a single mom, stay-at-home mom, or a working mom — raising kids isn’t cheap!
In fact, the average cost of raising a child until they’re 18 is over $230,000! Odds are, you don’t have that kind of money laying around.
Being mom sometimes means you have to tighten those purse strings. Here are the six best money saving tips for moms that will help you make ends meet.
1. Embrace Free Entertainment
If you’re wondering how moms can save money, embrace free entertainment.
Yes, every other mom on Instagram has photos of their expensive vacations and all the latest toys. But there are more ways to have fun than spending a ton of money.
Instead, take advantage of free entertainment in your area. Check out your local library and grab a schedule of their events. We bet there’s a local parks department in your area that also has regular events for children of all ages.
And what’s wrong with good, old-fashioned outside play? Make a day out of a visit to the local park or beach. Pack a picnic lunch and watch how much fun your kids have — without spending a dime.
2. Meal Prep
Speaking of packing a picnic lunch, meal prepping is another popular way moms save money.
Designate a day of the week as your planning day. During this day, start by creating a menu for every meal of the upcoming week. We suggest including snacks on your menu as well.
Then, shop for all the supplies needed. Once you know your menu, you’ll know exactly what food items are necessary and won’t fall victim to impulse buys.
Then, make your upcoming week easier by prepping as much as possible. If your children enjoy chicken breasts and veggies for lunches, try cooking the chicken breasts during your prep day. That way, when you’re tired during the week and tempted to hit up the drive-thru, all you need to do is heat up your already prepped meal.
3. Shop Savvy
Another one of the best money saving tips for moms is savvy shopping.
Always look for the best coupons and deals before heading out to the store. But don’t worry, the days of the huge coupon binder are over. There are tons of great coupon apps out there that make saving money easy, including Ibotta, Honey, and SnipSnap.
We also suggest shopping out of season. It seems like growing kids need a whole new wardrobe each season. But instead of buying these items full-price, think ahead and buy items when they are on sale after each season in anticipation for next year.
These two tricks alone can save you tons of money in your grocery and clothes budget.
4. Travel Cheaply
An easy way to slash your budget is traveling cheaply. And no, we don’t mean traveling overseas for a luxurious vacation. We mean your everyday travel.
First, start with a reliable, cheap vehicle. You don’t need a brand new SUV or minivan for school drop-offs! Finding a used car on a budget is easy, it just takes a little more effort.
Once you find a used vehicle in your budget, make sure to perform regular maintenance to extend its lifespan.
We also recommend taking advantage of public transportation and walking as much as possible. All those short trips to the library and park really add up. Instead, get a little exercise and enjoy a walk with your children — all while saving money on gas.
5. Eliminate Debt
Sometimes saving money involves spending money. An easy way to increase your available budget is to pay off your debt earlier than planned.
As financial expert Dave Ramsey says, “your biggest wealth-building tool is your income.”
This means that the less money you have spent on your debt obligations each month, the quicker your net worth grows. Instead of throwing $300 to your minivan payment each month, you could be putting that money into private school tuition.
Sit down and figure out just how much of your money goes towards debt obligations each month. This includes car payments, credit card bills, student loan debt, and any other consumer debt. We bet the amount will shock you.
6. Go Minimalistic
The minimalist lifestyle is growing in popularity thanks to organizing icon Marie Kondo. Use her tips and see how much the minimalist lifestyle can help your budget and organization.
Minimization is all about having exactly what you need, without an excess. This involves investing in a few high-quality items instead of having dozens of cheap versions. So instead of 20 shirts for each season, buy your children 10 high-quality shirts that will last for years.
This lifestyle change also involves organization. Think of how often you’re at the store and can’t remember if you have any sunscreen or bug spray leftover for the weekend. With the proper organization, you’ll always know what items you have and can stop wasting money on duplicates.
Get More Money Saving Tips for Moms
Using these six money saving tips for moms, you can be the best mom on the block.
Start with one of these tips that speaks to you the most. Then, once that tip is an established habit in your life, start using another tip. Eventually, you’ll be saving money left and right.
Just be sure that you use your extra money wisely! We suggest setting up a six-month emergency fund or investing in your children’s future college education. If you’re putting in all the time and effort to save money, you want to make it worthwhile.
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