The Stay at Home Mother

If you are a stay at home mom, or work part time, then your combined family income has taken a really hard hit. To take the sting out of the financial bite in your wallet – here are some ideas that will help you stretch every dollar that comes in to your household and help you make the most with what you have.....

• Always use cash. Have an allotted amount of money for each week for both you and your partner. That way, when the money runs out, that’s the end of the spending for the week. Cash allows you the ability to monitor your spending a lot closer as it isn’t something abstract (like a debit card or credit card) and you become a lot more aware of what is passing through your fingers.
• Create a Budget. Track your spending by reviewing a three month cycle of transaction history. See where you can cut costs and review spending habits. Sometimes something as simple as eliminating a Starbucks coffee three times a week can add up to a substantial monthly savings.
• Review your loans and debts with a financial planner. They may be able to spot areas in your finances that can help you reduce your payments or lessen your interest payments either by consolidating your loans, or switching them to ones with a lower interest rate.
• When grocery shopping – always go with a list and know what dinners you will be having for the week ahead. This way, you will be less likely to impulse shop and pick up things you don’t need and spend money that you no longer have for those impulse items.
• Set up five jars on a counter in your home. Label each one with the most important categories that encompass your spending habits. Any more than five is overwhelming and any less isn’t realistic. Categories can include, groceries, clothes, gas, gifts and miscellaneous (this can include entertainment, etc.) And set an allotment for the month in each jar - when the jar is empty - no more spending until the following month...and try to stick to it.  After awhile, it will become routine.