Money Saving Tips For Moms

Being a mom, you need to keep your family well taken care of in terms of their finances, food and all that other stuff that comes with being mommy. Most times, you find that spending time with your kids can stretch the family budget way beyond and you don’t want to go there every time. If you are a stay at home mom, saving each penny is more important because you are living off on one paycheck. That has been my case.

Recently, I had to quit my job to take care of our two boys. This means we are now four people depending on one pay check. I can tell it has not been easy living off my husband’s pay check when we can barely afford it, but I would never trade all those magic moments I share with my little boys as they grow up.
So here are the things I’m doing to save my family expenses. You too can!

Making my own toys

making toys at home
I know you are probably wondering how you can get time to sit down and make a toy while you barely have time to shower. Well, it’s actually possible to have some spare time if you plan your day ahead. By making your own toys, you get double fun with your kids. The kids will enjoy the time spend making crafts and they will also have a new toy to play with once they are done.

Clip Coupons

As a mom, you can save lots of money on groceries. When you use coupons, it’s usually like you have been given a bag of money absolutely free of charge. Coupons can now easily be found online apart from the newspapers. So grab that opportunity. They are not only limited to groceries. You can use them for computers, clothes and so many other things.

Avoid eating out often

Having one lunch or dinner out every week provides something for the kids to look forward to. However, it’s good to limit it to just once in a week or even twice in a month. Still, you don’t have to go to the most expensive restaurants.

Go to the ATM only once in a week

Pick a particular day in the week to go to the ATM and withdraw your week’s cash. When the money runs out before the week ends, then it’s gone. Do not visit the ATM again. If there is any money left, keep it and take out less money in the week that follows.

Buy in Bulk

Form a group of moms in your area and go to the market and buy in bulk, that’s what I do with a couple of my friends. We like to shop at wholesalers and then divide the stuff among ourselves when we get home. This way, we are able to save lots of money.

in the kitchen with my son
As a stay at home mom, I have learnt to distribute the little money that my husband makes and even have some left to save for a rainy day. Are you are working or stay at home mom? What are your top money saving tips? I’d love to hear from you my readers!

How Do I Teach My Kids How To Save

ipad savings-jarMy son loves saving money! Yeah! Isn’t that every parents wish? Well, I think mine has started to learn this important virtue early and I’m glad he has. He loves watching dollars pile on his recycled home bank and when it’s time to take it to the bank, he is always excited. This is one thing I want to teach his little brother when he grows up.
I know you are probably wondering how I actually taught him this important skill. Well it has not being an overnight thing; it’s something that even up to date we still teach him. Any mom would agree with me that money is hard to come by these days and the earlier you start teaching your kids money saving tips, then you can rest assured of raising adults who know how to take care of their finances.
One thing though is that you must make saving fun for your kids. Furthermore, the earlier you start teaching your kids how to save money, the better they will be. Even a toddler can do it, but you will have to start teaching them in a simple way. As your child grows up, you can start bringing up other complicated methods of savings.
Here are some ways you can start teaching your kids how to save.

Let your kids work for their money

When they are really young, they will not be able to do any chores, but you can still start teaching them how to save money. However, from 2 years, they can start to do some small chores such as putting dishes in the kitchen sink. Although it may be wise to wait until they are 5years before you can start giving them an allowance, encouraging then to do some house chores is a great thing.
Your child will start to learn and appreciate the value of money once they start to work for it. These house chores are a great way to teach them.

Be a good example

Young kids thrive my imitating what their parents are doing, so if they see you saving, they will want to start saving. You can have your own savings jar next to theirs to make it a fun activity. I always budget for the weekly groceries with my kids and they know how much we need every week for groceries.

Allow them to make money spending mistakes

Now that you have given your kids the chance to earn money and they have saved some, allow them to make mistakes. When I go out shopping, I always tell my son to bring along his money so that he can spend it on what he wants (limited though!). This way he learns how to spend what he has saved but within reason. Sometimes I let him buy cheap toys that break even before we get home. This creates some way for me to explain to him about quality.

Use Different Jars

how to teach kids saving
You already know envelop budgeting system for your own money, but did you know it can still work for your kids? Let your kid draw pictures of what they are saving for. Explain to them that some items may require that they save for longer.

Reward them for saving money

When your kid hits their target, be generous and reward them. You can offer specific prizes for your kids. This way you will motivate your child and they will be happy to save.
It has worked with my first son and I’m slowly teaching the younger one. Your kids will thank you later so teach them.