As a mom of four daughters, I have spent a good amount of time researching tips and implementing financial advise for our family. We stick to a pretty strict budget in our home that we can enjoy things we love and spend more time together as a family. I like being a stay at home mom but it requires a lot of financial planning to make it work. I am one of the lucky who has been able to do what I love and stays at home and wanted to share a few of our favorite financial secrets that we use in our home every month.
Smart Grocery Shopping Tips:
One of our biggest expenditures is groceries so it makes sense that we try to save as much money as we can in this area. My first couple of tips will focus on saving money at the grocery store.
I only shop once a month. We plan out our meals for the entire month and purchase everything in one large trip. I put everything down on the list, organize it by where they are located in the store. I make sure to purchase items that are on sale and I seek out coupons to save some extra money on the things we are buying.
Only Buy What You Need:
The benefits of shopping once a month is that I avoid impulse buys. We stick to the list and since we are not picking up groceries every week or day we can avoid the temptations to buy extras that we don’t need. It’s a great way to reduce extra spending.
Make Extra Money Doing Everyday Things:
Since I stay at home I consider saving money my job. I love finding ways that I can save us money just by doing everyday things that I’m already doing. I want to make my husband’s check stretch as far as I can every month.
Use Reward Programs:
Since you are already buying things you need for the home then you might as well get some extra rewards. Just about everyone has a rewards program now. They are super popular. There are tons of popular ones that cover lots of brands as well. They offer cash back for common purchases. So when you have to spend your money you can get a little back. You would be surprised how quickly it adds up over time. I buy a lot of items online so I use several different programs to get the best deals and the most cash back.
Sale Things You No Longer Need:
If you are a parent then chances are you have a lot of stuff you no longer need. Our kids are constantly outgrowing clothing, shoes, and toys. Why just throw those things away? Clean out your closets and have a yard sale. Don’t want to mess with having a yard sale? Check out the Facebook marketplace or eBay and list your items online to sell them that way. It’s crazy how much you can make by selling things you no longer need around the house.
Avoid Unknown Spending:
It seems like there are always charges that show up in our bank account that we have no idea what they are. I spend time each month reviewing our bank statement and reviewing any charges that I am unfamiliar with. It has really helped us to avoid any unwanted spending.
Cancel Online Memberships:
We have tried out lots of online programs, streaming services, shopping services and we usually get free trials when we try them out. The problem is I forget and then we end up getting charged the full membership fee. I’m not saying you shouldn’t use free trials, it’s also a great way to get some free services. What I do is make a spreadsheet and I write down any services I have signed up for that month. At the end of the month when I am paying the bills I pull out that spreadsheet and unsubscribe to any that are ending that month. It’s a great way to avoid those unwanted membership fees.
Review Your Monthly Bills:
Each month I review each of our monthly utility bills to look for any unwanted charges. Things like cell phone, cable, and internet services often seem to have extra things that we didn’t sign up for. I have often saved us money by challenging these unwanted services. Make sure to keep an eye on your monthly bills and also research your bill if you notice it is more than you expected.
Make Smart Investments:
I know you might be thinking I thought this was going to help me save money, not spend money. Ever heard that phrase you have to spend money to make money? It’s very true. We budget a portion of our monthly checks for smart investments. It’s a great way to take your income and turn it into more income.
Find a Great Investment Group:
There are a lot of different companies out there. Our favorite though is Graylock Advisors. They have everything you need in one place. They help you with your investments and are available for any questions that you might have. We are not financial pros so we needed a lot of help with our financial investments. They were always available for advice and questions whenever we needed them. Regardless of what company you use, make sure it’s a company you can trust.
If you end up using an investment firm to help you with your investments then they will be able to help you identify the smart investments for you. We dedicate 20% of our monthly income towards smart investments. We spend a good deal of time each quarter weighing the pros and cons of each investment and finding smart choices. Graylock Advisors has been so beneficial in helping us to determine those smart investments each month.
These are only a few tips for improving your financial status for your family. There are so many great ways to save out there and many more that I didn’t cover here. I hope that you find these helpful though and a good starting point for moving your family towards financial success.