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Saving money as a stay at home mom is probably one of the biggest concerns stay at home moms have, especially when the decision to become a stay at home mom means giving up an additional second income. Fortunately, it is easy to save money as stay at home mom. Some mothers may be surprised to find out that it costs them less now that they are not going to work anymore!
Here are some of our stay at home mom money saving tips:
1. Examine Your Budget: This is a crucial step for saving money that many people overlook. You need to know exactly how your money is being spent and what it is going to. By examining your budget you can analyze your spending habits and find new ways to trim your bills that you never thought were otherwise possible. You’ll also have a clear idea of how much money you need to allot to things like bills and how much you can spend for entertainment or stash away in savings.
2. Reduce Your Utility Bills: Many times your utility bills can be reduced simply by doing a few simple things. For example, switching to flourescent bulbs instead of regular light bulbs can shave anywhere from $50-$100 annually. Turn off any lights or televisions you are not using. If you use a cell phone most of the time, you might be able to save money by doing away with a land line phone. (Be careful though – if switching to just a cell phone means extra minute and usage charges it may not save you any money at all!) You can also save on your heating bill by setting your thermostat lower at night and when no one is home.
3. Be a Savvy Shopper: Shopping can make or break a budget. Stores do not make it easy on anyone either, since their goal is to make money. You might notice a value pack, but right below it might be a smaller sized package that is actually cheaper. Reading Labels and price tags is a good start to saving more money. The next step is to only go to the store with a list and only buy what’s on that list – if you stray you may end up spending more money than you wanted – and that won’t help you save any money as a stay at home mom! Always check brand differences also – you might find a cheaper version of something in a generic store brand. The stores you shop at can make a big difference too – a little research can help you find the stores near you that have the lowest prices.
4. Watch Coupons: Coupons can make or break your shopping budget. You might think you’re saving money, but if you have to spend more to save the money, you’re not really saving money, are you? A generic or other brand might still be cheaper than the one you have the coupon for! Also, don’t be swayed be rebates if you know you will never turn them in! If you happen to find some great coupons, there may be stores near you that even double them, so keep that in mind also.
5. Be Creative: Saving money doesn’t mean you have to be out of style. You can try homemade beauty products or making things on your own. You can shop clearance racks to find great accessories for your home. You can also reuse many things from your home in different ways. An old shelf out of the garage might just need a new coat of paint and can be used for toys or closet storage.
6. Build savings into your budget: Saving money is probably one of the hardest challenges, especially if after you pay the bills and buy groceries not much is left over. Start small – saving $10.37 a month is better than not saving anything at all. As you continue to find new ways to start saving money as a stay at home mom you’ll be able to save more and more that can be used to pay off existing debts or have in case of an emergency.
Have any other tips for saving money as a stay at home mom? Share your ideas in the comments below!
