4 Finance Hacks Every Mom Should Know

The mom of the house, more often than not, has to deal with most of the day to day spending in the family. This includes the gas for the car, the grocery shopping, and any other necessary purchases that may be needed for the family as a whole.

These various expenses can quickly add up without a person realizing it. This is especially true within the hectic, crazy, busy life of a mom. Sometimes, a family cannot afford to have these extra expenses piling up. Many times, people do not realize that there even is extra money that is being wasted on what seems like entirely needed purchases.

However, there are a wide variety of very easy ways for any mom to make sure that she is saving any money she can on the necessary purchases that she needs to make. With these few easy steps, it demonstrates that it is incredibly easy for any mom to save the money that her family needs.
1.      Buy Store Brand Products

This is one of the easiest finance hacks to start adapting to. By buying store brand versions of the products that are absolutely necessary, a lot of money will be saved in the long run. The store brand versions are almost always cheaper than the brand-name products.

Even though they are cheaper, they are usually of the same quality. The brand name is simply deceptive. If a person is able to see through this deception and pick up a store brand bottle of ketchup instead of the brand-name bottle, they will save a lot of money in the long run.

It is also a very easy thing for any busy mom who is balancing a variety of crazy schedules to do to keep the family finances in check. No one will be able to tell the difference between the products, but there will be a significant difference that is seen in the family savings account.


2.      Understand Your Credit Score

This may seem like something that is far out of left field, but it is important for any busy mom to have a deep understanding of what her credit standing is. It is very easy to check up on credit scores on websites such as https://aaacreditguide.com/collection-agencies/portfolio-recovery/.

A lot of purchases need to be made at a very quick rate if you are a very busy mom. Moms may end up using their credit card without a true awareness of what is being spent. By checking up on their credit score, they can be sure in a very quick, non-time-consuming way that they remain in good standing.  

If they check and make sure that they are in good standing, they can continue to monitor it. This will help to ensure that the family as a whole does not slip into a time of economic crisis. That seems like an extreme trajectory, but, by keeping mindful of the individual credit score of a person, this potentially very negative outcome can be avoided entirely. Having a good credit score can help improve costs by allowing you to have lower interest rates and even lower insurance premiums.

3.      Keep Track of Kids' Finances

Children constantly need money for a variety of activities in their lives. Because the children do not have a job, they are coming to their parents whenever they need money for a project, school event, or fun activity. This money can escape the house without anyone really noticing. It gets caught up in the hectic nature of the daily schedule and it all adds up quickly.

One of the best finance hacks for any mom, is to keep track of a child’s finances and help the child keep track of them as well. Instead of giving the child an allowance, open a note on a cell phone and keep track of how much money that child has. When a child then asks for money, give it to them, but subtract that amount of money from their account. It's like a virtual savings account for the child.

Not only will this end up saving money for the family, it will, in the long run, endow a sense of financial sensibilities into the children. They will grow up to be incredibly fiscally responsible adults.
 
4.      Learn About Savings Bonds

When birthdays come around, it is very easy to get caught up in the new materials that show up in different stores. However, one of the best financial gifts any mom can give their child is a savings bond. Savings bonds can be taken out for the child in various amounts. The child has access to the bond when they reach a certain age.


If a child is given a savings bond for their birthday every year, all of that money will eventually add up. If the bond is mature by the time the child is eighteen years old, they could use the accumulated money towards a college education. They could use it towards a car. They could use it towards their first house. It is money that will definitely be saved for a child, as it's smarter to wait until it's matured to use it, and thus nobody will be tempted to use it before then. Kids will not have to come to their parents for money for some necessary purchase. Instead, they will already have the money as it has been accumulating slowly over time. 

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