Written by a contributing writer
It’s hard to make ends meet in the modern world. Whether you’re a single parent or you have a partner who helps out, money is tight when you’ve got an entire family to support. We all should put some thought into the family budget; this is the most important part of financial security. A low income can still go a long way if you spend and save your money appropriately. These mom hacks should help you to cover your family’s costs on a modest budget.
Save money on the essentials.
Maybe you’ve already made a budget for the family (you certainly should if you haven’t done so already). However, you might still be struggling to make ends meet even with a well-considered financial plan of action. Perhaps the costs of living are still too high to be covered by your income. Yet, you can do more to save money than simply giving up luxury expenditures for a while. You can save money on the essentials in life. And this doesn’t mean you need to deny yourself the food, energy, or water you need to survive. It just means you need to be a little smarter about the way in which you spend money.
For starters, you could save a lot of money on your weekly grocery shop if you started growing vegetables in your own garden. You’d have a self-sustained source of fresh food, and that could save you a lot of money every year. You could save money on your utility bills by getting thicker glazing for your windows. This will reduce the energy needed to heat up the house. Additionally, you could look into a pants hemming service if your kids are forever ripping or ruining their clothing. There’s no need to spend a fortune on new attire because your kids will continue to make a mess of their clothes.
Look out for cheap luxuries
Obviously, you don’t want to deny your kids a fun life. Budgeting doesn’t always have to be boring; there are ways to save money and still treat the family to the occasional luxury. It’s all about looking out for “cheap luxuries”. In other words, you should make sure that you’re getting a good deal when you do want to treat your family to something nice. If you’re going out to a restaurant, for example, then you might want to eat at an establishment that has cheaper meal options for children. And if you’re going to get somebody in the family a new laptop then go for a model that’s already 2 years old. It’ll still be modern, but it’ll be far cheaper than newer models. You’re allowed luxuries in life, but do your research to make sure that you’re getting the cheapest deal out there.
Always set aside a little bit of money.When you’re struggling to make ends meet, the idea of setting aside some of your earnings might seem strange. However, it’s important that you think about more than the present day. Planning for the future is essential for everyone in your family. You should put a jar on the kitchen counter for loose bits of change that can become your family’s emergency fund. You can’t always predict every cost in life, so it’s good to have a financial safety net in place for unexpected events. Maybe your car will unexpectedly break down, for example. It’s also smart to start a savings account for your children; if you gradually put money into it for years to come then they’ll have substantial funds that they can use for college or a house in the future.