Smart Budgeting Tips for Stay at Home Moms

Smart Budgeting Tips for Stay at Home Moms

Being a stay-at-home mom can be incredibly rewarding as it gives you the freedom to spend much more quality time with your children and be a much bigger part of their young life. Unfortunately, in these times of economic instability, trying to make ends meet on only one salary can be extremely difficult. Nonetheless, the statistics show that more and more women are again choosing to stay at home with their kids, which shows that it is definitely not impossible—especially if you remember to follow all of these simple budgeting tips. 

Create a Weekly Food Plan

Food is often one of a family’s biggest expenses, especially if you have a couple of ravenous teenage boys at home. Still, one of the easiest ways to cut back on your monthly food bills is to cook most of your meals from scratch. However, trying to create a weekly meal plan is another excellent way to cut down on food waste and lower your costs since you can often combine leftovers and use multiple ingredients for the same dish. In most cases, its best to do your shopping once a week and try to base your meal plan around whets on sale. 

Use Cash Whenever Possible

Creating a budget plan is by far the best thing you can do to make being a stay-at-home mom financially feasible, but you also need to be able to stick to that budget. In this case, trying to use cash is often one of the easiest ways to ensure you don’t run over your monthly budget. Most people have a much harder time of keeping track of exactly how much they spend when using a credit or debit card, which won’t be a problem if you simply withdraw your weekly budget from the ATM and limit yourself to it.

Free Entertainment Is Your Friend

No matter what anyone tries to tell you, life as a stay-at-home mom can sometimes get boring. This leads many to sign up for numerous classes and take part in expensive hobbies in order to pass the time, with the result that stay-at-home moms tend to spend much more on entertainment. If this is a problem for you, try seeing if you can’t find some free classes at your local recreation or community center. In addition, the library can also be your best friend—not only for the huge range of books, but also TV shows, movies, music and more.

Make Sure to Set Aside Money for Specific Goals

You and your spouse need to be flexible when planning your monthly budget, taking into account any short-, medium- and long-term goals and saving accordingly. In fact, the very first part of budgeting is to take account of all of your financial goals as this will determine how much you need to save each month to meet them. 

Don’t Forget About Yourself

Most stay-at-home moms have their own personal savings account or discretionary funds, but unfortunately, this can be a source of many marital arguments. Therefore, it is important to discuss with your partner a fair monthly budget for yourself to spend. After all, you are doing a lot of hard work too. Still, no matter what you do, don’t call it an allowance as this will only serve to reinforce the dominant ‘bread-winner’ dynamic.

Being a stay-at-home mom is truly one of the best things you can do for yourself and your children, and luckily, it doesn’t have to be all that difficult. By taking the time to plan out your monthly budget and doing your best to stick to it, you should be able to enjoy the benefits of being a stay-at-home mom without it ruining your finances. 

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