3 A Mother’s Instinct: Money Saving Tips For Mommies

When it comes to family finances, moms are always on the frontline when it comes to buying the supplies for her home. She’s the one in charge for getting foods, giving allowances and providing the needs of the kids. Since, our economy isn’t in good shape these days; there really is a need to be meticulous when it comes to shelling out cash for these needs.

Therefore moms have a huge responsibility in saving money more than earning and spending it too much. Among all the skills a mother should be good with; it’s financial management that she should really learn to grasp. However, this does not mean she has to take crash courses and learn terms like niceties of annuities, exchange-traded funds or other complicated concepts.

The best teacher she can learn from is experience. But moms are good when it comes to instinct so this shouldn't be a problem. When a certain need arises, moms are always on the front-line of the battle and most often, they do something others can’t. So for the moms out there,

here are some practical tips on how to save money while providing the most common needs of your family.  Although this is specifically addressed to moms, anyone can learn from this regardless of their status in life.

Money Saving Tip # 1 – A mom should know the difference between needs and wants. This is pretty important because it will be the determinant if you really want to save money. You can buy whatever you come across with but the question is do you really need it? That’s what you should ask yourself the moment you step into the grocery store or even shopping malls. Take note however that there will be time for buying few extra things but the needs should always be the priority.

Money Saving Tip # 2 – You can also save money if you don’t spend it all in one single place. When you are given money, there’s no need for you to give it away just once. You have to remember that money is divisible. Eleanor Blayney, who is a consumer advocate for the CFP Board in Washington says, "You don't have to spend it all in one place, you can spend some, save, invest, give."  

Money Saving Tip # 3 – Another important lesson to learn is to live within your means. Don’t be afraid of the word budget and don’t waste your money on things that don’t matter in your lives. Don’t go beyond what you’re earning because it will only give you much trouble later on. That way you will be able to deal with your finances without thinking too much. You can reach for more extra stuff but don’t rush it in. Always make sure that your needs are being answered. If not, be patient for a while.

Money Saving Tip # 4 - Speaking of patience, you must learn to wait. Often, we fall victim to what others call “impulse buying”. When we see something good, we immediately grab and buy it. It’s a huge trap a mother and other consumers should really stay away from.  Don’t give in to the urge of buying and sleep on it. That’s why it’s good thing to have a list of the things to buy rather than going to the battle blank. The thing is, you’ll pick out whatever it is that attracts you and this isn’t good especially if you are on budget. Control your urge and wait for the right time.

Money Saving Tip # 5 – Lastly, you just have to be smart. That’s all it takes for you to save money. Be a good, strict and meticulous consumer. You must be familiar with the price changes. Carefully look at the label and compare prices. If this means it will take more time, then give more time for it. That’s being wise. Money is everything these days and we don’t want to waste it on things that are not beneficial to us. Every penny that you save can become your resource for more important things later on.

We call it anything else but as a mom, you really have to run your instinct. Know what’s best for your family and you will see that you can actually manage your finances.

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The author is a financial management enthusiast. She wants to share her knowledge about handing finances to survive economic problems. If you want to know more information about finances, business and credit cards, just visit this site http://www.0balancetransfercreditcardshq.com/.