No one knows better how to manage the budget for the household than a loving and caring mom. Do you want to know her money-saving techniques?
A tight budget is not necessarily so only because of the monthly income amount. There is almost always a way to find some hidden money. “Money Mom” Dawn Hunt suggests these eight tips.
Tip 1: Keep a change jar in which you collect all the spare change from your shopping. Some also put aside their leftover dollar bills. At the end of the year see how much you collected.
Tip 2: When planning your weekly groceries budget or any other budget for that fact, try and reduce it for a small amount that you then put aside into a saving.
Tip 3: Rounding up cheques for a small amount can be a useful tool for creating an extra money buffer on your checking account.
Tip 4: It is not necessary to use up your budget completely after you have allocated the money to it. If you find yourself spending less than what you predicted simply move the leftover funds into a savings account.
Tip 5: If you are close to the long-term financial goal you might want to think about temporary cutbacks where you can afford them. Temporary is the magic word here.
Tip 6: Try and make it a game. Create different challenges for easier success in saving money. Create different milestones for statistical tracking and easier visualization of your advancement.
Tip 7: Review before you declutter. Always see if the thing you want to give away is not the next favorite in your life that you haven’t had a chance to use yet.
Tip 8: Think about ways to make money extra money on the side. All the hidden talents can, if applied correctly, bring you extra money that can help you in long term.