How To Budget Money To Be A Stay At Home Mom
A frugal stay at home mom shares her best tips for stay at home mom budgeting and saving coin – then you tin can be home with your kids instead of away at work.
I 'm so excited to share something dear to my middle with you Affording Maternity followers – SAVING Coin! My married man and I made it a goal to pay off our house in seven years (with a 15-yr notation), and so I would be able to stay home with our kids when the time came, and so saving is my all-time friend.
We were both teachers and did non take kids nevertheless. We doubled upwardly on payments for a while and then started paying more and more, chirapsia our goal by four years and paying it off in 33 months (A $110,000 loan)!
eight Stay at Home Mom Budgeting Tips
Here we are, years subsequently and I'chiliad a stay-at-domicile mom with no debt, still saving for higher and retirement. So here are some stay at home mom budgeting tips I find useful to testify you lot how to financially gear up to be a stay at home mom!
1. Make a Upkeep
This is the #1 mode to start saving. Why? Because yous see exactly where your coin goes and how much spending you can reduce when it's laid out in front end of you.
In one case my husband made me command more than of the budget, I actually started saving money. I'thou amazed by how many people don't accept a existent budget.
When I say "upkeep," I'thou talking three important things on it: Category (i.east. Groceries), Approaching Amount ($400), and Every Expenditure (every trip to the store that was for groceries (see our budget below).
I could keep and on about a budget, but the master thing is to get one in writing and start using it. You lot will be amazed at how much you're spending and how clearly you can see your money.
Trust me, I know how easy it is to let the credit carte du jour statement be your budget. We're CONSTANTLY revising our upkeep…and we go better and better each fourth dimension!
ii. Get Rid of Cable
I'm talking the large, crazy packages most families accept. We haven't had cablevision since nosotros got married. No Netflix, no DVR, no HuluPlus. I experience and then out of the loop when people talk virtually "cable shows."
We sentry a ton of movies. Nosotros too buy seasons on DVD (or ask for gifts) and watch them in the summer!
This is an like shooting fish in a barrel way to save a lot of money each month. I'll be honest…I wish we had DVR then I could record shows, but I like saving coin so I tin stay domicile with my babe much better. We pay $69 for the Internet AND Basic Cable (accept to take this for Telly).
3. Shop Around
Shop often for different rates for insurance and electricity. There is well-nigh always a better bargain out there. My husband changes electricity companies, virtually monthly, for the best charge per unit. I think that'south a bit extreme, but he'southward in charge of that.
Texas summers are brutal, so A/C is a must! We go along it at 77-78 degrees in the summer and our beak is between $100-175 a month (for a 2000 sq ft firm).
iv. Cut Groceries
I love food and then this one is difficult for me, only nigh Americans overspend on groceries. I know this will differ for each family, but my dominion of pollex is $100 per person in the household.
Nosotros take three, so we should spend about $300. We actually spend around $360 (this is everything except diapers). I'm hoping when we accept more kids, we'll stick to that rule of pollex.
When Ryan and I were showtime married nosotros spent $280 a month. You can check out my detailed tips for grocery shopping here. Menu planning and ads are key for us.
5. Minimize Dining Out Money
I love to eat out! Therefore, we have to observe ways to save in this category. I have tons of tips here. Coupons are the key for us in this department. We budget almost $100 a month for dining out (this includes fast food, restaurants, and my must-have Starbucks every in one case in a while…any food outside the business firm).
6. Spend Wisely
We are stewards of God's money here on World, and so how we spend information technology is of import. This unproblematic equation volition assistance y'all manage your money:
Income > Expenditures = Skillful Budget
Sounds easy, simply surprisingly, the majority of Americans do not follow it, hence the debt crisis. Viewing money differently is important to saving.
If y'all want to save BIG, there are Two major things you should focus on: HOUSE and CAR. I won't go into detail hither, but the following are of import for each.
seven. Purchase a Business firm with Intendance
The fundamental is to purchase the right house first. Your mortgage should NOT be more than twice your household's total annual income . For example, if your household income is $80,000, your loan should not be more than $160,000. Of course, this a general dominion, merely the indicate is, your mortgage should be lower than yous think it would be (definitely lower than what almost Americans buy). Besides, get a 15-year note!
8. Pay Cash for Your Car
Never lease! Information technology's the most expensive way to operate a vehicle. Practice not take on car payments. This mail service says information technology all. I love what Dave Ramsey (whom we follow for financial communication) says near this: "Will your bankrupt relatives and friends brand fun of your junk car while you do this? Certain they volition, but that is a very good sign yous're on the right track."
How to Be a Stay at Home Mom on One Income
Here'south a epitomize of how to budget and save money to exist a stay at home mom.
- Make a Upkeep
- Get Rid of Cable
- Shop Around
- Cutting Your Grocery Budget
- Minimize Dining Out
- Spend Wisely
- Purchase the Right House
- Pay Cash for Your Car
What are your favorite money saving and budgeting tips for your family?
Olivia Snyder is the author at Joyfully Prudent: Prudent Living, Simple Solutions, Joyful Journey. The web log is a culmination of all things Snyder (finance, coin saving tips, family, recipes, and more). She'south a old instructor, called into being a stay-calm mom to her adorable children. She spends her "free" time blogging, making printable signs for Joyful Art Designs (on Etsy), and playing soccer. She and her hubby live in Texas. God is good! 
Source: https://affordingmotherhood.com/saving-money-tips/
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