Okay, so there are literally thousands of posts about smart money hacks for moms. However, there are some that are far more important and valuable than others. Not all hacks will work for you, but there are some universal truths, from smart shopping to using free available resources.
Investments and Savings
There are many key financial steps people undertake through life. Saving is the first introduction to managing money for most people, and often begins early, but not always. Savings are valuable because they can be compounded by interest and investments, opening up other opportunities, such as education. However, it can be hard to catch up with RESP contributions after age 17 if you don’t save, making it unlikely you will have enough for your child’s education.
Frugal Living and Smart Shopping
Frugality is essentially living in a way that doesn’t require you to spend excess money whenever possible. Buying things is fun and is even considered a form of therapy. However, it can get out of control. A little rule to stick by is if it can wait, then you don’t need it! It also helps to think about what you put into your shopping basket either online or when at the store. Ask if you need it, how it will change your life, and whether or not it will be wasted. Stop, assess, and think!
Working Money Hacks for Moms
Most people need some extra money now and then. But even if you feel you don’t, earning some extra can help with making your home safer, education, and emergencies. A survey by Entrepreneur found that 45% of parents have a side hustle, and you can try one, too:
Freelancing is worth it if you are good at something, like writing or administration.
Create unique digital resources, such as eBook guides, and sell them online.
Craft items that you can sell on online platforms such as Etsy and eBay.
Use Free Resources when Possible
Did you know you don’t have to buy everything? It’s true! They say nothing in life is free, but that’s not really accurate. There are tons of free resources out there. For example, you don’t need to buy expensive subscriptions to office software. You can use Open Office and GIMP for photo editing. And why buy eBooks when there are free libraries? What about food and clothing? Well, you can sign up for product testing and reviews with apps like BzzAgent.
Spending Limit Challenges
When does not spending money become fun? When you turn it into a game and a challenge. For example, you can avoid unnecessary expenses by challenging yourself to not spend anything for an entire week. You can also challenge yourself to get creative in the kitchen by using what you have to come up with new recipes instead of wasting food. Charities also need help, and you can buy gently used items instead of buying new ones to save a bundle of cash.
Summary
Investments and savings are among the most powerful money hacks for moms to start early on. However, what about now? Side hustles will make better use of time and earn some extra cash. You can also challenge yourself to spending limits and make use of what is available at home.
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