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4 Ways Modern Moms Are Making Ends Meet

By: Brittany Engelmann-- 2016-09-21 7:00 am --

Motherhood is perhaps the most rewarding, yet trying job – particularly in today’s economy, when about 47 percent of people report struggling to make ends meet. Whether you’re a single mother or not, finding ways to cover all of the expenses associated with raising a child can seem like an impossible math equation. Yet, mothers from all walks of life and income levels are persevering and finding creative ways to stretch their paychecks further. Here are some of the top ways modern moms are making ends meet.

  1. Scaling your spending appropriately.

There has been an unfortunate trend in our society where, as soon as a person gets their much-desired raise, they immediately begin upgrading their lifestyles alongside it. They move into larger houses, they buy nicer cars, they upgrade to more expensive cell phone plans – and they consequently further their financial burden. You’ll never get ahead financially if you’re constantly living paycheck to paycheck, even as your income grows. You need to scale your spending appropriately, while scaling your savings account alongside it.

  1. Keep utilities to a minimum.

Utilities are one of the hidden money-suckers that waste away your monthly earnings without you even noticing. Keeping your house the perfect temperature, leaving the lights on while you’re away, taking needlessly long showers – all of these things add up and can put considerable strain on your budget. Be wise with your utilities and watch your bills closely to ensure your household isn’t eating up more expenses than needed.

  1. Track all household expenses.

The only way to stay within a budget is to consistently track all household expenses. Not only will this enable you to remain in control of spending, but it will allow you to highlight excessive portions of your budget to determine where you can scale back. If you find your food budget has increased 50 percent over the last six months, then you may be eating out too much and will have to check your habits. By routinely tracking expenses, you can keep yourself and your family accountable, ensuring you remain within your budget consistently over the years.

  1. Always build a budget that allows for savings.

Ironically, one of the biggest ways to waste money is by not having a savings account in place. It may seem challenging to factor in savings if you’re living on a tight budget, but it’s an imperative part of managing your finances appropriately. Even if you only set aside $50 per month for savings, it will enable you to build a healthier financial future. In the absence of savings, you’ll have no way of covering emergency expenses, which inevitably results in debt. With debt comes interest, which, as most moms know, is the enemy of living within a budget.

  1. Shop smarter.

The key to saving money is to shop smarter. Shop efficiently, to save time and gas money, and shop economically by seeking out coupons and sales. With online wholesale shopping, you can experience the best of both worlds. You’ll have the ability to shop online, thus saving on car expenses, while accessing the best deals on a range of household goods, which will help you slash your spending. Start saving money by shopping smarter. Visit our website today.