As the saying goes, becoming a Mum changes your life, but what also needs to be considered, is how it changes your finances. Budgets must be cut in order keep up with financial demands and the extra costs of your new family member(s). Adjusting to your new budget can become more manageable by taking up the following financial habits.
Live within your means
If you’re a stay at home Mum, this means you cannot possibly spend as much as your friends and family receiving a double income. If you are trying to keep up with double income households you are probably spending outside of your means. We would all like new clothes, regular overseas holidays and expensive cars but in the big scheme of things, none of these are important. When you become a Mother your values and priorities should change, as well as your spending habits!
Stay at home Mums must make extra sacrifices to protect their finances. This means skipping lunch dates and other social events from time to time. Before you say yes to everything, take a look at your budget and decide whether it is worth the sacrifice. Your friends and family should understand and respect your decisions.
Plan in advance
Resist the urge for impulse purchases! One slip up could leave a significant dent in your budget, leaving you with less money for necessities. It’s all about planning in advance, if you want to buy an item that is outside of your budget, put a small amount aside every week until you have saved enough to afford it. Avoid credit cards and expensive material items- your kids are probably going to ruin it at some stage anyway!
Utilize your skills
Your skills are a great tool to earn a bit on the side. Source a part time job or home based employment. Many employers are flexible and virtual, for example; admin and customer service, blogging and content writing, boot camp and other fitness classes and much more! Every little bit helps.
Don’t let anything go to waste
Leftovers will save you a lot of money on food. When preparing dinners be sure to include enough ingredients so there will be left-overs for tomorrow’s lunch. Cooking meals in bulk and freezing them means you always have an easy meal when you don’t have the time or energy to cook. You can freeze almost any meals including soups, crockpot meals and lasagnes.
Disclaimer: The above information is general in nature and not intended to be financial advice. You should consider seeking professional advice before following any suggestions in this blog/website.