Making your money stretch to fit your monthly responsibilities is a concern for most consumers. This has become even more serious in light of the COVID-19 pandemic which has led to a number of companies closing down and many people losing their jobs. With May being Worker’s Month, we thought we would put together some tips to help working mothers stretch their money.
Budget
Plan ahead and write down all the expenses required each month and stick to your budget. Decide which expenses are most important and allocate money there first, expenses such as school fees, food, extra mural activities, etc. Once you have your budget drawn up, you’ll get an even clearer picture of how much money you have to spare towards education savings, emergency savings, clothes and the like.
Track Your Spending
A budget will only be effective if you are committed to sticking to it. For your budget to work, you have to make sure that you know how much money leaves your bank account and when. Review your bank statement at the end of the month and identify opportunities to stop some nonessential expenses and divert these into savings.
Be a Savvy Shopper and Save
Take advantage of specials, coupons and reward cards to save money on your weekly and monthly grocery shopping. Buying in bulk and sticking to no-name brands or white label brands can help you trim your expenses further. Try to shop around before purchasing to make sure you are getting the best value for your money.
Buy and Sell Pre Loved Goods
The options for gently used clothing for both children and adults abound not only in your community but online as well. Gumtree and OLX are great online options for buying what you need at a good price and selling what you don’t use anymore to make money. Even if you have the budget for new clothes, buying “gently used” clothing can amount to significant savings – this is money you can use later for your children for things such as educational expenses, sports activity costs and so on.
Juggling the roles of being a mom and a full-time job can be challenging, it’s therefore important to ask for help where it’s needed and to have a network of support structures to assist you. This may be in the form of family members who live nearby who can babysit at no cost or partnering with a fellow mom at the same school for a lift club. This could also take the form of fun playdates for the kids at home vs going out to restaurants.
For more visit: www.liberty.co.za
