No matter what you do, looking after a family within a limited budget seems like an impossible task to you right? Some thing or the other comes up and you end up overspending every month.
Well, moms we understand this problem of yours, but, we would say, however difficult you find curbing down your expenses, it is really essential in the long run.
So, don’t stress out! We have come up with 4 helpful tips to avoid overspending and we assure you, if you follow it to the t you will see a change.
Chalk Out a Budget
You take care of the rent, school fees, EMIs, groceries, gas, electricity, and more. As a mom you have to take care of everything and ensure the nothing goes amiss. Plus, there are tons of things that you need to buy as well. Generally, you have no time to sit and chalk out a plan considering all the work you need to get done, however, this is what you should do.
Planning out a budget will help you realize what you can afford and what you can’t. Don’t worry! It’s not that complicated. If you’re fast on the computer then you can make a plan on an excel sheet or you can go the old school way with a pen and diary.
Your budget should include all expenditures under fixed and variable expenses. So, you can start with tallying these with all your income sources. Expenses like rent and EMIs are fixed amounts and it is easier to budget around these first. These are unavoidable, so get done with them.
Another important and unavoidable expense is groceries. Make sure you check your kitchen before you set aside a budget for this. Buy only things you need. Then move on to other additional expenses like lunches and dinners out, shopping etc.
If at you’re spending on additional expenses more than you do, and have most often ended up penniless the end of the month, then this sure is a wake-up call. So budgeting is really essential.
With a budget, you can track down your major expenditures and allocate only a specific amount to those. However, little bit of adjustments wouldn’t be a problem but definitely with this budgeting process, you can hold a lot on your splurges.
Ditch Your Credit Card
Imagine at the end of the month, when you get your credit card bill and your heart just skips a beat when you look at the amount to be paid. We are sure this happens to most of you moms. This is when you start regretting having used the card at all right?
We understand that a credit card seems a convenient option and we don’t think twice before we keep swiping it. However, this convenience turns out to be the main reason of overspending.
We suggest you switch to using cash as long as you can. Don’t you think it’s a much better idea? Rather than nonchalantly handing over your credit cards, you can use cash. Plus, you are aware of how much you are spending and you know you have to be careful. With cash payments, you will be forced to buy only the things that you need. This will surely curb your spending habits.
So, dump your credit card and stick to cash. You will eventually stop using your card and become more mindful of the amount of money you spend.
Understand and Control Your Temptation
There are days when temptation is at its peak. Isn’t it moms? Your emotional state, your surroundings or your lifestyle, anything can just trigger a temptation in you. And, most often you end up making the mistake of over spending. However, just making a budget plan is not going to help curb your expenses, controlling yourself is what is going to make this plan successful. All you need to do is not give into temptation.
If you want to shop and you are emotional or stressed, we suggest not doing so. If you do, you will surely end up buying things you will regret later. In case you kid wants to go out, no matter how tempted you are to pamper him/her with all the shopping and the eating, we suggest you go to the park. Spend some quality time with your kid there and you both will feel refreshed.
Moreover, with all the work that keeps you busy throughout the week, we are sure you look forward to catching up with your friends and family. However, instead of going to all these expensive brunches and dinners, we suggest you have a potluck. In this way, you are not only spending some amazing time with them, you will have a lot of food by spending the least. You can also grab the needful for your potluck from Walmart at affordable prices using coupons.
Think about it mommies, if your temptations are under control, overspending can turn to sensible and smart purchases.
Trace Your Spending
If you are left with almost no money by the end of the month, then you know this is a worrying matter. We know there are numerous expenses; however, if you are aware where your money is being spent, it keeps you in a better position to make practical purchases.
Small day to day purchases – a morning latte or a snack outside work, may seem like small purchases but these do affect your budget. However, you can save few dollars on your evening snacks by picking up somethings to eat from Nature Valley at budget-friendly prices using coupons.
Tracking every penny is essential to cut down some of your monthly expenses and also help you stick to your budget plan.
We know how important it is to save that 1 extra dollar every month in today’s expensive world. So, we hope these 4 tips to avoid overspending were helpful.