Stretch your money with these budgeting tips for frugal moms!
Thanks to inflation, even two-income households can have trouble saving money. In fact, in today’s uncertain economy, you might find yourself barely breaking even at the end of month. What’s worse, is that if you or your spouse loses their job, you could end up in the negative. As unsettling as that sounds, it’s not all doom and gloom. There are ways to save money and still live comfortably. Here are five frugal tips every budget-conscious mom needs to know.
5 Budgeting Tips for Frugal Moms
Buy Store Brands
With so many options out there, it’s normal to want to buy name-brand goods. After all, you work hard for your money and deserve quality. However, did you know that you can find the same level of quality and save money too? For example, you can slash your grocery bill by almost a third or half simply by switching to store brands products. Most grocery stores carry their own line of food and household products, which are usually a lot cheaper than national brands. The key is to test them out first prior to buying in bulk.
Buy in Bulk
Buying in bulk is another way to save big bucks. However, prior to setting foot inside a wholesale warehouse, you need to create a strategy. Look at the items your family runs out of most often. Then, compare the cost of buying them individually with the cost of buying in bulk. In the long run, you’ll save more money when you buy in bulk.
Excessive credit card or loan debt is not only stressful, but it can be a huge dent in your wallet. And if you’re only making the minimum monthly payment, it might seem hopeless. The good news is that you can usually consolidate your debt and roll it over into another loan with lower monthly payments and interest rates as well. When you refinance student loans with a private lender, they can usually offer better repayment terms than the original lender. This gives you enough wiggle room to either save the residual money or pay off other debt.
Stop Buying Pre-Made Food
If you want to save money at the grocery store you have to be diligent. As tempting as it is to buy pre-made meals, especially after a long day, it’s just not financially savvy. The price per pound is usually over 50 percent more than if you were to buy the ingredients and make it yourself. You also need to avoid buying pre-cut fruit and vegetables. Even though it saves, it doesn’t save you money. If you are short on time, but a week’s worth of fruit and vegetables and meal prep in advance. It only takes about an hour to chop and store in individual containers.
Exercise at Home
Americans spend plenty on unused gym memberships, which could be put to good use. There are plenty of free online workouts you can do at home and achieve the same results. If you enjoy working out with others, you can join virtual workout classes that use a pay-as-go model. Most also offer free trial lessons, so you won’t lose anything if you don’t like it.