8 Proven Money Strategies Moms Can Use To Reshape Family Budgets
Raising a family on a budget is a daunting task. From infancy up to adulthood, kids are expensive, and it takes a lot of creativity and strategy to keep the finances in order.
We asked some of the top female bloggers and finance experts — who also happen to be mothers — for their best money tips to help stay on top of family finances.
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1. Build Your Weekly Menu Around Grocery Store Sales
To combat one of the biggest expenses families face — food costs — take advantage of every bit of leeway your local supermarket offers. Jeanette Pavini, a consumer savings expert, said moms can get more control over their budgets by planning meals around sales.
“By simply building their weekly meal menu around what’s on sale at the grocery store, using reward/loyalty programs and coupons, you can save [money] on your grocery bill,” she said.
2. Be Financially Independent
Part of being a parent is accepting the huge responsibility of protecting your family’s financial future. According to Emma Johnson, founder of WealthySingleMommy.com, that starts with addressing your own personal finances.
“Never depend on anyone else for your financial security. Life can happen at any time — death, divorce, disability,” Johnson said. “It is your responsibility as an adult and parent to always take responsibility for the security of yourself and your family.”
3. Keep Your Pantry Stocked
Cooking a family dinner at the end of the day can be stressful, but a well-stocked pantry can make this task easier, healthier and more affordable. So just what is a well-stocked pantry?
Culinary expert and cookbook author Holly Clegg explained: “Think of a well-stocked pantry as a permanent shopping list. This tip will enable moms to cook more meals efficiently and affordably by saving money [that otherwise would have been spent on] last-minute groceries, fast food or meals.”
4. Say Yes to Hand-Me-Downs
“Accept any hand-me-downs you’re offered,” said Lori McDaniel, a mother of two and a senior manager at Charles Schwab. “You have no idea how much money you’ll save on everything from clothing to toys by accepting gently used items.”
If you don’t end up using them, “you can simply donate the hand-me-downs you don’t want,” McDaniel said.
5. Pay Yourself First
This age-old advice doesn’t just apply to parents — everyone should listen to it, said Ella Newman, business development expert with Norton Advisory Group.
“Pay yourself first — 5% to 10%.”
Not sure how to invest the funds? Start by investing in high‑yield savings accounts.
6. Shop the Off-Seasons
Amanda Tollis, a professional bookkeeper, knows how to time her shopping just right.
“Buying the next size up for your children in apparel or shoes while in the off-season or late season can score you deals that are hard to beat, even in a second-hand shop,” Tollis said.
Additionally, she said, like-minded parents who find great deals from well-known stores often share them on sites like Slickdeals, so keep your eye out on deal sites for great prices.
7. Head to Your Local Library
Your local library is chock-full of free resources and activities for the entire family.
“Moms can bring the kids to take out an armful of children’s books or partake in story-time activities,” said Susan Kessler, aka The Frugal Diva.
Parents don’t have to leave empty-handed either. “You can pick up a movie to take home, a book for a DIY project or a novel for when the kids are sleeping,” she said.
8. Focus On Presence, Not Presents
You’ll love this simple and down-to-earth piece of advice from Sherlyn Pang Luedtke, author and founder of PresentParentTraining.com.
“Show your child love with your presence, not with presents,” she said. “Giving your child 100% of your attention for as little as 15 minutes a day increases your connection and reduces the need to compensate by buying gifts that will never fill your child’s need for a relationship with you.”
This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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