As moms, we have a ton of things to worry about – our family’s health, their needs, wants, quality time with them, our career, needless to say, finances – bills, savings, groceries, investments, needs, home and car maintenance, and more.
Having a small business while blogging and doing freelance jobs on the side, there are times when our family’s plates are full, but there are also times when we just get by.
Here are some of the budgeting hacks that we do.
- Do this: Income – Savings = Expenses
Not the other way around which is Income – Expenses = Savings
- Have separate bank accounts for personal savings, business and junior savings account for the kid/s.
- Just because you can buy it, doesn’t mean you can afford it.
For example, John earns ₱20,000 a month net and lives from paycheck to paycheck.
John really has been eyeing this ₱18,000 sneakers for months now. With his monthly income, he CAN buy those sneakers. BUT, he CANNOT AFFORD it. After he buys the sneakers, he’d only have 2,000 pesos left in his pocket and he has to wait for another 10 days or so for another paycheck.
- Invest on insurance. We all try to be safe, healthy, live long enough to see our kids grow, and eventually their own kids. However, God forbid, should there be any unfortunate cases, an insurance will equip us with a financial safety net.
- Do not be tempted to buy from a “SALE.”
You have to assess if you really need it before buying it or if you just want to buy it because it’s on “SALE”. Instead of saving money, you’d end up spending on things you don’t really need.
- When going to the supermarket, always look for bundled items, buy 1 get 1, or other deals. Yet again, buy only those you need.
- This might sound funny, but don’t go to the grocery when you’re hungry. Seriously, you’d end up filling your cart with unnecessary items.
- You need to de-stress and create memories with your family, but only do so when you have some spare money. Never ever go broke because of travelling.
- For birthdays, Christening, or any celebration, don’t go extravagant just to please people. Spend only what you can.
- Use credit cards wisely. Primary reasons why people get credit cards are to pay for goods or services online, to shop conveniently without cash, and for installment payment.
Not paying on time or not planning ahead about the payment terms could cost you a lot of money.
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