Mom’s are often touted to make the best decisions for their families, and this is so true in so many ways, but there’s also many ways we as moms are missing the mark. Many of us moms and families are living pay check to pay check and are living with high levels of debt causing stress and taking away some of the joy we should be feeling, especially when we are blessed enough to have a family!
Did you know that moms are one of the most powerful demographics in our economy? Collectively, moms are responsible for $2.4 trillion US dollars spent each year. 85% of household purchases are made by women and while contributing largely to the economy, they are also making purchases that are affecting their family’s pocketbook and financial stability.
It is totally possible to make small changes to reset your budget, your lifestyle and get on track.
Here are 3 Tips Parents Can Use to Improve Family Budget:
- Set family/personal goals and make sure purchases align with that. This takes some thought, yes. But so worth it! Example: If my main goal for the spring time is to redo my daughter’s room, I’m going to eliminate all purchases for “household” until I’ve completed my goal. This eliminates frivolous spending. List your wants or needs, then prioritize those needs/wants and start setting aside a bit of money each month to get it done.
- Set budgets for yourself and your kids. Teach kids the value of things by letting them choose what to spend their money on. Example: Allot $40 for “shopping” and your child must choose what to spend that money on. They can learn how to place value/want. So many parents just buy endlessly hoping their kid will be satisfied: this doesn’t teach value of things, nor does it teach responsibility with money.
- Do your research before you buy! As a woman, and mom, I’ve purchased countless products promising to deliver amazing results, only to find my expectations were not met. The internet has a plethora of information and Amazon reviews are so reading before making any purchase. Of course, what works for some people might not work for you, so also make sure you review the return policy. If you read something with only 3 star reviews, you might turn yourself off entirely and save money.
With the knowledge of how much we’re spending on “things” and how many families are in debt and trying to make ends meet. Simple adjustments to our way of thinking can and will have big impacts over the long run.