Raising kids, running a business, and saving money don’t go hand in hand, do they? Although you are terribly short of time as a mompreneuer, taking a few hours out of your busy schedule to plan a budget and save some money should be one of your priorities. Here is what you should do to save more and create a sound financial backup for your dreams.
Check your credit card statement
For most people, the key to their financial freedom lies in their credit card. Check what you spend your money on and find if you are overspending in any particular area. Make a list of these things and keep this list aside. We will deal with it later.
In your statement, find all hidden fees and charges. Ideally, the more rewards, offers etc. your card offers, the higher its APR or interest rate. This means that you are spending a lot more on things than you saved because of the rewards. Look for another credit card that comes with basic functions but doesn’t come with as high rates of interest. You will be better off with these cards.
Shop around for better deals
You may have to spend an evening shopping around for better deals on your utilities, the products you buy and more. There is always a startup or emerging company offering better deals than your current products or service provider. Shop around and don’t be afraid to change. You may get to use new products and may also save some money in the process. Start networking with other entrepreneurs and try their products and services as well. It will help you build a community, save money, and strengthen your own business relations as well.
Save electricity bills
You probably don’t realize but you are likely spending too much on energy bills each month. Buy energy efficient products. Instead of a central heating system, go for thermostat controls in each room. This would help you in keeping electricity costs down by using heating/cooling only in these areas where it is needed. Make it a point to keep lights switched off when you are out. A good way to save ‘ghost charging’ is to unplug all devices when they are not in use. Your toaster, coffee machine, food processor and grill should not be plugged in when you are not using them. You won’t believe how quickly your bill drops.
Buy in bulk using coupons
Coupons are a great way to save and if you are buying in bulk, you will be able to save hundreds of dollars every year. If shopping offline saves a couple hundred dollars or more on your monthly groceries, go ahead and do it. Couponing is a magic trick- use it to realize its true benefits.
And what about that $5 latte? Well, if you can’t stop having them every day, at least reduce the frequency. Remember, every dollar counts. Even if you save $15 a week, you will have at least $60 by the end of the month. That’s quite a nice number if you ask me.
I’m Lorene, I built my own business straight out of college and wanted to share my knowledge and experiences with the world.