Among the many roles we have to play as mums, we also have to be financial-savvy to be able to help stretch the family budget, augment the family income and, hopefully, save enough for our children’s college fund and our retirement. It is no easy feat, but here are a few tips shared by our friends from MoneyMax.ph, the Philippines’ leading financial comparison portal which helps Filipino consumers make the right financial decisions as they settle on the best credit card, home loan, broadband plan, and more—fast, comprehensive, and free.
Whether you’re a stay-at-home mom or a working mom, being the queen of the house is a tough profession more than the royals. Among all the physical and emotional pressure, the stress of financial management is a big, exhaustive chunk to what Moms juggle every day.
Here are some tips for all you superheroes:
Expense Tracker
As the resident Chief Finance Officer, you should have at least an overall idea of the cash flow of everyone in the family. Track their expenses and help them improve it. It will help you come up with a monthly expenditure plan for your family. Visuals are great tracking channel – let everyone in the house know the value of income and expenses of each.
Grocery shopping
No one in the house knows better than you do when it comes to household supplies. You have the power to do the budgeting and listing of your grocery items. Shop for groceries on your preferred schedule – weekly or bi-monthly or monthly. Doing this can reduce your transportation costs and you could devote your travel time to more important things. Also, involve your kids on grocery planning and shopping. It is a good chance to teach your kids on budgeting your finances out of a given allowance, plus a good source of bonding as well.
Deflation
Be in-the-know: watch the news or subscribe to rollbacks and price hikes so you would know when to buy an item more or when to avoid an item because of higher prices. Update your shopping list in a manner that is dependent on the price changes of each and every item. For example, you can buy more products in your shopping list that cut its price to get the most out of your spending.
Credit Card Perks
There’s a whole ton of perks you can get if you play your {credit} cards right. Almost every bank offers credit card rewards that moms can take advantage of. For example, you can take your whole family out on a date with half-price tickets to musicals and a delicious lunch at 50% off.
Another unique advantage of credit cards is that you can use it for online shopping. Besides being able to scour online reviews on products that you want to buy, you’ll also save time, money, and effort because you don’t actually have to get out of your chair to do your shopping. Just make sure to keep your credit card information secure.
But… Don’t give in too much to rewards
If you focus more on coupons, deals, rewards, rebates, you may end up paying for more than the promise of saving more. Don’t get tempted on adjusting your finances by overspending just to avail a certain promo or reward points.
Window Shopping
Don’t spend too much time on window shopping. Going to malls just to window shop especially on items that you just want won’t be healthy on your finances and self-esteem.
Brand Conscious
Be a wise consumer; don’t focus on the brand, but more on the quality and value of money. After all, what matters is how you’ll use it. If you’re eyeing for something you want to wear, it will depend on how it will look on you and how comfortable you’d be in it. Gadgets, furniture and appliances’ longevity will always depend on how you use it.
Digital Lifestyle
Improve your ways by feeling right about the digital world. For sure, it will be hard in the first stints and when you’re not used to it, but as soon as you get along, everything will be as easy just like every single thing you do in the household. Paying your bills online, online bonding with friends, etc. can only be beneficial to you in every sense possible.
second image is from freedigitalphotos.net