With prices and interest rates going up, every family needs to get serious about balancing their expenses and handling them better. Being a mother, if you don’t take care of the expenses effectively, you will end up wasting more money than saving it. Here are four common ways families, especially moms tend to overspend or waste money…
#1: Overspending with Credit
Families usually have a hard time staying away from the “plastic money” maze, where it’s easy to get lost and hard to find a way out. The real problem is families today are depending more and more on credit cards for satisfying their immediate wants even if they can’t afford it. And since mothers in the family usually do most shopping, they’re the ones who easily fall into credit card debts.
Solution – The only best way to avoid overspending with credit is to use your credit cards responsibly and pay off the “entire balance” each month. Or else you can at least negotiate with the bank for a lower interest rate or transfer the balance to another better credit card where you pay less interest.
#2: Paying for Services Not in Use
Whether you bought a costly gym membership for yourself that you never got to use or are consistently paying for some other service you got for your children – paying for services that you or your family don’t use is one of the most common ways to waste money that could be put to better use.
Solution: It’s easy – ask yourself if you require a service before buying it and see if it will affect your finances negatively. Don’t keep paying for something you’re not using or have no plans to use, because even the smallest amounts can add up quickly over time.
#3: Not Conserving Energy
Let’s face it, electricity comes at a price – a price that is only going to increase. A lot of families don’t focus on this factor and ending up overspending more. Moms need to realize simple things like not turning off the computer when not in use or using the old fashioned incandescent bulbs can eat up into the utility bill.
Solution: Being the mother in the family you need to be aware of how the electricity is being used. You have to stop ignoring the little things that add up to give you a bigger utility bill. And if you’re based in a city like New York, take advantage of tools like www.NewYorkenergyrates.com to save money on utilities.
#4: Shopping on Impulse
The fact remains that when you do your shopping on impulse, you will most probably end up paying more than you should, even for a basic commodity. The ‘impulse shopping’ bug mostly bites moms and moms-to-be, so it’s an area you need to be extra careful in.
Solution: Understand that you can buy almost anything you want at a lower price by simply doing your homework beforehand. Make use of the Internet to compare various brands in order to find the best price. Above all, save money by learning to say no to your children when they want you to buy something for them.
Saving money and spending it in the right place, they both go hand in hand. Work on avoiding the things we discussed above to be a more financially responsible mother who knows what’s best for her family.
Disclosure – Consideration was given to review, edit, and post this article.