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Best Saving Tips for Stay at Home Mommies

June 20, 2015

Staying at home with your kids doesn't necessarily mean protection from spending. You will still spend money even if you're a stay at home mom. And if you're not careful, you might lose your savings to unwanted purchases.

1. Plan ahead - Since you will stay at home with your kids, your planning should start with a decision about your residence. Are you going to rent an apartment or buy a house that your family's monthly income can afford? Your answer to this question will affect how you're going to budget your remaining money. Plan how much will go to your emergency fund, to your insurance fund and to your children's college fun. 

2. Have a daily routine and follow a budget - When  you don't know what tasks to do for the day, your household will be disorganized and you'll be tempted to give in to unnecessary spending. A mind and body that are preoccupied with meaningful tasks will not think of something to buy or to eat, watching movie or attending any activity that will cause spending. In connection to this, create a monthly budget and stick to it with all your might. Don't spend on anything that is not in your monthly budget.

 3. Try automatic savings - Start an automatic program that will take money from your paycheck account each time you receive your income and transfer the money into your saving accounts. You're less likely spend money that is not in your hands.

4. Live simply - Think about the things you need and you don't need. Sometimes, people tend to buy things that they don't need for daily existence. Stick to your family's basic needs and a few important  things that your children might need for schooling. Live simply. Own only a few things and you don't have to worry about keeping all of your possessions safe.

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