Reduce Expenses? Does it sound easier than it is?
The most important thing you can do to stay a stay at home mom is to trim monthly expenses.
You have to make sure that you can live off of one income successfully.
Most of us can live off of one income by necessity, but to truly be successful with it, we need to be happy.
I DO NOT want you to deny yourself life’s pleasures, but I do want you to reexamine what things in life give you pleasure.
To me, I am happiest with my family.
Together, we love to experience new things. We like to try new foods, go to museums, have grand adventures.
Those things aren’t cheap!
Things that are not as important to me:
Driving a fancy car (though I must admit I have Hummer fever, lol)
Having premium cable
Buying all the newest technological gadgets and widgets
But everyone is different and needs to make their own choices.
All About Money
You need to spend less money than you make. Sounds simple, right?
Do you really know where your money is going?
Most of us overspend each month. We nickel and dime ourselves into debt, all those little purchases we don’t “count”.
Like the Starbucks® Latte every Tuesday morning on the way to the play group, or the McDonald’s® lunch afterwards. Or the Matchbox® cars at the check-out counter of the grocery store.
Those little things add up, fast.
Did you remember to record them in your budget?Moms, it can be done! While every family is different, most families can trim away unneeded extras and reduce expenses quite a bit.
- Cost of Working Calculator
- The Monthly Budget
- The Hazards of Consumer Debt
- How to Get Out of Debt
- Pitfalls of Poor Credit
- Myths About Your Credit Report
- Bankruptcy Options
- Banking Solutions
- Help with Taxes
- About Credit Cards
How much are you paying for housing? This is usually the single largest expense in any family and the most significant way to reduce expenses.
There are several methods you can use to reduce your housing expenses. The important thing to do is to find the method that will work best for your family.
- Renting Vs Buying a Home
- Unique Housing Solutions
- About Refinancing and Home Equity Loans
Every year or so, it’s a good idea to take a few minutes to check out the competition when it comes to insurance. Obviously, if you are getting your health insurance from your husband’s place of employment this might not apply to you, but for those who buy these services themselves, a 10 minute call can add up to hundreds in savings; a great way to reduce expenses.
Do you have all the insurance you need? This is an area that many young families neglect until it is too late. Make sure you have the coverage you need.
- Life Insurance
- Auto Insurance
- Health Insurance
- Reduce Medical Expenses
- Homeowner’s or Renter’s Insurance
Another large expense in most households is transportation. With the rising costs of gasoline, and the purchase, repairs and maintenance of a vehicle, this may be a big area where you can trim expensese.
- Move Down to One Vehicle
- Get a Free Car
- Get More Mileage with Water Turned Into Gas
Are there other expenses in your household that you can get rid of?
Things you don’t use as much as you thought?
Like the gym membership you have never used.
Or the streaming service you don’t have time to watch.
- Other Expenses You Can Trim
- Internet Service
- Phone Service
- Children’s Activities
Giving and Saving
These two topics are very often overlooked in our society (that is, America). We do not learn much about them when we are young, and quite often fail to teach our children as well.
Strangely, once you start to eliminate excess exenses, you will realize you have more than enough money to give and to save.
And you also may find that giving your children an allowance can save you money each month.
- Giving to Church and Charity
- Saving a Portion of Our Earnings for Ourselves
- Giving Our Children an Allowance
- Investing for Retirement
- About Stocks
- Saving for College