Five Simple Tips To Get Your Finances Under Control

Posted by Debbie Dragon on October 3, 2009

This article comes to us from Gabriela Michelle, about how she reeled in her family’s finances and made it possible to become a stay-at-home mom. Since we’re stay/work at home moms, too, we thought these tips were great and wanted to share them with you. You might be surprised at the possibility of living on one income while your children are small!

When my husband and I made the decision for me to be a stay-at-home mom, I was extremely nervous. Even though we have always lived on a fairly strict budget, we were not crazy about having to tighten up our belts even further. I began furiously searching articles online to find out how other parents were surviving on one income. What I found was not only informative, but, quite frankly, shocking. Families were surviving on a lot less than we were and living a similar, if not better, lifestyle.

Tip 1: Make a Budget

This doesn’t have to be as time consuming and elaborate as it sounds. You are simply trying to create a basic outline of how much money is coming in and going out.

-Calculate all your monthly income and basic expenses
- Keep receipts for a couple of months and use an average total of what you usually spend on groceries and other household items
-Average your monthly utility bills
-Don’t forget to add those expenses that are paid bi-annually such as insurance

Tip 2: Reevaluate Your Shopping Habits

-Coupons, coupons, and more coupons! You can find them online by typing “coupons” in your search engine and in your local paper. Research your local stores to see if they have double coupon days.
-If you don’t like collecting coupons, consider shopping at a store like Aldi. Aldi may not stock the variety that you are accustomed to at a larger store, but the products are the same that you find in higher–priced grocery stores.
-Get cash back on all of your purchases by joining online communities such as FatWallet.com and shopperdiscountsandrewards.com.
-Avoid impulse buying! Shop, compare, and wait for sales and coupons.

Tip 3: Start Cooking at Home

-Try to avoid going out to eat and ordering out as much as possible.
-Make a weekly menu
-Cook some or all of your meals on the weekend and freeze them.
-Try to avoid places like Starbucks and Caribou for coffee. You can make the same drinks at home for about 1/3 of the cost.

Tip 4: Become Reacquainted with Your Library

-Renew your library card and start taking advantage of where your local tax money goes. Libraries have so much more than books nowadays. They also have free music and videos, as well as free Internet access. Many libraries also offer free classes, seminars, and plenty of fun and interesting activities for the kids.

Tip 5: Combine Driving Trips

If you have kids who are forever asking you to take them places, it’s critical to start combining trips.
-Carpool whenever possible
-Ride bikes or walk when distances are feasible to do so. Walking and riding bikes will also make that expensive gym membership no longer necessary.

In this economy, it is critical for all of us to learn to live within our means. The days of spending more money than we bring in are gone. As a family, we have found that we can manage on one income. We no longer feel guilty or deprived that we are buying less, and we appreciate what we do get much more. In addition to saving money, we have also found that we have gained some other benefits as well. We are spending more time together as a family and even feeling a little healthier by eating better and walking more. These simple tips can help you get your finances under control so you can stop feeling controlled by your finances.