No matter what culture, race, or social status, you happen to fall into, money matters. Although some people are in better financial situations than others, this doesn’t eliminate the need to manage money. As a mom, especially, you have to make sure you have enough money to maintain your household. Between buying snacks, school clothes, and paying for outings, parenting can be expensive. However, if you master the art of managing your finances, you should have fuller pockets and a happier bank account. In case you need a couple of tips, here are four ideas for smart savings that should come in handy.
- Reconsider Utilities
If you take a good look at your expenses, you will likely find that utilities are taking a noticeable chunk of your income every month. There are a few ways that you can attempt to reduce the amount you’re spending, and you’ll find a couple here.
Check the Market: Before you begin making any major changes, research what is being offered by other service providers. Get an idea of the median costs of similar products and services and use that as a pawn to bargain. Some examples of bills you can negotiate are cable, your cell phone, car insurance, home security, and credit card interest.
Call and Ask for a Discount: This may sound too good to be true, but the reality is that if you don’t ask, you won’t get. Call your service providers and ask if there is any way that they can give you a better deal than what you have presently. Don’t take the first deal they offer you and be patient when negotiating.
Avoid Unnecessary Contracts: At times, people tend to tie themselves into contracts that they don’t need. See if you’re subscribed to anything like cable or gym memberships that are going to waste and consider canceling them. However, if you’ll be charged an exorbitant fee to cancel, it may be worth waiting until your contract is up.
- Get an Electric Car
Once upon a time, electric cars weren’t something that people were too keen on getting. However, the benefits of getting one seem to be outweighing the sense of unfamiliarity, making them a lot more pervasive. If you don’t have an EV, think about joining the club as it could result in significant savings. For one, you would be entitled to state incentives like electric car tax credit. Secondly, you could travel for about 36 miles with an estimated $1, which means you’d be saving yourself the headache of buying fuel which can sometimes be expensive.
In case you’re worried about charging the battery, there are electric vehicle chargers which could save you time and money.
- Pay Your Mortgage Often
For those who have a mortgage, paying it more often could result in savings. Instead of paying the basic minimum, why not switch to a bi-weekly payment plan as it could save you tens of thousands of dollars. The more that you pay off, the faster you’ll pay for your home and the less you end up paying in interest.
- Consider a Side Hustle
Even if you happen to be phenomenal at saving, if you don’t have enough money, you won’t get very far. Think about getting a side hustle that helps you generate more income, which can go towards saving and investing. You could decide to contract your skills out, join job sites online, or do virtual work instead.