This is a guest post submitted by reader Hannah. Thanks Hannah for your tips on money management for working moms. I know that what I do usually is more time consuming than the average working mom has time to do, so I'm sure these tips will be appreciated.
For so many of us, no matter how hard we work, our money never seems to stretch as far as we'd like it to.
If you regularly find yourself falling short of a dollar or two towards the end of the month, what could you do to make your money go that little bit further?
Well, the obvious answer would be to save money - and that's exactly what we're going to look at here. As a working mom, how could you save some money each month?
Cut back on your non-essential expenditure
The first place you could start to save money is by cutting back on your non-essential expenditure.
Sure, we all like to treat ourselves each month, but do you know how much money you're actually spending on things you don't really need?
We all like to treat the kids - but does that mean we have to buy them the expensive snacks they see when we're out and about? It makes a lot more sense to buy candy in advance from a bargain store and carry it around with you!
That trip to the movies, that meal out each month - all your non-essential spending will soon add up. So, to save a dollar or two, try cutting some of this spending out of your budget - you may be surprised how much you could save!
Save every last cent
When you come home from the store, what do you do with the loose change you're often left with in your pocket?
Many of us will just put this change on the side, or even leave it in our pockets and spend it when we need to.
Have you ever thought about putting this change into a money box?
Let's assume you return from the store once a week with $2 in loose change. If you put this in a money box week in, week out, you'd be left with $104 at the end of one year - which is money you could have wasted on non-essential expenditure if it was just sitting in your pocket.
What if you end up in debt?
Sometimes, despite our best efforts, things can get too much for our budgets to handle and we find ourselves in debt. Don't worry, though: there are several options available to you that may help.
For example, in the U.S. you could seek debt advice - and possibly receive some more useful tips on how to improve your finances. Depending on your situation, you may be advised to consider a debt solution.
And while it's important to be aware of help available to you in the US, it's also useful to see what's available elsewhere. If you were to fall in debt while living in the UK, for example, debt management plans from companies like Gregory Pennington can help borrowers repay the money they owe (albeit under different terms). Debt management is an informal agreement between a borrower and their unsecured creditors that allows them to repay their debts in a manner they can afford. To find out more about debt management - a solution that's also available in the U.S. - you should get some professional debt advice.
Just bear in mind that debt management comes with downsides as well as benefits (it could cost you more in the long run, for example), so it's important you understand 'the big picture' before you commit yourself to anything.
Are you a working mom? What are your best tips for saving money without spending too much time?
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