Budgeting Tips for Busy Moms

| April 24, 2011 | 0 Comments

Budgeting Tips Busy Moms

Budgeting is key to saving money, leading a life that is debt-free and enjoying small pleasures that often go unnoticed. While the thought of budgeting and managing cash flow may seem intimidating to moms, it is anything but that. All you need to do is start. Once the habit is set, making your monthly budget and saving where you can will be second nature. Here are some simple but effective budgeting tips for busy moms.

Budgeting Tip#1 – Create a System

Are you comfortable with technology or are you a pen-and-paper girl? Find a budgeting system that works best for your personality and then, use that. If you are tech-savvy, maybe an online budgeting tool like Pear Budget or a simple Excel spreadsheet would work. But if you like writing down everything, just a notebook and pen will suffice. The idea is to establish a system for you to note your budget in .

Budgeting Tip#2 – List Your Income and Expenses

I like noting down my monthly income and then, my daily expenses. You can go with either weekly, bi-weekly or monthly budget. Create broad categories and then, list all your bills and expenses under each. I have Home, Shopping or Personal, Entertainment, Baby and ChildCare, Medical, Insurance, Fuel and Car Maintenance and Cellphones. We don’t have any loans, but that can be another category if you’re making mortgage payments as can Credit Card Payments.

Budgeting Tip #3 – Factor in Holidays and Emergencies

While the above budget can be perfect for everyday life, the life of a mom includes holidays, birthdays, anniversaries and emergencies. Establish an emergency fund for health and financial emergencies. Keep bonuses, extra paydays as well as any cash gifts for birthdays and holidays. Shop for Christmas gifts in June or July or whenever you see a good deal on a gift. Save money on back-to-school supplies like notebooks, pens and pencils by buying in bulk.

Budgeting Tip #4 – Create a Budget Binder or Folder

Whether you use an online system or a traditional pen-and-paper one, keep a dedicated folder for your bills, budgets, bank and credit card statements. This will help you keep things organized and on track.

Budgeting Tip#5 – Set Financial Goals

Saving money and budgeting can seem easier if you and the family sets goals to strive for. Whether it is saving money for college or retirement, when you know what you’re saving for, it becomes easy to put away money.

Simple tips like tracking your income and expenses, saving for emergencies and setting financial goals will help you, as a mom, to create a budget that works for your family.

What are your favourite budgeting tips for moms?

Photo credit stevendepolo

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Category: Money

About the Author ()

Prerna Malik is a freelance writer and work-at-home mom who believes in green living, frugal fun and positive parenting. You can find out more about her at The Mom Writes.

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