Andrea Woroch is an expert in saving money who specializes in simple budget tips for busy mothers.
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Here she shares the four tips every mom needs to know to keep expenses in check and save money for the future.
1. Do not indulge in social FOMO
“Do not fall into the trap of comparing your life with other families and mothers on social media,” Woroch said.
From exaggerated birthday parties to extravagant family vacations to all those family photos where the kids are fitted from head to toe in the most adorable outfits, it’s easy to feel like you’re not doing enough for your own kids and start spending more to keep up with what you look on Instagram or Facebook. Just remember that you only see the “highlights” of this mom’s life and you do not know what’s going on behind closed doors. There’s a chance these flashy spenders are fighting more financially than you know. Keep going and spend what you believe enriches your baby’s life, but do not do it just because the other mothers are. “
One way to resist the temptation to overuse FOMO is to be more aware of who you follow on social media.
“If you notice that someone is making you feel less than your best on social media, it’s time to stop following them,” Woroch said. “Instead, fill your flow with accounts that lift and inspire you.”
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2. Streamline your savings efforts
“Busy moms have enough on their plate, and trying to find coupons or a comparison store can be difficult. But that does not mean you have to give up saving money,” said Woroch. saving money that every mother should use. “
Woroch recommends that you download money-saving browser extensions, such as CouponCabin’s Sidekick tool.
“It automatically adds coupons and money back to your online cart, ensuring you never miss a deal,” Woroch said. “Meanwhile, Paribus tracks prices of items you buy online that are linked to your email, and will claim money back on your behalf in the event that they discover a price drop on that purchase as long as it falls within the retailer’s price adjustment period. Popcart is also a useful browser tool, as it provides instant online price comparisons so you do not have to open multiple tabs and perform multiple online searches. ”
You can also use apps to streamline your investments.
“When it comes to investing, the micro-investment app Acorns is great because it has a feature where they round out purchases made with your debit or credit card to the entire dollar and put the difference on your investments,” said Woroch. “I love that this is on autopilot because remembering to invest often is the biggest obstacle to actually doing it for moms who are already juggling multiple things at once.”
Prioritize retirement over college
“As mothers, we want to give our children the best life, which usually focuses on leisure activities, family trips and all the toys and clothes they want,” Woroch said. “It can also mean that they want to pay for their higher education so that they can get further earlier in life. But over-spending when they are young can disrupt your financial security later. If you do not save money for retirement and instead spend too much on toys or activities or just save for college, you may not have enough to cover basic living needs when it’s time to retire. ”
Woroch notes that while your children can borrow for college, you can not borrow for retirement.
“Focusing on building a healthy nest egg is crucial,” she said. “Not to mention, taking care of yourself means your kids do not have to worry about you financially later, and it really is the best gift you can give them!”
In addition, you may be able to help your child repay the college loan in recent years.
“If your kids need to borrow for college because you had to spend more on retirement, you can still help them later by covering some or all of their repayments in the event that you could meet your investment goals,” Woroch said. .
4. Keep the birthday party budgets under control
Birthday parties are an area where parents tend to spend.
“It’s easy to get caught up in the excitement of celebrating your child’s birthday and spending too much on trying to make the day extra special,” Woroch said. “Just remember that you do not have to spend a lot of money to make your son’s or daughter’s birthday party fun and memorable.”
Start by setting a budget and tracking your expenses.
“Point to the area that matters most to your child where you will spend more, for example for entertainment like a magician or Disney princess. Then look for ways to cut back on other party elements,” Woroch said. “Instead of serving food, pick up some pizzas from Costco or Sprouts and bake your own cake. You can also buy lots of decorations from the dollar store at a cheap price! In the end, you can have fun without spending a lot of money. ”
To keep his own birthday party down, Woroch only organizes one party every two years.
“This way, I do not feel as bad when I spend a little extra knowing that I will save the following year,” she said. “This allows me to do a little more without feeling pinched or stressed.”
GOBankingRates wants to give women the opportunity to take control of their finances. According to the latest statistics, women have $ 72 billion in private wealth – but fewer women than men consider themselves in “good” or “excellent” financial shape. Women are less likely to invest and more likely to be in debt, and women are still paid less than men overall. Our column “Financially Knowledgeable Woman” will explore the causes of these injustices and provide solutions to change them. We believe that economic equality begins with financial knowledge, so we provide tools and tips for women, by women to take control of their money and help them live a richer life.
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This article originally appeared on GOBankingRates.com: Money Saving Expert Says These Are the Four Tips Every Mom Needs to Know