Why Every Mom Needs to Learn How to Save Money
Saving money isn’t always something
everyone is good at. In fact, with all that a mom has going on, it can be hard
to save money. Without a savings, it can be hard to get through life when a
financial disaster strikes. One of the best things you can do, as a mom, is
learn how to save money! Here are some reasons on why you need to learn how to
save money and also a few tips on how you can save more money.
An
Emergency Fund is Everything
Let’s say your car needs new tires, but
all you have is a credit card. When you use your credit card, you’re going to
hurt yourself in the long run. First of all, you will be paying more than the
cost of the tires because you will be paying interest. Secondly, a credit card
is just a quick fix, it’s something you still have to worry about down the
road.
Try your hardest to set up a $1,000
emergency fund. This is an amount that covers most emergencies. If you need to
dip into this amount, you stop what you’re doing, and get it back up to
$1,000. An emergency will do wonders for
your life when it comes to saving money.
Savings
Can Help You Become Financially Free
Most of us are bound by our finances. We
go through tough seasons of finances and weak seasons of finances. However, a
savings can help you become financially free. When something happens, you can
reach into your savings account, instead of borrowing money! Once you have a
nice savings built up, you will understand the satisfying feeling of it.
Sometimes
You Need a Down Payment
While some things you don’t need a down
payment for, other things you do! Cars and houses are two items that you may
find yourself needing a down payment for in the future. A savings account can
help you with this issue. A down payment helps you avoid costly charges later
down the road in finance fees. Plus, it shows the bank that you’re serious
about taking out a loan and about your money!
You
never know what will come your way
Sadly, no one can ever prepare enough for
financial disasters. You cannot be hit by anything for a while and then all the
sudden, Murphy visits. A good reason to start saving is because you never know
what will come your way. It’s always better to be prepared, then not!
Those student loans you got aren’t going
anywhere anytime soon and your children will probably end up taking on loans
once college hits. Do what you can with what you’ve saved then check out https://www.crediful.com/best-private-student-loans/
to see what would be the best option for your family. You really need to be
prepared financially when it comes to student loans.
Long-term
Emergencies Happen
You have probably heard the term that
we’re all one paycheck away from being homeless. This couldn’t be more true.
The average family should have 3-6 months of emergency funds put away. Long
term emergencies happen and the only way to prepare for them is to have a
savings put away. If this isn’t motivation enough to start saving, then what
is?
Now that you have some ideas on WHY every
mom needs to learn how to save money, it’s important to know HOW to save money.
Check out these tips on how to save mom as a busy mom.
How
to Save Money
Start by saving SOMETHING, money wise! A
lot of people don’t know where to start saving money, but the truth is that
saving something is better than saving nothing. Even if you only save $20 a
week, this is a huge start!
Have
a separate bank account
It’s hard to save money when your savings
shares an account with your checking. Your savings account needs its own
account. Simply have your savings directed into a separate account and this
will all be much easier.
Learn
to budget with cash and envelopes
One way to save money is to have a budget
and stick with it. Use envelopes to budget! You put the amount of your budget
on the outside of the envelope and that amount of cash in the envelope. This
helps people stay on track with their finances because then they’re not racking
up huge amounts of debt and spending beyond their means.
Start
with short term saving goals
It is discouraging when you think you
want to save up $15,000 but you just can’t get there. Do you know how to really
save money? You start with short term savings goals. Long term savings goals
are a little discouraging to think about, but they’re not out of the question.
Whether you’re learning how to save money
or want a reason why you should save money, there’s a reason for everyone.
Every person, mom or not, needs to learn how to save money and make the most of
it. Saving money is a good thing down the road, make sure you learn how to save
and prepare for potential emergencies.