Managing money is tricky at the best of times, but what about when you’re a mummy? You’re juggling all sorts of different things, plus budgeting for more than just yourself. So, here are a handful of tips for being money savvy when a mother.
Keep a track of pocket money
Pocket money is a great thing to set kids up with. However, don’t just hand it over automatically. Use it as a motivational tool, and reward good behaviour. It will teach your kids rules, boundaries and consequences. Pocket money can even stop full-blown tantrums in their tracks.
Here is a great way to do pocket money. Have a list of jobs that need doing around the house each week, and have a worth next to them. So, emptying the dishwasher might be 20p, but ironing a washing load might be £1.50. Similarly, clearing the table might be 20p a time, while cleaning out the toy room might be £3. This way you put your kids directly in control of how much they earn on a weekly basis.
Take out a safe loan
Loans don’t have to be scared entities that other people take out. They can be safe, and affordable to pay back manageable. Online secured loans are one such way you could go. Rather than needing to commit straight away, you can take some time to use an online calculator to figure out your sums.
Have one childminder, and one only
If you have a number of kids, take them to a childminder who is happy to look after them all. Splitting them up to two or even three different childminders is unnecessarily costly. Aside from the basic fee, there will be other costs too. These may be driving to and from various locations, for example. Plus, the more outgoings you have the harder it is to keep track of everything. Plus, some childminders will offer a lower rate if you are paying for them to care for multiple children. They might even be open to doing so at your house.
Be open to vouchers and discount
Now, we’re not saying you have to be a coupon queen! But you shouldn’t ever turn your nose up at vouchers and coupons. They can offer some fantastic discounts and special offers. Other great ways to save money on shopping is using sites like Groupon and Wowcher for special deals. You can treat yourself to a spa day for half the price than usual, for example. Or, take the kids to a local zoo or park and only pay for your own entry. Similarly, consider dining cards. TasteCard is one such card that for an upfront fee gives you discounts on bars and restaurants in your local area. These cards are usually valid for a year, so you can really get your money's worth!
It might seem like hard work to make one in the beginning, but it will be worth it down the line. Keep a track of your monthly spending. This can also help you cut unnecessary expenditure in the future.