Being a mom is one of the most important jobs on the planet, so it’s only natural that you’ll want to dedicate as much time to your kids as possible without worrying about whether your budget will last until the next payday. For most of us, there are plenty of things we can do to help spend less and save more, and even though it might take a bit of planning to start with, once you get into the habit, it could make a big difference.
The phrase tax efficient savings might not be the most glamorous and exciting there ever was, but this can be a really good way to encourage savings and earn more interest. For example, a share ISA can be a great option for moms who are looking to save for the future, whether it’s for the kids’ education or a dream holiday.
It’s worth pointing out that because this is a form of investment, there is a risk attached since the stock market can fall as well as rise, but if you’re willing to save over the long term, there is the chance to get good returns. Plus, a high risk can equal much better dividends, so it’s something worth considering.
For the 2012 tax year, the shares ISA limit is £11280, so it offers good investment opportunities. If you want, you can save half of that amount as cash, which is less risky but is unlikely to offer as high returns.
Shopping can be really fun, but shopping for food can sometimes be more stressful than it’s worth – and not just because the kids are throwing a strop in the cereal aisle! A little bit of planning ahead can help here. While it might not seem fun to sit down and plan meals for an entire week, this can really help you plan what you need to buy – and if you go to the supermarket armed with a list, you’re more likely to jut buy what you need and avoid those costly extras.
Also, simple things such as switching to supermarket own brands rather than fancy brand names, and making use of coupons, can save you small amounts of cash that add up over time.
One of the main jobs as a mom is to keep your kids happy and entertained – if only so many forms of entertainment didn’t cost so much money! Still, it’s likely that plenty of your friends are in the same boat, so you can save money on days out by pooling your resources. For example, swapping things like books, toys and DVDs can save you plenty of money compared to buying things new.
Simpler trips out, such as going to the park with friends rather than the cinema can also save a lot. Plus, you could make use of local facilities such as the library and help to support local ventures while saving yourself money on books and other activities. Many libraries also offer additional things for the kids to do, as do community centres, so looking to see what’s available in your area is definitely worthwhile.