Hey! What do you guys think about Finance Friday? Well, I am not sure about that either and I totally just made that up, but I wanted to share some pretty savvy tips with you that will make you rethink how you assess your finances and how you finance your children. YES, finance your children. I have been reading The 30-Minute Money Plan for Moms, How to Maximize Your Family Budget In Minimal Time, by Catey Hill, Deputy Editor at Dow Jones' Moneyish. Hill shares many savvy tips and advice, and they are simple! Due to the current landscape of our lives during this time, people are heavily weighing in on how they should handle their finances, and while some of it is rooted in being savvy, some of it is fear. More than ever, there are many people instructing us on what we should do with our money and it can become overwhelming. Let’s dig into some tips I have gathered from Money Experts
FIRST… Always remember, to do what's best for your family and your current situation. Additionally, speak to finance professionals. Research your resources and be sure the individual providing you with advice has the proper credentials. The Money - Savvy Mama’s Quick Guide is a list of five things that we need to do to get our finances on track. I love how simplistic Catey Hill made this because it's a simple formula.
1. Manage Your Basic Living Costs 2. Smartly pay down your debt 3. Get the RIGHT insurance 4. Build up emergency savings 5. Save for periods of financial freedom (and eventual retirement). Tiffany, of The Budgetnista, also agrees, the first course of action is to create a money list. Mama’s if you are anything like me, this can be a gut punch because we don’t fully realize the magnitude of our expenditures until they lay before us. I mean, come on, how many of us have literally created a Starbucks Utility Bill? Literally, our Caramel Macchiatos and Pink Drinks’ bottom line, mimics that of the energy company and the grocery bill, I hang my head in shame with you. But we are on the road to getting things on track, so hold your head high and create your MONEY LIST! According to The Budgetnista, “The first thing I did before receiving my first paycheck was to make a list of all of my monthly expenses.” Basically, HOW MUCH DOES YOUR LIFE COST? (I cringe). CHEER UP GIRL, all hope is not lost because this essentially means we are on the road to recovery. What I love about these 5 steps is they flow smoothly into the next one. Consider these steps as you begin to rethink your finances. The CHILDREN We cannot talk about mom tips without sharing information about the people who helped us land here, right? Have you ever thought about the total cost to care for a child from birth to seventeen? As for me, I have thought about it but I must be honest, not at a high level, that would make me put a halt to my dreams of living in suburbia with my large family, and I am sure, I am not the only one. In her book, Catey Hill shares the cost for raising children through age 17 by city according to the Council for Community and Economic Research; Census Bureau; Child Care Aware; Care.com. Assume a middle - income house and up and that this is/will be a two-parent, two-child household in an urban area. All figures are approximate.
Chicago - $359,000 Atlanta - $296,000 Dallas - $298,000 Los Angeles - $420,000 Nashville - $281,000 New York - $634,000 Miami - $326,000
...so you get the idea right? Now, were you thinking in these terms? HECK NO! Don’t Worry! We are in this together, and there are ways we can SAVE MONEY and manage our large families with low stress while being financially efficient. Chant: YES WE CAN
Let's talk About Food Ba-by!
10 Tips To Save On Groceries
For the time being, because we can be here all day talking about this, I have gathered a list of tips to help with the Grocery Bill.
Within the past two weeks, many families have spent record-breaking numbers at grocery stores (rightfully so due to the situation) and many are contemplating a way to save money during this time and BEYOND!! 1. Freezer Foods - While we all love fresh vegetables, buying frozen vegetables is cheaper and has a longer shelf life in your freezer.
2. Do not shop while hungry - We all know what happens when we do this.
3. Create A Grocery List - Shop your list! Remain laser-focused on those items
4. Shop In Season - Shopping for produce that is in season will give you the most bang for your buck. When purchasing out of season items are more expensive.
5. Consider Generic - Generic foods may not be your “thing” but they will soon be if you are trying to reach financial goals. This doesn’t mean you have to skimp on quality foods. Use your best judgment.
6. Farmers Market - Did you know that you can purchase reasonably priced products from the farmers market? Yes! Try it one day!
7. Shop the Sale - Take a look at your shopping list and consider the items that are on sale and the comparable products to what you have listed. This can help cut costs.
8. Meatless Monday - This is not a plight to make you give up meat, but we know that the cost of meat is costly for families. Consider incorporating a couple of meatless meals into your dinner menu to help cut costs.
9. Shop Less - Schedule your grocery runs by limiting the frequency of visits.
10. Buy In Bulk... Not so fast - Don’t be fooled by buying in bulk, sometimes it can cost you more. Asset the items that are worth the bulk buy.
Mama’s this is just the TIP of the iceberg! I cannot wait to share more tips as I continue to learn from the money greats! I hope some of this information was helpful to you and has given you the itch you needed to look more into your finances/budget. Sidenote, my husband will be proud. Take care and be safe guys!