There are more than 5 ways to save money, and we could pick any of them as a start. As a single mom, the 5 examples listed here are a must and should be practiced early and often. It is very important for single moms to save money not just for emergencies but for our future.
For any household, especially a one income household, having savings in the bank provides security, comfort, and a peace of mind. If anything stops working or your car needs repair, having savings can mitigate some of the stress that comes along with disruptions in life.
Furthermore, the earlier you start saving for your future or retirement the better. Even with the responsibility of paying bills, we must pay ourselves first…SAVE!
Put these 5 ways to save money into action today!
Automatic Deposit to Savings Account
You can put in a request with your employer’s Human Resources department to split your check. You can have an amount put into your checking account and the remainder put into your savings account.
Also, you can automate your savings yourself by setting up the service through your bank. You can designate the amount to be automatically transferred from your checking to your savings account.
Meal Plan/Cook at Home
Plan your meals by preparing at least a weekly meal plan. You will know exactly what you need to pick up at the grocery store instead of going in there buying items that you may not need. This can cause you to overspend quickly.
Try to limit eating out as much as you can. Think about ways to prepare food that saves you time and money like crockpot meals.
Pay Bills on Time (No late fees.)
We know that things come up that may cause us to be late on a bill. But those times should be very few in number. When we’re late, more than likely, a late fee will be added to the bill. That is money that could go toward savings.
Stay Out of Credit Card Debt
Just don’t do it! Don’t give yourself excuses for it. It’s very hard to get out of credit card debt once it’s racked up. The potential fees and interest rates along with your payment eats away at your money that could go in your savings account.
Create a budget. Stick to that budget. Save for what you need and want. Save for emergencies.
Doing the above mentioned things can lessen your chances of having to use a credit card.
Save Raises (Don’t increase lifestyle.)
When you receive raises on your job or if you increase your pay as an entrepreneur, send that money directly to your savings account. It’s so easy and tempting to increase your living expenses by buying a new car or bigger house.
Hold off on those purchases. Build your emergency fund. Save for your future.Put these 5 ways to save money into action today! #natashavip #singlemoms #savingmoney Click To Tweet
What advice can you give to single moms about saving money? Comment below!