6 Mom-Approved Money Saving Tips—And How To Invest Your Savings Wisely

Go beyond “no spend” challenges to change your financial habits and invest wisely

Caring for a family is expensive—there’s no other way to put it. From food to fun and everything in between, we want to be able to enjoy the time we spend together and that shouldn’t mean you need to break the bank to do so. 

Spending less money and investing your savings wisely is a great way to grow your finances while ensuring your financial needs are met. While spending less money is often easier said than done, with a few simple changes and challenges, you can change your habits completely.

Let’s take a look at some mom-approved money-saving tips beyond the norm and how you can use your savings to position your family better financially. 

6 Money-Saving Tips For Moms

Here are some top 6 brilliant money-saving tips for moms: 

1. Practice mindful spending habits

Saving money is not just about budgeting or cutting back on expenses. Mindful spending is a holistic approach to our spending habits that helps us understand how our financial decisions impact our lives. 

At the core of mindful spending is intention and purpose. It’s about taking the time to slow down to think about how we’re spending. It can help you harmonize your spending habits with your greater life goals. 

To incorporate mindful spending into your life, start by tracking your expenses and identifying areas where you can cut back or reallocate your funds. Pause before making any purchases—especially large purchases—and stop to consider if that purchase makes sense for your family and goals.

Reflect regularly on your spending habits and make adjustments as needed to help you stay on track. By being mindful of how you use your money, you can make smarter financial decisions and live a more fulfilling life.

2. Do a pantry clean-out

A pantry clean-out is not only a great way to declutter and organize your kitchen but also a chance to save money on groceries.

Clear out the shelves of your pantry and your freezer. Throw out anything that’s past the expiration date. Make a list of everything you have and try coming up with a meal plan that primarily uses your pantry items.

You will still likely need to make a trip to the store to buy fresher ingredients to supplement your pantry-item meals, but you can expect to pay way less than your typical grocery budget. Get creative with your recipes and don’t be afraid to try new things. 

3. Balance bulk shopping

Bulk shopping can be a great way to save money on groceries, but it’s essential to strike a balance and avoid overbuying. By purchasing non-perishable items in bulk and supplementing with fresh ingredients as needed, you can take advantage of bulk discounts without sacrificing variety or quality in your meals. 

List out items you use regularly and which would be best to stock up on. Consider how much of each item you go through in a typical week or month, and calculate how much you would need to buy in bulk to last you until your next shopping trip.

Then, you can stop into the store for quick trips a bit more frequently throughout the week to keep things fresh and interesting. 

4. Only shop in-store

Online shopping has made it easier than ever to make purchases with the click of a button, but it can also lead to impulse buying and overspending. By limiting your shopping to in-store purchases only, you can gain more control over your spending and make more intentional choices about what you buy. 

Challenge yourself to go a month without making any online purchases. Instead, make a list of the items you need and plan a trip to the store to purchase them in person. Take time to carefully consider each purchase and only buy what you truly need.

You may be surprised at how much money you can save by simply being more mindful of your spending habits. 

5. Use up your craft supplies

If you’re like many crafters, you probably have a stash of supplies you’ve accumulated over the years.

While it’s tempting to buy new materials for every project, using up what you already have can be a great way to save money and reduce waste. Plus, getting creative with your existing supplies can be a fun and rewarding challenge. 

Take inventory of your craft supplies and consider organizing them by type. Brainstorm projects you can create using the materials you already have on hand. Get creative and don’t be afraid to experiment with new techniques and styles.

You may discover you have everything you need to bring your creative vision to life without spending a dime. 

6. Make use of free services

When it comes to family entertainment, there’s no need to break the bank. Many communities offer free or low-cost activities and services that can provide hours of fun for the whole family. From library programs to community events, there’s something for everyone to enjoy without spending a fortune. 

Check out your local library for books, movies, and other resources that you can borrow for free. Many libraries also offer free or low-cost programs for children and families, such as storytime sessions and arts and crafts workshops.

See if your community centers or parks offer any free or low-cost recreational activities, such as sports leagues or outdoor concerts.

 

4 Smart Ways to Invest Your Savings

Here are some smart ways to invest your savings: 

1. Pay down debt

Carrying debt can be a significant burden, both financially and emotionally. High-interest debt, in particular, can quickly spiral out of control if left unchecked. That leaves you with a mountain of interest charges and long-term financial stress.

Prioritize the repayment of your debt and free up more of your income for your other savings goals. 

Make a list of your debts, including credit cards, loans, and any other large debts. Prioritize them based on your interest rates, with more focus on the ones with the highest interest rates. Consider consolidating your debts into a single loan, which may help make repayment much more manageable.  

2. Put it towards a large purchase

Whether it’s a dream vacation, a home renovation project, or a major purchase like a car, having a substantial savings cushion can help you achieve your goals without going into debt. By setting aside money for these expenses in advance, you can avoid the stress and financial strain of borrowing money and paying more in interest down the line.

Determine what your large purchase goals are and how much money you’ll need to achieve them. Then, create a savings plan that outlines how much you’ll need to save each month to reach your goals within your expected timeline.

Consider a separate savings account for your large purchase funds to keep it out of reach for your day-to-day expenses while earning interest. Review your account regularly and adjust your savings plan accordingly. 

3. Pad your retirement savings

Retirement may seem like a ways away, but it’s never too early to start planning for your golden years. The sooner you start saving for retirement, the more time your money will have to grow and compound, giving you a better opportunity to build a nest for a comfortable retirement. 

Start by taking advantage of any employer-sponsored retirement plans available to you, such as a 401(k) or 403(b) plan. Contribute as much as you can afford, especially if your employer offers matching contributions. It’s free money that can significantly boost your retirement savings.

If you don’t have access to an employer-sponsored plan, consider opening an IRA and making regular contributions to build your retirement nest egg. And don’t forget to review your investment options regularly and adjust your allocations as needed to ensure your portfolio remains with your goals. 

4. Set aside money for your kids

As parents, we all want what’s best for our children, and that includes setting them up for success financially. Whether it’s saving for their education, helping them buy their first home, or providing financial support as they embark on their career paths, there are many ways we can invest in our children’s future and give them a leg up in life. 

One of the more popular ways to save for children’s expenses is through a 529 savings plan. These plans offer tax advantages and can be used to save for a wide range of educational expenses, including tuition, books, and room and board.

Another option is to open a custodial UGMA account, which allows you to transfer assets to your child and retain control of the account until they reach adulthood. Trusts are another option for setting aside money for children, providing more control over how the funds are used and when they are distributed. 

Whatever method you choose, the important thing is to start saving early and regularly to take advantage of the power of compounding interest to give your children the best possible start in life.

Spending less and saving more is no easy task, especially when raising a family. However, with a bit of determination and a few lifestyle changes, you can reevaluate your financial life and focus on what’s most important.

Hopefully, you can take advantage of some of these money-saving tips to help create healthier habits and make smarter decisions about how you invest your money.