How to Save Money Today with 5 Simple Words... | What Mommy Does (2024)

FAQs

How can moms save money? ›

Meal planning and bulk buying

Groceries are a major expense for most families. Moms especially know how hard it can be to stick to a set grocery budget. One great way to save money is by planning meals ahead of time and buying in bulk when possible. This can help reduce food waste and save money in the long run.

Adult children who ask parents for money should plan for the meeting as if they were going to the bank for a loan, financial planners say. Don't just say you need money. Spell out exactly what it's for. Show that you have a well-reasoned plan for how to spend it.

But don't panic if saving 15% of your annual income is a bit out of reach right now. It's OK to start small. In fact, you could start by setting aside $20 a day, five days a week.

The 50-30-20 rule recommends putting 50% of your money toward needs, 30% toward wants, and 20% toward savings. The savings category also includes money you will need to realize your future goals.

How to make money double? ›

The classic approach of doubling your money by investing in a diversified portfolio of stocks and bonds is probably the one that applies to most investors. Investing to double your money can be done safely over several years, but for those who are impatient, there's more of a risk of losing most or all of their money.

Financial illiteracy is one of the biggest reasons people have difficulty saving or investing money. Many people don't understand how to save or budget their money, which causes them to spend more than they earn. Ignorance can also lead them to make bad financial decisions that can further hurt their ability to save.

It works like this: Gather 100 envelopes and number them from 1 to 100. Each day, fill up one envelope with the amount of cash corresponding to the number on the envelope. You can fill up the envelopes in order or pick them at random. After you've filled up all the envelopes, you'll have a total savings of $5,050.

As you start building savings as part of your monthly single parent budget, it can be wise to prioritize emergency savings. Experts often recommend having at least three- to six-months worth of living expenses stashed away in a separate savings account where you won't be tempted to spend it.

For example, Insure.com figures the wage a mom should earn for the 18 or so jobs she must tackle throughout the day is $126,725 in 2022, which is 9.2% higher than last year's findings of $116,022. And according to Salary.com's Annual Mom Salary Survey from May 2021, moms should be paid even more — $184,820.