When it comes to a typical Filipino family set up, mothers are the ones who handle the family’s finances. They have always taken the general role of managing the monthly income and directing their family’s budget to the necessities that can keep the family fully functional. While they are inherently experts when it comes to money matters, mommies can still improve their magical methods in taking care of family finances. Here are a few tips on how you can supercharge your financial mommy powers.
Create a clear overview of your monthly budget
Make the switch when it comes to grocery shopping
When it comes to grocery shopping, there are many ways mommies can save. However, one of the biggest culprits why grocery bills eat a huge chunk in your monthly budget is because of your brand preference. Sometimes, the major difference between two brands is simply the label, and you can save more in the long run by making the switch. For common household items such as sugar and salt, consider shifting down from your regular brand to store-owned brands. Meanwhile, you’re better off with generic brands of home cleaning products such as dishwashing liquid and toilet cleaner since they are consumables and they do the same job as your usual brands. While it is a good idea to make the switch, keep in mind that you should only settle for the cheaper ones when the quality isn’t compromised.
Prepare for the worst possible moment
For mommies who handle the budget of the family, the worst possible moment may be the time when the bread winner of the family gets the boot at work. If this happens, it means there will be no resources to allocate, and this spells doom to the entire family. As part of a contingency plan, all moms should prepare for the worst possible scenario: unemployment. To prepare for possible unemployment, simply save up a portion of your monthly savings. Some people recommend saving up to six months’ worth of expenses since this is the average duration for people to switch from one job to next. While your mileage may vary, just make sure that you have the resources to use in case someone gets the pink slip.
Try to earn money on the side
Cook delicious and nutritious meals
While it is important to have enough budget to make sure that all of your expenses will be covered, keep in mind that proper allocation of money will keep the family’s financial matters intact. And who are better suited to the role than mommies?
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