In the constant desire to save money, at times we get distracted and end up losing more in the long run. Saving money is never a short term goal so why take a narrow approach to it? When it comes to savings, our vision should be as big as the amount we want to save so that we don’t miss on those little opportunities that can actually add up to a lot in terms of money. Using discount coupons, giving just the right allowance, using credit/debit cards and expressing our love through money can work for you if you don’t overuse the idea. In case you do, you might end up spending more in the long run. Here are some mistakes that moms make while trying to save money:
Excessive use of plastic money:
Plastic money in the form of debit cards and credit cards has taken hold of our lives today. Sure, carrying plastic is very convenient. However, the portability of of plastic usually leads to overspending. Since we use the card (debit or credit) more than cash, we tend to spend more than we would have had we paid the bill in cash. Since cash is visible and the money spent feels real, we are more likely to spend it carefully.
All parents wants to spend a lot of money on their children’s birthday and most of them actually do end up spending a huge amount by the end of the day but for moms who are trying to save, such pompous birthday parties should be avoided. Instead of hiring a clown or renting an inflatable house, spend the money more wisely on their birthday or better yet, save it in a bank. Throw them a nice birthday party, bake him a cake as a gesture of love and let the kids enjoy on their own. You won’t be a bad parent if you do not throw lavish birthdays but you will be in trouble if you don’t save some money for retirement.
Children have a tendency to outgrow clothes very quickly so there is no use in spending a fortune and buying expensive clothes for your kids, especially when they are young. Little kids either spoil their dresses or outgrow them thereby making the whole art of buying expensive clothes worthless. So, avoid buying expensive clothes and save the money but the children’s clothes can be as classy and tasteful as you want (as long as you don’t overspend).
Spending lavishly on temporary needs:
Many moms like to spoil their kids silly by attending to every wish and desire. Even though this seems nice and it will fetch you brownie points with your children at being a considerate mom, it is not going to help you to save money or help your children to understand the hard work that goes behind earning the money.
Thinking about partial costs:
A huge mistake mothers make is that they think only about partial costs rather than looking at the bigger picture. If a particular product is available at a discount in a grocery store at a distance, sometimes, they only think of the discount and drive all the way while the additional fuel charge makes it a more expensive deal. Just because something is on sale doesn’t always mean that it’s the best deal for you.
Not making lists for grocery runs:
Consider making a list before you go out to buy groceries. Since mothers have a difficult time managing kids/the house/work, they usually go shopping whenever it’s convenient for them but it will more more frugal for them to make a list so that they don’t buy more than they need or things that they already have in the house and basically avoid unnecessary spending.
Using too many coupons:
Using coupons is a good idea and everyone should use them but some mothers get so excited at the thought of using coupons that they end up buying boxes of things they don’t need and probably won’t need in a long while. Don’t buy something just because there’s a coupon for it at hand. Buy things you need with coupons that are applicable and just save the rest for later.
Eating too much fast food:
Moms really enjoy taking their kids out for lunch/dinner every now and then. With so many options available, it’s hard to not introduce your kids to them but, if this rare thing becomes a frequent occurrence, it can be very unhealthy for everyone. In addition, the kids might develop a dependency on junk food which is a huge factor for obesity so just nip it in the bud.
Going crazy on discounts:
Mothers get very excited when they see sales and discounts. Their first intention is to buy clothes/toys/gifts for the children. However, there is no need to buy something just because it’s on a discount. The children won’t get angry if you don’t buy it for them so don’t buy something just because it’s on sale.
Giving minimal allowances:
Kids can be great with money and giving them a handsome allowance is going to help them to understand the value of money. Mothers often make the mistake of giving them a small allowance but that will only make them feel inferior to their friends. On the other hand, encourage them to save their allowance for buying things for themselves. Not only will it help them to understand the amount of hard work that goes into earning money but it will also make them independent which will in turn help you to save in the long run.
This post is written by Steve McDaniel who has been writing about how to save money topics on various popular blogs.