Money Management Tips for Busy Mums
Most of us aim to make good financial decisions and want to build up savings to achieve goals and have a rainy day fund. If managing money is new to you, it can feel a bit overwhelming. Where do you start? How do you make a budget or start investing money? In this article, we’ll have a look at some ways to be smart with your money.
- Start with creating a budget
The very least everyone should do when it comes to looking after their finances is to create a budget. This will give you a good overview of your income and your outgoings and help you identify any areas that might need some work. Maybe you’re spending way too much on eating out or on online subscriptions. Once your budget is under control, this will help you find out how much money you can comfortably save each month and how much you can use for investments. To create your budget, you can use spreadsheet programs like Excel on your computer or your phone, go for a notebook version or use an online budgeting tool to help you.
- Next, work on your savings
Once you know your budget, it’s time to actively start saving each month. Think about things that you can reduce or cut out from your spending and choose to put the money you’re no longer spending in a savings account. Every little helps and soon you will have built a rainy day fund or a savings pot for traveling or a big project – whatever you want to do.
- Explore investment options
Once you have a budget and some savings, it’s time to start exploring investment options. Investing your money is a great way to make it grow into more money. There’s always a risk with stocks and shares but you’ll soon learn how to do it properly and when to buy and sell. You can learn a lot about the process online and from books and will soon be a pro. If you were looking to learn about dividend stocks, for example, you could head over to Stocktrades.ca to get started!
Other ways to help you grow your savings and investments is to make more money by taking on a side hustle. This can be a small part time job that you do every week or something that you work on whenever you have a bit of spare time. This extra income will help build your savings and give a bit more to invest. Things like online content creation, tutoring or offering other freelance services when it suits you is a great way to keep your schedule flexible while also making extra money.
Something that we can all do as well is to try to live below our means as that will give us more flexibility with how much we can save and invest too. Each month, look at your outgoings and income and see if there’s anything else that you can do to live more frugally and be more economically savvy.