How to be a financially-savvy mum

RESPONSBILITY for your household finances can often be an intimidating and overwhelming task. With changing priorities and a growing family, it's important for mums to ensure that they are savvy about financial matters.

Knowing how to manage money is a valuable skill to have, particularly for mothers, as the responsibility for managing the household budget usually falls to them.

Being financially savvy isn't a luxury; it's a necessity, especially for a mother. Learning how to effectively manage this aspect of your life will save you time and energy, which can be better spent on your children or treating yourself to a well-deserved trip to the beauty salon.

Here are cashy's top tips for become a more financially-savvy mum…

Set a household budget

Setting up a household budget is essential for you to attend to your family needs.

Make sure you put together a comprehensive household budget at the start of each month, outlining all expenses. This will ensure that you have a clear idea of all of your outgoings in a given month, and you can plan accordingly.

Cut the cost of the weekly shop

Start a spending diary and keep it updated. Take advantage of coupons and discounts in your local supermarkets, as these will help you to save money on your weekly shop.

Also, make sure you do the grocery shopping on a full stomach: you and your children will be less tempted to grab every passing calorie on the shelves.

Ditch takeaways

Try to limit the number of takeaway meals you have each month. Not only are these unhealthy, but they can also end up being very expensive, particularly if you have a large family.

Instead, prepare a nutritious, home-cooked meal together as a family, which will be more fun at a fraction of the cost.

Educate your children on finance

It is never too early or too late to start educating children about financial matters. Financially-savvy kids feel empowered and confident, and are able to make sound financial decisions.

Do fun, inexpensive activities

Look at fun and expensive ways to entertain your children. There are many activities that won't break the bank. Instead of going to a mall, why not organise a picnic for your children and their friends at the park?

Buy used when you can

While this is not always the best option for families, buying second hand can save families quite a bit of money.

Check out the local online classifieds, auction sites, garage sales or thrift stores for some great bargains. cashy’s shopping guide for bargain hunters is also here to help.

Pic credit: Filomena Scalise/ FreeDigitalPhotos.net

Come on, mums – give us your top tips for managing the household budget!