Most moms can't wait for the holidays. Holidays give moms a chance to go all out on making our loved ones happy. We cook meals, throw parties, gather friends & family, wrap gifts, decorate homes, and sprinkle magic wherever possible! It's not hard to spend more than planned, evidenced by a high January credit card bill.
CafeMom reached out to money management experts, like Anna Belov, who also have families, for tips to help moms get back on track with money and savings. Here are the top ten family-friendly saving tips we handpicked for you, starting with the easy wins:
- Establish a junk food (or treat) day*
- Create a DIY nail spa.
- Go shopping*
- Invest in apps.
- Declutter and sell unused items.
- Track spending.
- Save first.
- Focus on being healthy.
- Remember the goal
- Mind the taxes!*
Anna Belov contributed the following tips feaured in the article:
"Establish a treat day for your kids! Nowadays, a trip for fast food can get costly, but occasionally we all need a break and want to be lazy about meals. Find an option that is junky enough for your kids and is healthy enough based on your values, then schedule that activity every week or every other week. For example, a slice of pizza per kid at $5 every Friday can help you avoid an unplanned XXL-pizza $40 order for the entire family every weekend. Both you and your kids will look forward to the junk food day. It's a win-win-win: fun for kids, a chance to relax for the mom, and a great way to save over time."
"Take a look at your ongoing expenses -- phone, cable, subscriptions, insurance, etc. -- and shop for deals with your current providers and their competitors. In many cases, you will find a better option at a comparable or lower price. You will also come across some expenses, features, and services you no longer need and can cut to save without sacrificing anything valuable. Since your bills are recurring, your savings will multiply automatically.. For example, $10 saved on car insurance every month will lead to 12 x $10 = $120 saved in a year."
"Taxes are one of the most significant expenses we pay in our lifetime. An excellent proven way to save is to get tax savvy and pay less tax legally, especially for solopreneur-moms! First, go through the top 10 most commonly overlooked deductions, either on your own or with your accountant. Next, use your last year's tax return as a case study to learn about taxes and how you can save in the future. Lastly, draft your upcoming tax return before your account does it for you. Going through these steps will help you know enough to ask the right questions during the tax season, so your accountant can help you maximize your savings."
- Anna Belov
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Anna Belov is a successful investor with a cash positive real estate portfolio in Ontario, Canada. When Anna and her husband both lost their jobs in 2012, they were determined to take control of the situation and build a safety net for the future so that they would never have to worry about living from paycheque to paycheque. In under five years, Anna acquired 20 rental units while working full-time and being a mom of three.
Anna is the author of the book, Just Over Broke? How to Invest in Assets and Eliminate Liabilities – the sincere Canadian blueprint to escaping paycheque-to-paycheque life.
To book an interview, workshop or a speaking engagement with Anna, please contact us.