Build Your Savings Account – Make More, Spend Less

Build Your Savings Account – Make More, Spend Less

 

How to Save More MoneyHi Rich Mama – today we’re going back to the basics of financial planning.  It’s all about step one of your defensive plan for building a wealthy family. You have to save. You will never become wealthy – no matter how much you make – unless you are saving money! But so few actually have a regular plan for saving. That old adage that those who fail to plan, plan to fail, is never more true than where money is concerned.

 

Without a solid savings plan, chances are, you’ll never have enough money on hand to provide for your family in the event of a financial set-back. Reaching long-term financial dreams such as a secure retirement also depend on a savings plan.

 

The best way to protect your family from financial disasters is to have a plan in place to prepare for the future. Building a savings account requires learning to make more money and live on less. These two strategies will go far toward ensuring that – heaven forbid – a financial disaster strikes. Your family will be able to survive and more easily bounce back from the hardship with a firmly established savings account. A savings account will help you sleep better at night – much better than a garage worth of junk or a closet worth of shoes.

 

Let’s look at these two strategies that will help you build a savings account, and build financial security in the doing:

 

Make more money.

 

You can try and earn some extra money and put that in your savings account. Spend the rest of your money guilt free. If both you and your spouse work, this is a great test to see what would happen if one of you quit (or lost) your job. Try living only on one income.

If you’re already a one income family, you can try and earn a bit extra on the side and devote this to saving.

You can start a home-based business offering services such as lawn care, babysitting, tax preparation, sewing, baking, music lessons, or anything else you can do reasonably well. Start by talking to your friends, family, and neighbors about your new venture, then branch out when you get your business firmly established. DO NOT SPEND A LOT OF MONEY STARTING THIS BUSINESS. If your start small and only earn a hundred or two hundred bucks a month that you SAVE – pat yourself on the back.

If you like to sell, you can sign up with any number of direct sales companies. Some familiar ones are Avon, Stella and Dot,  Home Interiors, and Arbonne, just to name a few. There are hundreds more with products ranging from baby toys and books to weight loss assistance. Choose something you like, and that you believe in, and give it your best shot. Avoiding ones that have you buy a lot of inventory upfront.

 

Selling your own products or unwanted items is another way to make more money. If, like most of us, you have a garage, basement, or closets full of things you no longer want or need, turn those items into cash. Declutter your life and build a savings account at the same time. Explore online auction sites for ideas about what people are looking for and get on the bandwagon. Or just have a good old fashioned yard sale and make a commitment to put that money into your savings account.

 

You may enjoy crafting. Could you build an inventory and take those items to a local art fair or flea market? Perhaps setting up an online store would be more to your liking – try Etsy.com so you don’t have to go through the hassle of building a website from scratch.  As much as you enjoy creating things, there are even more people who enjoy buying things. Why not sell them YOUR things?

 

Spend less money.

 

Make spending less money a habit, even a challenge. See how many outfits you can make out of the clothes in the back of your closet; see how many meals you can get out of one whole chicken, etc. Put the money you would have normally spent into a savings account. Avoid eating out. One less take out dinner a week could mean a hundred dollars or more a month in your pocket – I mean savings account.

 

Coupons are an easy way to track how much money you save when you shop. Take the amount on the coupon and physically deposit that amount into a regular savings account. Nickels and dimes can add up quickly when this is done consistently.

 

Keep a small notebook and track every cent you spend. Within a week, you’ll notice a pattern of unnecessary expenditures. Eliminate that gourmet coffee on the way to work and replace it with a home-brewed alternative. Fill a reusable bottle with filtered water out of your own tap instead of buying bottled water. Make your lunch at home. Whatever you save over the weeks, take that money and stick it into your savings account.

 

Eliminate luxuries in order to build your savings even faster. Find a cheaper hair salon, go a little longer between cuts. Do you own nails.  Go to the library for books and moves.

Whatever you choose to do, however you choose to save, start today. Put aside a little money from every paycheck, spend less, and earn more so you can build a savings account to protect your family in the event of a financial disaster. You need a buffer against layoff, recession, depression, or long-term illness to ensure your family’s security.

How to Stop Feeling Mom Guilt

So RichMama’s let me ask you a question – do you feel guilty – like you’re not doing enough for your kids, yourself, your family?  Ugh, mom guilt. It seems to be an integral part of motherhood. Born at the moment of conception, the guilt starts wreaking havoc on your life. Even before the baby is born you start thinking, “I shouldn’t have done this” or “I should have done that.” And once they’re born, forget about it. Every little tear they shed, every little mistake piles up like dirty diapers until you’re overwhelmed by a giant stack of stinky guilt.

Does Mom Guilt Need to Be a Part of Your Life?

It seems some mothers latch onto the mom guilt as a rite of passage. You’re supposed to feel it, right? Well, perhaps not. In most cases, guilt is a rather unproductive emotion. It doesn’t help you accomplish anything. It doesn’t make you or your child a better person. It doesn’t change things.

Think about the last time you felt a bit of guilt. Maybe you snapped at your child or didn’t feed them as many vegetables as you think you should have. What did the guilt accomplish? Did it change the past? Did it magically make you, or your child, feel better? No and no. Let it go!

How to Stop Feeling Mom Guilt

#1 Accept That You’re Not Perfect

Much of the guilt that moms feel stems from the weird need to be perfect – or to think that you’re expected to be perfect. Your mom wasn’t perfect, right? You’re not perfect either and no one really expects you to be.

They do expect you to do your best. However, doing your best doesn’t mean you won’t make mistakes. In fact, if you’re trying really hard you’ll probably make many mistakes. Sit back, repeat the mantra, “I’m not perfect and I don’t need to be,” and then relax. You’re going to make mistakes and the world won’t end when you do.

#2 Learn from the Mistake

When you make a mistake, instead of feeling unproductive guilt why not turn it into a productive moment? You can if you learn from the mistake. Assess what happened and why, and then create a plan to avoid making that mistake again. Move onward and upward as they say.

#3 Start Paying Attention to Why You Feel Guilt

Okay, it’s time for an honest moment. It’s time to get in touch with your feelings. When you’re feeling guilty about something, sit down and spend a few quiet moments assessing why. What does the guilt do for you? Why are you choosing to feel guilt instead of some other emotion? Maybe it’s easier to feel guilty than to be angry or frightened.

Guilt seems to be a natural part of motherhood for many. However, it doesn’t have to be. You can have a happier and more productive parenting experience if you learn to let go of guilt.