How To Save Being A Stay-Home Parent
Being a hands-on parent comes with great responsibility. Besides, nurturing them is a great fulfillment of our essence in being their parents. Truly rewarding it is considering that it can be costly on your part especially if you are a stay-home parent. The more challenging it can be if the family’s income can be greatly jeopardized in case one parent suffers misfortune or take decisions that can potentially reduce income.
Ways to Save
The following are just a few of the efficient ways to save money being a stay-home parent
Raising a child while working full time can be hectic. However, if you’re a parent that spare time, you might consider using that time to clipping coupons for frugal shopping. By doing so, you can avoid paying the full price of your groceries and can possibly free up money on your food budget. Thus, it can greatly help especially when you’re currently cutting back on your food budget.
Creating a budget is a good means to determine where your money is spent. It can even break your poor spending habits. If you’re crafting personal finance goals, determining how much to spend and where to cut back on your expenses can better manage your finances. By means of adjusting your spending disposition, you can free up some dollar which you can save for your emergency fund or your child’s education.
Live According To Your Means
Living according to your means is essential to advancing your net value. If you realize how swiftly you spend your paycheck in a matter of days, odds imply you’re spending beyond your limit. By taking control of your spending routine, it will be easier for you to distinguish where you can cut back. Besides, if you’re relying upon paycheck to paycheck, you will be unable to free some funds for savings like TFSA or Tax-Free Savings Accounts.
Having no restrictions with your time, you’ll have adequate time to plan your meals. This way, you can prepare cheaper and healthy food for your family. Though there are ways to save while eating out, planning meals and cooking it yourself can save much.
Most of us are going on shopping to relieve ourselves of stress and socialize. However, not realizing that the more we shop and buy things. As a stay home parent, we are more prawn into this temptation since we usually feel the need to socialize. Additionally driving to shop each day can be an additional expense on gas; instead, you can list down all the things that you need to buy and stick to it, as well as going for a grocery in every other two to three days. You must also be cautious about the things that you’re unaware of overspending. Lastly, sticking on your budgeting plan can avoid spending on things that are non-essential.
CONSUMER PROPOSAL EXAMPLE
Example Unsecured Debts
|2||Credit card 1||$6,812|
Your Monthly Repayments Would Be
a Consumer proposal $748
(total contractual repayments)
a Consumer proposal $295
(total contractual repayments)
* Subject to creditor acceptance
* Payment subject to individual circumstances
* Credit rating may be affected
* Fees apply, subject to individual's circumstances.