Money Saving Moms_Money Hacks

Money Saving Moms: Top Best Money Hacks in 2020

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Are you looking to join the tribe of money-saving moms?

When it comes to money, it can be a sticky subject for some however saving money is something we should all be doing-especially with everything going on with this pandemic!

It could be that there have recently been some changes with your income.

It could be that you have some unexpected expenses that have come up.

Are you looking to get out of debt? . . . I know that I am!

Regardless of why you feel you need to save more money, these money-saving tips for moms are the best money hacks in 2020!

Things are things that have helped me pay off some of my debt and save more $.

Side note: These useful money hacks are great however they will vary depending on you and your household. This list is not in any particular order.

1. Find out what you’re actually spending

Make a list of everything that you are spending and start keeping track. You can do this by using a little notebook that you have lying around your home, buy one from the dollar store and/or download the FREE mini ultimate life planner for moms (which I created out of a need for myself).

You could even use your phone! The only thing about using your phone is that you may forget to keep track of everything.

For me, I find things to more effective when you actually write things down.

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Money Saving Moms_Top Best Money Hacks in 2020

2. Create a budget 

This may be a little easier said than done – especially if you aren’t used to living on a budget! I know that I use to think a budget would hinder me from buying what I want when I want but it’s actually quite the opposite.

Having a budget allows you to make sure all of your bills are paid, you’ve set aside savings and then still have your miscellaneous stash to do with what you see fit.

Of course, everyone’s household is different so depending on the income you have coming in and your monthly expenses will determine how you are able to allocate your funds.

This post may contain affiliate links which means I may receive a commission if you click a link and purchase something that I’ve recommended – at no extra cost to you, of course. As an Amazon Associate, I earn from qualifying purchases. Read my disclosure here.

3. If it’s not a necessity . . . Cut it out!

You’ll probably be surprised how much you will actually save by doing away with things that are not a necessity. If you come across something that you feel you just can’t go without, you can try to find alternatives to replace these things. If that doesn’t work or it’s not an absolute must . . . you might as well just go ahead and cut it out altogether.??‍♀️ 

  • Products and services that you and your family can live without (ex. gym membership, cable subscription, music subscription, etc).

4. Get a side hustle (my favorite of these best money saving mom tips)

Side hustles are a great way to earn some extra cash to help you pay more debt and save more money. You can work with the skills you already have and/or put in some time to learn more skills. Some side hustles can be done with the kids and home and others. . . not so much. You can see which of these side hustles best fit you and get started right away.

Related: 75+ Ideas Legit Side Hustle Ideas for moms 

5. Only Use Cash

This definitely is a very effective money-saving tip for moms! It’s so much easier to spend more when you use debit/credit cards as opposed to cash. I personally need to do this more myself.

I prefer using my debit card because not only is it more convenient, it helps me keep track of my spending.

Just remember . . . Convenience = More money spent!

6. Go on a shopping hiatus 

If you’re like me . . . you live for deals!! I would go into Target to buy a few things and always browse the clearance isles.

When I got serious about getting rid of debt & saving more, I stopped browsing the clearance racks!

Money-saving tips for moms:

  • Don’t browse for things that are not on your list of things to buy
  • Remove the temptation by unsubscribing to most (if not all) the retail companies 
  • Remove your saved payment information from retail companies database

Related: 15+ Legit Ways to Make Extra Money When Cash is Tight

7. Saving money on autopilot

Set a specific amount aside for saving each pay period and have it automatically deposited into a savings account or a prepaid account.  If you don’t have a savings account, you can sign up for the following options:

  • Chime – They offer 100% free banking accounts.  
  • CashApp – It’s a money app however you can request a prepaid card that can help you save. If you use LLWWMFH as the code when you signup for the App, you’ll get $5.

8. Look for rewards, apps, coupons & services online that will save money

If you are looking way to earn passive income, this is the perfect money-saving mom tip for you! I have listed

  • Swagbucks – it’s a rewards program where you get gift cards and cash for things that you probably already do online.
  • Checkout 51 – earn rewards on groceries and gas. I’ve used this one for a while! I collect cash on the things that they have listed that I buy for our household.
  • Rautekeen – This use to be called Ebates. You basically use this platform each time that you buy something online and then you earn cash and gift cards for doing so.

9. Work toward paying off debt

So you’re probably thinking, why do I need to focus on paying off debt when I’m looking to save up some cash?!

Well, I am a firm believer in having and keeping cold hard CASH on hand however if you really think about it, paying interest on a credit card is basically paying a monthly bill.

This is the main reason why you want to pay off any debt that you have. The other part to it is that you won’t owe anyone – which is an amazing feeling!

This is what I am personally working toward.

While this is important, you don’t ever want to be in a situation where you focused on paying off debt that something happens where you need the money and you don’t have it.

It’s a balance!

Access your situation and your resources and make your moves accordingly.

10. Use a money bank

What is a money bank you ask? It’s basically a piggy bank but for bills – instead of coins. It’s actually really great to have and will definitely help you save extra cash! Ideally, you want to get in the habit of throwing $5, $10, $20, or $50 bills in and then forget about them.

You can use something that you have around the house or you can buy one similar to the one that I have.

I love finding deals so I ended buying one that says ‘Honeymoon Fund’ on the front of it – even though I’m not saving for a honeymoon. Ha!

Side note: I’ve already made sure my hubby knows the cash that I save up is NOT a honeymoon fund! ?

11. Look everywhere for deals and savings

There are so many resources nowadays, get creative and look for different ways that you can save money. Deals are everywhere however you will benefit the most by planning and searching for the best deals.

Search for coupons can be a little time consuming however they are a really great way to save money.

These are a few ways:

  • Buy in bulk 
  • Shop 2nd hand (FB Marketplace, Yard Sales, Thrift Stores)
  • Make at home when possible (coffee, school lunches, etc)
  • Purchase generic brand products when possible
  • Revisit the terms of your existing contracts and negotiate 
  • Meal Plan. Plan your meals for the week/month  
  • Eco-friendly lifestyle (ex. cloth diapers, napkins, turn down your water heater, walk or ride a bike, low-flow showerhead, etc) 
  • FREE is your new best friend
  • Never pay a late fee again
  • Stop buying gifts all together
  • Be sure to select the appropriate withholding amount with your taxes

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12. Sell your personal belongings

You may or may not have thought about doing this before but you can make extra money to save (or to help you stay afloat). You will be surprised how much stuff you have and don’t need.

You can sell the things you don’t need and/or can part ways with on many different platforms:

  • Poshmark
  • Facebook Marketplace
  • Craigslist
  • OfferUp
  • Let Go

Turn around and use that money to save, help you stay afloat and/or help you start a business.

13. Make more. . . . Consume less

Protect yourself from the unexpected! As, well have all been made aware of with the whole COVID-19 situation, anything can happen in the blink of an eye.

There’s really no way of knowing but we can take certain precautions, should things come up.

If you don’t have these, I highly recommend looking into your options:

The Takeaway

These tips, tricks & money hacks will put you in a position where you have money saved and little or no debt.

I mean who doesn’t want financially independence!?!!

Drop me a comment below and let me know which of these tips are the most helpful.

Until next time!

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