Being a stay at home mom is arguably the most rewarding job in the world. You get to soak up all the precious time with your babies, and you don’t need to waste time or energy setting alarm clocks or commuting through rush hour traffic. Despite motherhood being the most emotionally and mentally rewarding, it’s certainly not the most financially rewarding!
Many stay at home moms sacrifice high-paying jobs in order to be home to care for their house and family. This means making lots of changes in spending habits and routines. Today we’ll be discussing 7 useful & practical money saving tips that you can immediately start implementing as a stay at home mom.
I always knew I wanted to be a stay at home mom, and a big reason for that is because I grew up with my mom at home. It made so many positive impacts in my life and I wanted to experience it all over again when I had my own children.
That doesn’t mean that the decision to stay at home hasn’t come with financial sacrifices! Though my husband and I are low income, following these guidelines has allowed us to save money and live more freely.
#1 – Declutter Often
Declutter, and declutter often! It’s so important for your wallet to go through items at home for a few reasons:
- Sell on Marketplace: I used to only donate to thrift stores when I’d go through my stuff. Although I still do that, I set aside specific items that could be sold on Marketplace. Belongings that are still in packaging, clothes with tags, or unused items in general could be sold instead of donated. Even if you only get a fraction of your money back, it’s better than nothing (and it’s kind of addictive too!).
- Taking mental note: Decluttering frequently has been a great personal reminder to me that we don’t need more stuff. Sometimes the act of shopping/spending money can come so easily that we forget how much crap we have laying around at home. Going through my things on a routine basis has kept me on track to keep my spending and shopping to a minimum.
#2 – Bake From Scratch
A great way to save money as a stay at home mom is to learn your way around the kitchen. Learning to bake from scratch is an excellent homemaking skill that will help your family consistently save money. Since I’ve been baking from scratch more, I take notice of food at the grocery store and make it at home instead. Bonus: the homemade version is usually healthier, has fewer ingredients, and can be cheaper over time!
- Check out my Quick and Easy Homemade Granola for starters.
#3 – Don’t Eat Out
Being a stay at home mom can come with many challenges, among them the fact that you do a lot of cooking and cleaning. Sometimes the urge to just go to a fast food joint can be overpowering; you don’t need to make anything or clean it up. But the price of going out to eat is extremely expensive, even at “cheap” fast food restaurants.
If you want to save your family money, limit eating out as much as possible. I used to love going to Tim Hortons or Starbucks for iced coffee, but have since made the switch to making my own at home. Now I have my own little recipe I use to make it perfect every time! Not only am I saving a lot of money, but I can modify and customize it any time I want to!
#4 – Thrift
We talked about decluttering and the importance of minimizing your stuff. While that is incredibly important, there will still be times when you need to go out and buy things. As a stay at home mom, thrifting is the way to go. Whether you have one child or many, you know that they grow like weeds and go through toys even faster. Thrifting clothes, toys, or books will save you so much money.
We barely ever buy brand-new items and the kids items at thrift stores are almost always in great condition! I recently purchased a high chair from a local thrift shop for my son and it was $7.97. Change your mindset about secondhand items and you’ll be laughing all the way to the bank!
#5 – Pay Off Debts & Lower Bills
As a stay at home mom, the first step to really making sure you feel okay financially is to pay off outstanding debts. If you are not yet a stay at home mom but want to be in the future, make an effort to buckle down and get rid of your debt.
Another important task is to lower any of your “fixed” monthly bills such as phone bill, insurance, subscriptions, etc. Before becoming a stay at home mom my husband and I switched to the cheapest phone plans (we used to pay $80/month, now we pay $25/month) and switched from paid bank account ($16/month) to a free bank account.
Think about your own personal situation and if there is any wiggle room to lower your “fixed” monthly bills. Many times these bills are not actually fixed! Questions to ask yourself could be:
- Are there any subscriptions I’m paying for that I don’t need?
- Are there subscriptions I could be splitting with a friend or family member to save money?
- Can I lower my phone bill (since you’re home, maybe you don’t need as much data on your phone)
- Can I lower my car insurance since I’m not commuting to work?
#6 – Rent and Mortgage
As a stay at home mom, the home is where the heart is! But… not if it costs an arm and a leg!
For some people, moving is out of the question. If you find yourself spending almost all your money on rent or mortgage, is there any way you could lower that cost? My husband and I have always been frugal, and that’s extended to our living situation(s) too. We try to save as much as possible in this area. As a growing family with a toddler and big dog, we only live in a space that is 440 square feet. Since the amount we pay per month is really beneficial to us financially, we will stay here as long as we possibly can! Ask yourself:
- Can we move to have cheaper rent?
- Are we willing to live in a more remote area for cheaper living expenses?
- Can we downsize?
Save Money as a Stay at Home Mom… It’s Possible!
Saving money can be difficult in general, and even more so as a stay at home mom. It’s easy to constantly be looking around your space and think about all the new things you need or want. But being a stay at home mom can be possible for you, and for more people if we’re able to get better at spending and saving our money.
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