Money Management 101: Save More of Your Money

Saving is a matter of discipline.  It does not matter how much or how little your income is.  What matters more is how much of the money that comes into your household gets into the family’s savings account.  It is not uncommon to hear people complaining that saving is not even a remote possibility since there is not enough money coming in.  In today’s tough economic times, it is not surprising that majority of people today are in this predicament.  But, this is not an excuse to take things as they are.

As smart mommies, we have to be even smarter in managing our family’s finances.  There are solutions to “repair” this scenario.  The first one is to set aside a small amount of money from every inflow and then allocating the rest for the family’s expenses.  This could be difficult especially when there are loans that need to be paid regularly.  Which brings forth another solution:  find other sources of income.

Income streams can come from a number of small ventures that do not require much capital.  Selling baked goodies or cooked food, babysitting your child’s playmate, and signing up for a part-time online job are just some of the things stay-at-home-moms can engage in to start an additional income stream.

 

Image: FreeDigitalPhotos.net

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