Financial Tips from my Single Mother Era
Master Your Finances: Six Essential Strategies to Build Wealth and Live Within Your Means
Planning
One of the best ways to save money is to plan. Meal planning, in particular, keeps you from buying unnecessary items that may go to waste. Plan weekly meals that use similar ingredients to maximize everything you purchase. Make a list and stick to it—this helps ensure you don’t forget anything that could force an extra shopping trip and lead to spending more money on gas.
Organization
Having an organized home helps you avoid buying things you already have. When your pantry and refrigerator are organized, you know exactly what you need and what you don’t. Otherwise, you may end up with duplicate items sitting unused until they expire. Knowing where everything is in your home saves both time and money. This also applies to important documents. If you can’t find a needed document, replacing it could cost you hundreds of dollars.
Maintain
Whenever you make a big purchase—such as an appliance or electronic device—it’s important to maintain it. Neglecting items that cost hundreds or even thousands of dollars is essentially throwing money away. Many of these items are necessary for work or school, and proper care can significantly extend their lifespan.
Maintenance isn’t just for material things—your mind and body need it too. Eat well, exercise, and get enough sleep. Being sick can keep you from working, and healthcare isn’t cheap. Don’t forget to care for your mind and soul as well. Get fresh air, soak in the morning sun, and whisper a quick prayer.
Save
When your income is limited, saving isn’t easy. If you work overtime or pick up an extra day, use that opportunity to set something aside. Be like an ant—working in the summer to prepare for winter. Saving isn’t just about money; it’s about resources, too. Turn off lights when not in use, take shorter showers, or opt for cold showers in the summer. Get creative when it comes to earning extra cash, and save what you can. Lacking savings during an emergency can be especially damaging when you’re on a tight budget.
Choose Wisely
Be intentional with your purchases. Shop around for insurance—this is an expense that can change dramatically when you do your homework. Identify unnecessary costs, like unused streaming services or memberships, and cut them out. Clearly define your needs versus your wants. Wants can wait—delayed gratification is worth it.
Invest
Investing isn’t just about the S&P 500. Making thoughtful purchases can reduce how often you need to replace items. Renting may be unavoidable at first, but owning a home can bring peace of mind in many ways. Invest in your health by cooking at home and bringing your lunch to work—your body and your wallet will thank you.
