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Budgeting Tips for Single-Income Families
Money Management Techniques from Stay-at-home Moms
By Dorothy Nelson
Borrowing baby clothes from friends can save an enormous amount of money, says Jennifer Andrews of Richmond, Va. In addition, she says consignment and secondhand baby clothing stores offer good-as-new items at great prices.
Becky Page, mom to Rachel, 11 months, suggests using coupons. Though it may take a little time to organize them, it's amazing how much you can save, she says. Page also recommends buying generic products instead of brand-name items because in many cases the quality is just as good. Using the local library to borrow books and videos is another money saver, she says.
Jennifer McKluskey, a mother in Richmond, Va., has been a successful saver by making homemade baby food, cooking in bulk and freezing the leftovers. Being creative is the key to saving, and working together with friends and fellow moms can help make staying at home easier and more cost-effective. She also has successfully saved money by organizing a babysitting co-op. In this arrangement, friends exchange half-hour and hour babysitting "coupons" instead of separately hiring sitters. She also suggests shopping for gifts year round. "This way, you can take advantage of after-holiday sales and minimize the expense for the next year," she says.
Laura Moore from Austin, Texas, recommends careful menu planning as a way to save money during grocery store runs. By planning a series of meals and listing specific ingredients to buy, she says she saves a significant amount of money. "I have to make sure we don't deviate too much from the list when we get to the store or it defeats the purpose," she says. "I also find that we go to the store less often when I carefully plan my meals."