06 May 5 Money Saving Tips for Busy Mompreneurs
Being fortunate enough to be a mother and an entrepreneur, I get the opportunity to do what I love every single whilst taking care of the people I love most. But the reality is, being a mumpreneur does come with some serious financial risk that could affect you and your family. Being money smart and savvy are essential skills required for striking that all important balance, between business growth and financial sanity. So here are five top money saving tips that will help you get started on being super saving mum.
Manage your business and personal expenses separately.
When starting a business, it can be often difficult to manage the finances, but one of the best ways is to keep everything separate. Treat your business like a separate person, who has their own account and needs. This is one of the best ways to stay on top of things and know what is happening on both sides.
Create a spending plan.
Create a monthly spending plan at the beginning of the month both for your personal and business finances for the month. You can use Excel or an accounting system like Wave app or QuickBooks to help you plan your monthly budget. When creating your spending plan write out all your expenses, direct debit dates and the amount of each expense, write out all your income from the different streams and add together. This will give you an overview of what your monthly cashflow is.
Record your expenses as you go along.
Record your expenses as you go along, this could be through keeping your receipts or simple writing down your expense in a small notebook as you go along. Breakdown your expenses into categories such as rent, utilities, cash purchases etc … You can use an app such as Yolt to keep track of your bank accounts and outgoings. The habit of tracking is based on what is called the compound effect, a little of something adds up to a lot over time done consistently. The habit of recording daily will help you in tracking your finances, which of course will lead to more money in your pocket.
Create a list when going shopping.
An easy and simple way to save money, is to create a shopping list when going shopping. It is easy to get carried away in the aisle of the supermarket, whilst looking for the latest bargains. But with a list you can focus on what you have written, thus, allowing you to stick to your budget. Do not change or add things to your list, instead create a new one of any items you wish to get on your next shopping trip.
Do not take your Children shopping.
I know many maybe thinking why? and as much as I love my babies, taking them shopping always means spending more than I initially budgeted. Apart from having to keep them entertained, they tend to always go for that extra bar of chocolate you just didn’t budget for. Also shopping without your children, does give you a better opportunity to shop through the bargains and make some serious savings.
I hope you have enjoyed reading blog and that is has helped you in your journey as a mom and entrepreneur. Share below some of your own money saving tips and what you do to watch those pennies whether in your business or personal life.
Mahawa Kamara is a British – Sierra Leone Business design & development consultant and Founder of The Soap Connoisseur, which is a specialist organic toiletry company specialising in creating expertly crafted soaps and body care products. Mahawa has a background in Social work and community development and is now pursuing her of building her own business development agency and is completing an MSc in International Business Management. Business you can say is my passion, calling and my God-given purpose. You can connect with Mahawa at www.mahawakamara.com and on Instagram as @mahawa_kamara16