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Smart Money Moves: Money-Saving Tips for the Professional Wife and Mother

Writer's picture: Kimani HaleyKimani Haley

Introduction

Are you tired of living paycheck to paycheck? Do you want to take control of your finances and secure a better future for your family? 


As a professional, mother and wife, who juggles multiple responsibilities at home and at work, I must admit that saving money is hard!  It really is a crucial skill for us working moms and wives (and any adult and teenager, really). Fortunately, as a teacher and a new business owner, I’ve grown to understand the importance of managing my finances wisely. In this blog post, I will explore practical and effective money-saving tips specifically tailored to your unique situation.  It is my hope that we all can achieve financial stability while balancing our professional and personal lives.


Financial planning is super important when it comes to saving money. It allows you to have a clear understanding of your financial goals and helps you make informed decisions about your spending and saving habits. It lets you know if you should take that next trip with your girls or sit it out until the next time.  It lets you know if you should buy a new dress for church or where what you already have in the closet. It lets you know if you should shop at Giant Eagle or go on over to a less expensive grocery store.  By creating a solid plan for your spending, you can make sure that you’re on track to achieve your long-term goals, such as buying your she-shed to escape the craziness of home or planning to travel the world after retirement.


Budgeting and Planning

Creating a budget is essential for the professional wife and mother because it helps us gain control over our own finances and allows us to make informed decisions about how we spend and save our money. It allows us to set aside money for the various financial goals that we may have (and those that we don’t know we have), such as saving for our kids’ education, retirement, emergencies, etc. Tracking the money that we bring home versus the money we put out is crucial in order for us to have a clear understanding of where our money is coming from and to where it is going. 


I started by keeping a record of all my sources of income, such as my teaching salary and the income from my new business. Next, I started keeping track of my expenses by categorizing them into different areas like: groceries, utilities, my kids’ extra-curricular activities, etc.. Over the years, I’ve grown to really like (not love) using spreadsheets for various reasons, so that’s how I’ve been tracking my income and expenses in 2023 and 2024. However, it can be done using spreadsheets, budgeting apps, or even a simple pen and paper. I always tell my students and kids at home to write things out, whether they’re trying to gather their feelings or study for an exam.  We think we have it together all in our heads until we try to organize some things for real on paper/computer.  In a nutshell, write/type out your budget and plan!


According to a NerdWallet article, entitled “The Best Budget Apps for 2024”, the best budgeting apps are: 

  • YNAB (You Need a Budget) - hands-on zero-based budgeting

  • Goodbudget - hands-on envelope budgeting; free version available 

  • EveryDollar - simple zero-based budgeting; free version available

  • Empower Personal Wealth - wealth and spending tracking; free version available

  • PocketGuard - snapshot of simplified budgeting 

  • Honeydue - partner/spouse budgeting

These apps can also send notifications and reminders to help us moms stay on track with our financial goals.  


I’ll pause here to quickly address the terms in the above budgeting apps.  

  • Zero-based budgeting involves having a spending plan where every dollar you make is categorized (groceries, utilities, entertainment, etc.) so that your planned expenses (including your savings goals) are balanced not to exceed your income. 

  • The hands-on approach to budgeting is checking bank accounts almost daily, making very detailed budgets that you constantly track, and often feeling an overall sense of control in knowing where your money is going.  

  • Envelope budgeting is another way to manage those expenses that may fluctuate from month to month.  You would categorize that money using actual paper envelopes or digital envelopes. When the envelope of any given category is empty, you can't spend again in that category until you've added money back to it.  

  • The simple budgeting method doesn’t really seem simple, but it involves a 50/30/20 formula.  Personally, I like it, though.  50% of your income goes toward your needs; 30% goes toward your wants, and 20% goes toward your savings.  Of course, you can adjust the percentages, but you get the idea.



Cutting Expenses

There are common areas where we professional wives and moms can reduce our expenses. This can include things like cutting back on unnecessary subscriptions, reducing dining out expenses, buying less expensive brands, and finding ways to save on childcare costs.  I have a monthly DoorDash subscription, and I don’t know if that’s good or bad because I find myself justifying my DoorDashing food since I’m already paying a monthly fee.  In my head, I’m saying, “Gotta get my money’s worth!”


Apply some of these tips for saving money on things like groceries, utilities, and transportation: 

  1. Plan meals

  2. Shop with a grocery list to avoid impulse purchases

  3. Use energy-efficient appliances and 

  4. Adjust your habits to reduce your utility bills

  5. Try other forms of transportation options like carpooling, public transportation, etc.


Meal-planning, along with bulk buying, can be a game-changer for professional wives and moms like me, who are looking to save time and money … and energy.  Meal planning can help save money and time by decreasing the amount of food that our families waste and helping us avoid last-minute takeout meals (or DoorDash orders in my case). Additionally, by taking the time to plan meals for the week, we can avoid the stress of trying to figure out last-minute meals. This not only saves money but also ensures that the family is eating healthier, home-cooked meals.  


Many people don’t like buying in bulk for a multitude of valid reasons; however, bulk buying from places like Sam’s Club and Costco can definitely lead to huge savings.  By purchasing a larger amount of certain items (like dish detergent and bars of soap) and non-perishable foods (like granola bars and canned goods), the professional wife and mother can take advantage of the lower prices on the larger unit or quantity and stock up on those things that the family uses regularly.  Buying in bulk not only saves money in the long run, but it also cuts down on the number of trips to the grocery store, saving time, gas, and energy. Overall, meal planning and bulk buying are necessary strategies for professional wives and mothers to stretch their budgets and make the most of their hard-earned money.


Maximizing Income

One way to increase your money (or “get your bag up”) is by having one or more side hustles; this includes freelance work opportunities, like writing in my case.  My friend is a registered nurse and just became a realtor in 2023.  I don’t know which is the “side hustle”, though, because both are lucrative sources of income.  My other friend is a cosmetologist but also has her own balloon decorating company.  I have quite a few former students with side hustles to complement the income from their regular jobs or their entrepreneurial businesses.  Side hustles are great sources of extra income and can help the professional wife and mother increase her overall earnings, which I’m sure will help with improving her overall well-being.  It’s something comforting about not having money worries looming over your head day in and day out.


Now, I’m not trying to cause any problems, but negotiating salary and/or seeking promotions are essential steps when it comes to increasing your income.  You don’t have to take whatever they’re giving.  If the professional wife and mother is able to advocate for herself and show how valuable she is to the employers, she can secure a higher salary and move up in her career IF that’s what she wants to do.  (She may want to say “to heck with this job” and make her own way into something new. - Oops, that got personal.)


Potential Benefits of Investing or Starting a Small Business

Investing or starting a small business has many potential benefits for the professional wife and mother. These benefits include:

  1. Increased Income: By investing in stocks, bonds, or real estate, or starting a small business, moms can have more streams of income and increase their overall income.  Personally, I have a 403B with my job, a Roth IRA, and some other savings and investing accounts.  Honestly, I don’t know as much as I should know in these areas, nor do I stay on top of it as much as I should.  However, I have a wonderful financial advisor, Phil Hemphill, who understands me and the way that I am, so he hits me up when I’ve strayed away too long from my extra money ventures.

  2. Financial Stability: Diversifying income sources (which really means having more than one source of income) through investments or a small business can provide a safety net and help us moms achieve greater financial stability, especially during uncertain times.  Life happens as we saw with Covid in 2020, but other more common things happen in women’s lives as well.  Getting pregnant alone can be categorized as an “uncertain time”, depending on the company’s maternity leave policy.

  3. Long-Term Financial Goals: Investing or starting a small business can help moms work towards their long-term financial goals, such as obtaining another degree or buying property.

  4. Wealth Accumulation: Over time, investments or a successful small business can lead to the mom building her wealth, allowing her to build assets and create a more secure financial future for herself and her family.

  5. Entrepreneurial Opportunities: Starting a small business can provide the professional wife and mother with the opportunity to explore and pursue her passions, use and improve her skills, and have more flexibility and control over her work-life balance, in general.


Having said all of that, I must acknowledge that investing and starting a small business do come with risks; therefore, the professional wife and mother needs to carefully research and seek professional advice before making any financial decisions because those decisions not only affect her, but they also affect her child(ren) and her husband.


Saving for the Future

I cannot stress how important it is for the professional wife and mother to prioritize saving for emergencies and even retirement.  Not only is it important to set aside money for emergencies and retirement, but it also applies to saving the sick and personal time that we have at our regular jobs.  By having a financial safety net and planning for the future, we can have financial stability and security for ourselves and our families.


One effective way to save for emergencies, retirement, and other long-term goals is by setting up automatic savings contributions. This allows the professional wife and mother to consistently save a portion of her income without having to manually transfer funds each time.  Obtaining some type of financial advisor through your employer or otherwise is definitely a good route to go.


Saving for children's education or other long-term goals for your kids is important for moms like us, so you can consider something like opening a 529 college savings plan or setting up a separate savings account specifically for these goals.  Additionally, by looking into your investment options to see which options match your comfort level with risk and the length of time you have to invest, you can increase your savings over time.


Smart Shopping


The professional wife and mom can save money by actively seeking out discounts, coupons, and deals and shopping at grocery stores with lower prices.  Ask around; you may know someone who is an extreme coupon-er and would be willing to teach you the ropes. You can sign up for newsletters and loyalty programs, follow brands on social media, and use coupon websites and apps to find the best deals on your favorite products and services.


Comparison shopping is another smart way for the professional wife and mom to ensure she is getting the best price for a product or service. They can use price comparison websites or apps to compare prices across different retailers. Additionally, using cashback apps can help them earn money back on their purchases, further maximizing their savings.  Admittedly, taking advantage of the cashback rewards from my credit cards is an area in which I could stand to improve; therefore, I know I need to be researching the best practices for using those rewards.


When it comes to smart shopping, buying second-hand or borrowing items can be a great way for the professional wife and mother to save money. Some people frown upon purchasing or receiving second-hand items, but as the saying goes, “another man’s trash is another” … Nevermind.  I don’t even like calling the reused items "trash", but you get the point.  Repeat after me: “There is nothing wrong with buying or using someone else’s gently used items.”  This goes for clothes, furniture, cars, houses, etc.  Exploring thrift stores, online marketplaces, and local buy-and-sell groups to find gently used items at a fraction of the original price only makes sense. Borrowing items from friends or family members can also help moms like us avoid unnecessary expenses.


Balancing Work and Family


Finding your work-life balance and avoiding unnecessary expenses go a long way when it comes to achieving financial and other goals. It is crucial for the professional wife and mother to prioritize these. By finding a healthy balance between our careers and family life, we can reduce stress while achieving and maintaining financial stability.


Have you ever thought about prioritizing your spending based on experiences rather than material possessions? What I mean is, instead of focusing on material possessions, such as clothing, shoes, electronics, etc., the professional wife and mother can redirect her spending on items like these to actual experiences. This can include family vacations, outings, or creating memorable moments together. These experiences often provide more long-lasting happiness and fulfillment anyway compared to material possessions. Regardless, it’s up to you and your family’s preference(s).  Would your family prefer a vacation to Disney World or to Ghana, or would they prefer a new video game console?  We have to weigh our options!


Open communication with a spouse or partner about financial goals is essential for the professional wife and mother. This is definitely an area in which my husband and I need to improve, although I already know that by establishing, discussing, and aligning our financial goals (individually and as a couple), we can work together to achieve shared (and individual) financial goals and ensure financial harmony within the family.  (I’ll get back to you on this!)


Conclusion


By prioritizing work-life balance, smart shopping, saving for emergencies and retirement, investing or starting a small business, and negotiating salary or seeking promotions, the professional wife and mother can achieve financial stability and reach her long-term goals.  It just takes some planning, budgeting and self-discipline.  I am not a financial advisor, and my finances are nowhere near perfect, but I am cognizant of the necessity of becoming financially literate and financially responsible in order to achieve a certain level of wealth or money health.


If any of this post resonates with you, I encourage you to share your own money-saving tips and experiences in the comments section. By sharing knowledge and supporting each other, we can all learn and grow together.  If you found these tips helpful, consider subscribing to my blog or following me on social media for more financial advice and tips on balancing work and family. Stay connected and continue your journey towards financial success.


Thank you for reading!


Love, Kimani



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