- 4 min read
Updated: Feb 27, 2023
Hey Boss Babe Moms, I know these current times of economic uncertainty, with a looming recession can be incredibly scary. It can feel like the weight of the world is on your shoulders. But I want you to know that you're not alone in this. As moms, we're used to taking care of everyone else, but now it's time to take care of ourselves too. In this article, I want to share some tips and tricks to help us thrive during this recession.
We're going to talk about ways to focus on our own growth, manage finances, and take care of our health. So grab a cup of tea, get cozy, and let's chat about how we can make the most of this time and come out even stronger on the other side. Let’s look at some simple ways to make the most out of this difficult period without feeling anxious.
Create a Budget
Creating a budget is one of the best ways to get your finances back on track in a recession, however, it can feel like a daunting task. But creating a budget is a crucial step toward financial stability and security. Think of it as a roadmap that helps you stay on track and reach your financial goals.
First off, start by tracking your expenses for one month so you can figure out exactly where your money is going. Write down everything you earn and spend each month, and see where you can make cuts. Maybe you can reduce your eating-out expenses or cut back on subscription services you're not using. You may also want to look into setting up automatic transfers from your checking account into a savings account each month to build up an emergency fund for future needs. This is a team effort, so involve your family in the budgeting process and set realistic goals that work for everyone. And don't worry if you don't get it perfect the first time. You can always adjust your budget as you go along. The important thing is to start taking control of your finances and working towards financial freedom.
Here is a Budgeting guideline PDF below that you can download to walk you through the steps of setting a budget for your family.
Shop Around for Deals
It’s easy to overspend when it comes to buying groceries and household items and shopping for deals and finding discounts can be a game-changer during a recession. It's a way to stretch your budget and make your hard-earned dollars go further.
One of my favorite things to do is to make a list of the things we need and then compare prices at different stores. You can also take advantage of sales, coupons, and loyalty programs to save even more. Another great tip is to shop for seasonal items during the off-season. For example, buy swimwear in the fall and winter gear in the summer when they're on clearance.
Shop online and compare prices of larger purchases. Sites like Amazon and Groupon often have amazing deals and discounts that you can take advantage of from the comfort of your own home. Searching through coupons and promotional offers online can also help you find discounts on everything from groceries to furniture—so don’t be afraid to ask merchants if they have any special offers available. Just remember, it's important to stick to your budget and only buy what you need, no matter how good the deal may be.
Buy Some Items Second Hand
Buying second-hand items can be a lifesaver during a recession. Not only is it kinder to the environment, but it can also save you a lot of money! Thrift stores, consignment shops, and online marketplaces like Facebook Marketplace or Craigslist are great places to start your search. You can find gently used clothes, toys, furniture, and even electronics at a fraction of the cost. Plus, buying second-hand items gives them a new home and keeps them out of landfills. It's a win-win for your wallet and the planet. Just make sure to inspect items carefully before buying and only purchase from reputable sellers. You'll be amazed at how much money you can save and the unique items you can find when you embrace the second-hand lifestyle.
Find Ways to Increase your Income
This can be a great opportunity to explore new income streams and pick up additional work. If you're a stay-at-home mom and crafty, consider starting a home-based business, like an online shop on Etsy. If you homeschool your children, you can sell your worksheets and lessons online as well to make an extra income! There are several different online homeschooling forums where you can offer your curriculum for sale. You can also look into part-time or flexible job opportunities that allow you to balance work and family responsibilities. There are companies that are hiring for part-time positions that are home based work-from-home opportunities so you can still be at home with your children and make extra money.
Additionally, you could consider renting out a spare room on Airbnb or renting out your car on Turo. Every little bit helps and these extra streams of income can go a long way toward securing your financial future. Don't be afraid to get creative and think outside the box. With a little effort, you can turn your skills and passions into a profitable venture.
As a mom, taking control of your finances during a recession can feel overwhelming, but it doesn't have to be. By setting a budget, shopping for deals, and finding new sources of income, you can thrive and secure your family's financial future. Remember, you don't have to do it alone. Involve your family in the budgeting process, look for ways to work together, and seek support from others. With a little bit of effort, creativity, and determination, you can overcome the challenges of a recession and achieve financial stability for your family. You've got this!