6 Financial Tips for Mother
When you become a mother, many times, you decide to put your life and needs aside, especially when it comes to money, since you would rather spend on your baby than on yourself.
However, this is a mistake, as you will neglect your financial health and this, in the long run, will not only affect you, but also your child. For example, if you spend all your money on your child’s education and don’t save for your future, you could end up depending on him or her when you grow up.
Thinking about your financial stability is also important.
To help you realize some aspects of your financial life that you may be neglecting, here are six financial tips for you:
1.- Think about your retirement
You probably think that at this point in your life you don’t have to worry about your retirement, since you are too young. But, remember that the sooner you start saving for this purpose, the easier it will be for you to have a decent life.
For this, look for different options that allow you to invest according to your financial capacity and your needs. Remember that, unless you make voluntary contributions, you will not have enough when you retire.
2.- Be sure
There is nothing better for a mother than having the certainty that she and her family are protected against any eventuality, such as illness, accident or death.
Therefore, one of your financial goals should be to purchase major medical and life insurance, with which you and the ones you love the most will be protected.
Making budgets will allow you to have a more conscious spending.
3.- Make budgets
We know that your children deserve the best and, many times, you can make the mistake of not skimping on their expenses. For example, a birthday can leave you in financial stress for a long time, which should not happen.
This will stop happening if you start making budgets and stick to them. These can be weekly, biweekly, monthly, yearly or for some special situation, as in the example of the birthday. Remember that you should always spend less than you earn.
4.- Save for yourself
Maybe since you became a mom, all your savings are destined to your children: their clothes, their vacations, their school, etcetera. So you have left yourself aside.
Save for yourself too, you deserve it!
Remember that, although your children are the most important thing for you right now, you also deserve to pamper yourself and have a cushion for emergencies, so don’t forget about yourself and set aside a percentage of your savings for your tastes and savings fund.
You should invest for your retirement as well as to achieve other goals. For example, if you want to buy a car in two or three years, you want to study a postgraduate degree or achieve financial freedom, investing will help you achieve it.
There are many options to start with and you can do it from very low amounts and with good returns. In addition, technology is now at your finger tips. Since you can invest online, without having to wait in line at a financial institution and spend half a day doing it.
6.- Pay off your debts
As a mom, surely the last thing you need is to be thinking about how much you owe, to whom and when you have to pay, since you already have enough worries without adding this one.
Know how much you can save by changing your debt.
That is why the best thing you can do is to pay off your debts and for this you can get a loan with a much lower interest rate than the one you currently have. This is an excellent option, since it allows you to focus on a single monthly payment, instead of two or three, and, in addition, you save on interest.
This article has been written by Nilam Mehta and she is one of the owner of this site/blog.
Nilam has worked in Pharmaceutical industry and have studied – Lifestyle Medicine from Doane University; Science of Exercise from University of Colorado Boulder. She believes that many of health problems can be cured naturally.
You can reach her on [email protected]