Mothers everywhere are under a ton of stress- whether it’s cooking the perfect birthday dinner, taking time off from work to make it to a child’s soccer game or piano recital, or keeping the home in tip-top shape, it seems like everyone is always looking for mom to do more. Freedom Financial is proud to support mothers who are looking to help play a greater role in their family finances or take them over completely- here are a few of our top tips that moms everywhere can use to improve the financial security of their household.
Don’t be afraid to say “no.” We know- it’s super difficult to tell your little ones no when it comes to buying them toys, dinners out of the house, or gifts. Developing the ability to say “no” to gifts and purchases except for special occasions is the best way to help keep your children from running you into financial ruin. Freedom Debt Relief recommends helping children to understand that money is a limited resource by allowing them to do chores in order to earn an allowance; this will teach children that when the money runs out, it’s gone.
Get involved in the family finances. Break down the old stereotype that the man should handle the money in the house. Freedom Debt Relief wants mothers everywhere to know that, even if they are not the primary breadwinner in the home, they have a right to analyze the family’s income and expenses, and make changes to the budget as needed. If you’re not a financial person, you don’t need to pour over spreadsheets or handle all of the taxes, but you should be sitting down with your spouse at least once a month to make sure that your daily spending is keeping you on track towards your long-term financial goals, including retirement, buying a home, or saving for your children’s college educations.
Ensure that your insurance is up to snuff. Freedom Debt Relief has found that one of the fastest ways for a family to go into bankruptcy is to lose a breadwinner with insufficient insurance to cover living expenses. You want to hold enough insurance so that, if your spouse loses their job or becomes unable to work, you will be able to hold down your monthly expenses for at least half of a year when they search for work. If your spouse is the sole breadwinner in your home, add in a more generous dollop of insurance as well. At minimum, you will want to have a term life insurance policy that you own outside of you and your spouse’s places of employment.
Schedule some time in for yourself. As a mom, you know that making sacrifices for your family is a necessity to ensure that your child can enjoy a better future. However, Freedom Debt Relief has found that, when mothers spend too much time focusing on the needs of everyone except themselves, they can feel more stressed and frazzled when it comes to handling budgetary needs and daily household concerns. Even if you’re trying to save and money is tight, be sure to make time for yourself at least once a month to get a pedicure, treat yourself to a bottle of wine or champagne, or buy a new pair of shoes. After all- you make plenty of sacrifices for the sake of your children; treating yourself every once in a while is deserved.
This year, make a resolution to get more involved in your home’s finances. As the mother, you know better than anyone else where your money is going- taking a more active role in your home’s finances can help bring you closer to your long-term goals.