Moms’ Biggest Financial Mistakes
When you’re a mom, it is probably the biggest responsibility ever one can think of. You have to rearrange every side of your life, be on the watch all the time, and, while the stress accumulates, it becomes extremely easy to let some things slide on by. Eventually you may wake up to what has become an unpleasant situation which you could have avoided. While the little one is demanding more and more attention, other things get neglected. Are you sure you keep tabs on money? Whatever happens, it is one thing you really oughtn’t to let slip. Check what mistakes often occur with young moms who feel too stressed to retain financial control.
Retirement fund
While mothers keep in mind the child’s education and other expenses, they tend to forget their own issues, like planning out their retirement. Besides, there can be debts to consider. Therefore, retirement funds must be given attention to. As you save money, don’t put it all against education and other kid’s needs, have some put aside against your retirement. You will be tired and will certainly want to enjoy some carefree life, it should be arranged for beforehand. Don’t think it’s too long a way ahead of you!
Counting on husband’s money
Busy with the baby, moms tend to fall back on hubby’s financial support. That’s very nice to know that your good man sees to everything, but that doesn’t mean you must let it go. You would do well to take a hand in planning the family budget alongside your husband. Who knows what problems may loom ahead, and should anything drastic happens and you are left alone, it will be so much easier for you to pick up the financial thread and take over control. You ought to know what you are left with. Probably you won’t be able to mind money matters every day, but better be generally aware where you stand financially.
Plastic card temptations
You go shopping wielding a debit or credit card. That’s the time to be extremely watchful of what you’ll be buying. You can pick up everything you see believing you need it and pay for the whole heap with your plastic card without realizing that you’re spending more than you bargained for. Do it several times and you may find that you splurged a lot of money where you could have saved. Besides, it’s not good for your children to see that you take home a lot of things without paying, just brandishing a credit card. It may end up in your running up a debt, with your children looking on and sadly learning the bad lesson. The best idea is to use cash when you go out buying. It is sure to help you save and buy only what is really necessary.
Child’s pocket money
Many mothers don’t think much of handing out pocket money to their children. They believe it will be bad for saving. True, but nevertheless, allowance for the child is a good idea. The upshot of it will be that the kid will learn to handle money and be wise about what he or she buys. Besides, it will help you see whether your child is spending the allotted money properly. Furthermore, as you cater for the child, you may find out that it sets you back more than it would have if you had just given them an allowance. If you haven’t done so yet, consider it and be ready to control the child-money situation.
Letting the balance go
Honestly speaking, this is the worst that can happen related to finance. Money is more often for the future than for the present, and while it’s vital that you have everything you need now, it’s not a valid reason to go wreaking havoc with your tomorrow. Maybe it’s not even a good idea to opt for flexitime and lose in salary in order to spend more time minding the kids and the house. Such decisions can hit back on you when you will be in need of a sound retirement fund. Nearer to your retirement you may regret your previous failure to earn as much as you really deserve.
Losing control
With kids, financial control is dead easy to lose. You just go along purchasing clothes, toys, other entertainment for your children, and that is fine for the present. But how will it end? These are but transient things – clothes will wear out, toys will get broken and played out, books will be lying in tatters, and what you end up with are bills – and the necessity to buy more of the same things. Let’s see: you can buy clothes at sales and exactly what you need without grabbing everything that may probably look good on the kids. Remind the little ones to play with their toys carefully for they will not be replaced very soon. Breakage doesn’t mean an instant replacement, for money ought to be spent wisely. Let them understand the worth of money and the things that are bought with money.
In order to feel secure and sure of what’s coming, heed these mistakes too many moms make – and see that your budget is in perfect order to support you not only today, but in ten years hence.
