Motherhood gives a twist to the finances of any woman and represents an economic challenge that forces attention to money. Here are some tips.
In this month of mothers, the best way to celebrate them is by empowering them and helping them become more independent and successful in finances.
Within personal finance there is a “common trunk,” to call it somehow, a wealth of knowledge that we should all have, however, what works for one does not necessarily work for another.
There are differences in the management of finances between men and women, between a woman without children and a mother, and between those of a married mother and a single mother.
Let’s first take a look at the data.
Women live ten years longer than men; they are increasingly contributing to their homes, they have more breaks in their working life, maternity, and the responsibility to take the children forward without leaving them unprotected in case of an accident or death prematurely. So there is an imperative need to have a short, medium and long-term financial plan.
According to data from the National Institute of Statistics and Geography (INEGI), 7 out of 10 women over 15 years of age are mothers, of which 4 out of 10 mothers provide economic resources for the operation of the household.
So the data and so here are some tips to improve your finances.
1. Make a personal budget
A budget is a tool that will help you keep your expenses under control, detect accidental leaks, pay attention to priorities and not forget important items such as savings. Includes all expenditures related to children such as tuition, school supplies, food, entertainment, medical expenses and even gifts.
2. Do you want successful children?
Educate yourself financially! It is critical for you to teach that to your kids and grow up with healthy financial habits, you will avoid future headaches and you too. Remember that there is no better inheritance than education and good habits.
3. Save for your retirement
You do not want to be dependent on your children in the future, right? It is important that you routinely allocate a savings amount for your retirement, feed your AFORE or pension plan. That will give you economic certainty when the time comes.
4. Do not hide the financial problems
Keeping these kinds of situations secret adds up to problems instead of solving them, damages family ties and can be counterproductive.
5. Safe, secure?
If the father dies and is the breadwinner of the family, it can cause an economic gap that the mother would have to face, so assure the father, and if you are a single mom, be sure! You will not want to leave your children unprotected financially.
And to close I leave you some ideas of financial gifts for Mom.
- A course in personal finance.
- An investment account (teach him to use it if he does not know).
- Some ounces of silver (will begin to rise in price).
- A Tablet with internet access and teach him to use it if he does not know.
- Access to information is a great ally of economic well-being.