Tips for Moms to Help Secure their Financial Today and Tomorrow
According to new research from MassMutual, more than half of moms with young children regret not saving more before they became a parent. However, they shouldn’t panic as there are decisions and steps that any mom can make that are within their control to help build a stronger financial today and tomorrow for themselves and their families. Here are some tips from MassMutual:
Commit to making good decisions today to help you and your family tomorrow. It is important not to lose sight of reviewing account statements and paying your bills on time while focusing on successfully managing a household, family activities and other commitments. That’s an admirable start. However, moms need to seize the opportunity to change what they do today to help them and their families in future years, too. Think about emergencies, retirement and college funding as a place to start. Putting a small amount into savings each month will give you a sense of a security for your future, while also planning for and protecting your family now.
Make good financial decisions every day and model good family financial planning for your family. According to a MassMutual poll of parents of recent college graduates, three out of four said they wish they had taught their children more about finances. It’s important for parents to share the responsibility and decision-making for family financial planning, and to get their children involved so they can learn smart money lessons. One simple way you could do this is to sit down with your child and show them how to divide up their allowance and encourage them to save some.
Pay your bills on time. Paying bills on time consistently every month can have one of the biggest impacts on credit scores. Women have an opportunity to establish good credit for their family – and themselves – to help build financial independence.
Be a smart spender. A higher percentage of women than men describe themselves as a “spender,” particularly among younger generations, according to MassMutual research. This is where tough choices come into play. In fact, four out of ten new moms in another recent MassMutual study said that their biggest regret was overspending on non-necessities for their child. Think about your purchases. Do you have any regrets based on what you know now? Likely you do, like so many of us. This doesn’t mean sacrifice everything. It simply means be selective with the choices you make and how you invest your and your family’s hard-earned money.
Lean into your community. Friendship, ‘personal improvement and support are often cited as key motivators for community participation. Ask some moms and they may add survival to the list! A life with kids opens the doors to many types of communities through school, sports, activities and other commitments, and offer the opportunity to lend a hand – and to receive a hand – when needed. Many times, all it takes is simply asking.
Take a breath, moms, and make an intention to do something today to help your and your family’s financial future. Moms have an opportunity and responsibility to make good decisions and take steps to not only secure their financial today, but to enable options for their tomorrows.
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