5 Financial Tips for Moms

financial tips, money matters

Here are some financial tips that moms would be interested to consider:

  1. If you’re married, make major money decisions with your spouse. If your arrangement with your hubby is that you spend and he budgets, that will likely lead to mismanagement. If both of you sit down and talk about what your saving and spending priorities are, then you can work together seamlessly. 
  2. Get life insurance. Some married couples sometimes take out life insurance only for the husband. It’s important for you to also be covered, to protect your family for the unexpected.
  3. Teach your kids how to manage money well by doing it yourself. Your children will learn to handle money by watching you. They’ll notice if you’re spending too much now then fretting later. They’ll learn discernment when they’re asked to hold back on purchases that are wants and not needs.
  4. Have a clear picture of your monthly budget. Some newlyweds live “by the envelope”, literally setting aside cash for expenses in separate envelopes and sticking to the amounts in them. It’s a good exercise in knowing how much you spend and adhering to a certain budget.
  5. Have a retirement goal. In one of your financial “planning” sessions with your husband, set goals for your retirement and start saving towards it. The earlier you start, the more you’ll be able to amass for when you retire.
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