Moms have a ton of responsibilities – so much so, that we recognize their hard work every year on Mother’s Day! If you’re a mom who wants to focus on improving your finances, but you just can’t seem to find the time outside of your responsibilities and your schedule, here are some tips that we hope can help you make your personal financing a little bit easier.
1. Prep your day before everyone else’s
First thing in the morning – before the kids are awake, before your husband rises, even before the pets escape their snooze – set time aside to put your day together. This is probably a step you forego quite often; it’s time to kick that habit and replace it with a new, better one.
Make yourself a cup of coffee or tea, sit down, and take time to organize your day – schedule a time to look at your finances. If you’re not a particularly early riser (which, as a mom, is hard to believe honestly), do this the night before, right before bed.
That way, when you’re chasing the kids around to get ready for school, you’ll feel that much more put together yourself!
2. Actually do the financial check-in you scheduled
Now that the financial check-in is on your calendar, make sure you actually do it (and don’t you dare do it during your lunch – that is your downtime!). Give it priority and your full attention. Truthfully, once you get into the habit of this, it most likely won’t take you more than 10 minutes a day.
3. Nurture your finance’s growth
Like you would with your own children, give your finances the best options for its growth. Use a high-yield savings account. Research what type of IRA is right for you. Make sure you’re making the most out of your 401K contributions. The more you put in the legwork at the start, the more your finances will give back to you in the future!
4. Have an incentive
If you have trouble justifying savings, or not spending all your money on your kids all the time, make a goal for yourself. It could be small, like a spa day, or larger, like a vacation for the family. Make sure you’re also putting away money for your children’s future – be it college, helping them be secure while job-searching, a wedding, or any other need that you want to help with. These are all great incentives to encourage a little more saving.
From all of us at Milborn Advisors, we hope you have a wonderful Mother’s Day!