Motherhood is a challenging phase of life. You have a set of huge responsibilities being bestowed upon you during this phase and, you are on the run continuously. It is during this phase of life that most mothers feel a certain level of stress and, end up making a lot of mistakes that could have been avoided. A lot of moms end up making financial mistakes that burden them for the entire life. They are simple mistakes that could have been avoided but somehow most women neglect them. Most moms need to be more responsible when it comes to their financial decisions. They are common mistakes that moms generally make. The reasons could be anything from stress to general neglect.
No Retirement Planning
Most mothers make this mistake and, this is a very serious issue. They tend to plan their child’ education and in this process they forget planning their own retirement. Most of you would be in some sort of debt with the crazy plans that come up every hour. So, it is essential to plan your funds. Instead of spending all the money that you have saved into your child’s education, save a little amount for your retirement! It is very common for you to plan your child’s future and the way the regular income is spent. What about those golden years that you have to spend once retired? This planning is essential as well as crucial.
Relying on Husband for Finances
It is a common mistake that most moms tend to make, relying on your husband for the finances. Yes, it is very good that your husband takes care of everything but, you should always know what is happening as far as finances are concerned. When you get divorced or in case of the death of your partner, heaven forbid that should happen, it becomes easy to handle kids and their future. That is not the time to sort the finances and, figure out what is left. That would be your time to be proactive and, get on with your child’s future. So, even if you don’t really involve yourself with the finances on a daily basis, try to understand how things are from time to time.
The Plastic Money
Oh dear! This one is definitely a terrible mistake that needs to be attended to. Most moms tend to buy out the entire super market using a debit or credit card. They load their carts with all the goods needed and finally pay using this plastic card. What you don’t realize is that you are actually spending too much of your hard earned cash on this plastic card. Where you could save a bit by not buying the goods that are not required, using the plastic money you end up buying even those. Even for your kids this is not a good learning. You are teaching them that you don’t pay yet you get all the goods you want using that plastic card. You are constantly in debt and you teach your kids about getting into debt too. This is a sad story, one that gets repeated every instance. So, try to use hard cash whenever you need to buy something. This way you would avoid spending on unnecessary things and, waste money.
The Allowance Giving
Most moms tend to feel that giving out an allowance would burden the savings. This is a wrong notion. When you start giving your child an allowance, they would learn to spend the money allotted to them in a wise manner. The irregular and unhealthy spending would be curbed in this manner. You would sense that your child spends more than you were thinking of allotting to him in this manner. The savings that you were planning to have out of the allowance money is thrown in the garbage. You would essentially be spending way more than the allowance. So, you should ideally concentrate on how to give an allowance and tackle the situation.
Not Maintaining the Real Balance
Financially this is a rock bottom decision. Yes, it is a very good idea to spend good time with your kids but, money is important for their future as well. So, when you make a decision to take up flexible hours so that you can spend some time with your baby, you are compromising on the salary you deserve in reality. Where you could be earning millions with your talent and work profile, you zero down on the earning while taking your flexible hours to a higher priority. This would hit you in your life when you near your retirement. You would not have earned enough and, it would be hard during your retirement stage.
The Disorganized Life
Most mothers fail in this place. They go around buying clothes for their kids all the while or, spend money on their toys. It is a very rosy habit, you would even feel you are being a hit with the kids. But, eventually you would realize that these kids would not have worn some of the clothes that have lost its value because they don’t fit them anymore. Some of the toys would have misplaced some parts and, as for the books multiple copies of the same book just adds up to the bills. How about buying the clothes during sale and, that too just the amount that is needed? You should essentially shop for clothes when there is a requirement. See, if the copy of a book has already been purchased so that you don’t repeat the purchase. Make sure your kids wear carefulness when they are playing with their toys. This would help them understand the importance of every coin. You should not buy them toys immediately after they have lost some parts. This would make it possible for them to understand the value of their toys and other stuff.
These are common mistakes made by moms all over. It’s essential that you avoid them as it would help you in future.