Moms make the world go ‘round. From tending to sick kids and making meals, to working inside and outside the home to providing homework assistance, moms are undeniably the family rock. One thing people don’t often talk about in regards to mothers, though, is their ability to handle the finances. While each family divides duties differently, mothers often don’t get enough credit for their marvelous money management. What’s interesting, is that the moms who do well in this arena have many other things in common. Wondering what these items are? Read on for more on the financial habits of every successful mom.
They Know What Everyone is Spending
Call it micromanagement, but the truth is someone needs to have the overarching view of the family finances. In other words, the right hand needs to know what the left is doing, and this is often the mother’s job. Successful moms have an idea of which family members are spending money and how much they are spending. These moms also make sure to log on each day to monitor the account activity. This is because they not only want to make sure everything looks normal, but also to make sure no one has been a victim of identity theft or fraudulent charges. Sadly, both of these things are far too common these days. Using a company such as LifeLock helps monitor credit reports, protect bank accounts and safe keep financials so moms can worry a little less.
They Manage the Family Budget
Even if a financially successful mom enjoys wealth in abundance, she still insists on a budget. Budgeting your money—no matter how much of it you have—is always a good practice, and will be particularly helpful if wealth ever waivers. A mom will craft a budget with itemized monthly costs and does her best to make sure each family member does not go over these numbers. She’ll balance the budget often to make sure the process of daily spending is seamless. If the financially successful mom sees numbers going over in one area, such as spending at restaurants, she’s savvy enough to reign them back in.
They Know When to Outsource the Money Management
Many moms are quite proficient with the family finances, but even the most responsible mother knows enough when a situation is over her head. If she sees that they need help with IRS tax problems, credit card debt counseling, or financial guidance, she’s not too proud to reach out and get assistance with complicated issues. This is particularly true when it comes to saving for retirement; she will monitor the family’s current situation in relation to the future, and will use the guidance of an experienced pro to ensure adequate funds will be there come retirement time.
They Are Fiscally Responsible
Call “fiscally responsible” a more politically correct way to say “cheap,” but the financially successful mom won’t be offended. In fact, she takes pride in saving money where she can. From cutting coupons (or using digital ones) and finding the best sales, to using airline mileage cards to maximize travel and requiring her family to eat most meals at home, the financially successful mom takes pride when she’s able to save a little money here and there. The best part about this is that she can turn around and put the savings towards a wonderful family trip that they’ll remember for years to come.
They Will Take One for the Team
Oh, mothers—they are nothing if not selfless. When a financially successful mom sees her family heading towards financial trouble, she’ll be the first one to take the fall. Whether she foregoes her bi-weekly mani/pedi session, freezes her gym membership, or sells clothing or belongings, moms are pros at putting others’ needs ahead of their own to stay afloat.
The financially successful mom rubs elbows with others who are also savvy in saving, as she understands the importance of learning from others. Whether it’s joining an investment group, attending workshops, or even starting up her own Facebook group with other like-minded moms, she likes to be surrounded by those who inspire.
Follow these habits and you, too, could count yourself among the ranks of financially successful mothers.