Wednesday, June 23, 2021
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Tips for moms to better manage their money

Childbirth represents the economic challenge of turning every woman’s finances upside down and paying attention to money. Here are some tips.

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This article was translated from the Spanish version using AI technology. This process can cause errors.

Opinion expressed by entrepreneur The contributor is yours.

Mother’s Month is approaching, and the best way to celebrate it is to empower your child and help him become more independent and financially successful.

Within personal finance there is a “common core” that we all call the body of knowledge. However, what works for one person doesn’t necessarily work for another.

There are differences in financial management between men and women, women and mothers without children, and married and single mothers.

First let’s look at the data.

Women are responsible for living 10 years longer than men, providing more resources to their homes, getting more rest from work due to motherhood, and unprotected parenting of their children in case of accident or death. Therefore, there is an urgent need for short-, medium- and long-term financial planning.

According to data from the National Institute of Statistical Geography (INEGI), 7 out of 10 women over the age of 15 are mothers, 4 out of 10 donate financial resources to family operations, and financial resources, 97% he combines the burden of his work and housework According to CONAPO, there are 880,000 single mothers in Mexico, of which 90% have children under the age of 18.

So, here are some tips for improving your data and finances.

1. Create a personal budget

A budget is a tool that helps you control costs, detect unnecessary leaks, pay attention to priorities, and not forget important items like savings. This includes all child-related expenses, including tuition, school supplies, food, entertainment, medical expenses, and even gifts.

2. Do you want a successful child?

Educate yourself financially! It is very important to teach your children that growing up with good financial habits will avoid future headaches and that you can do the same. Remember that there is no better inheritance than education and good habits.

3. Savings for retirement

Wouldn’t you like to depend on your children in the future? It is important to regularly allocate the amount of savings for retirement within your budget and provide an AFORE or pension plan. It will give you financial confidence when the time comes.

4. Don’t hide your financial problems

Keeping these types of situations secret can add problems, damage family relationships, and be counterproductive instead of solving them.

5. Is it safe?

If your father dies and makes a living for your family, it can create an economic gap that your mother will have to face, so make sure your father is your insurance, and if you’re a single mother, be sure! I don’t want to leave my child financially unprotected.

Finally, I’ll leave you with an idea for a monetary gift for mom.

  • Personal finance course.
  • Investment account (shows how to use it if you don’t know).
  • A few ounces of silver (the price starts to rise).
  • It teaches you a tablet with internet access and how to use it if he doesn’t know. Access to information is of great help to economic well-being.

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