When you bring a life into the world, gone are the days of only having yourself to look after. With a new baby to keep warm, fed and clothed, it’s vital that you have your finances in order so that they are safe, happy, and healthy. Every penny that leaves your purse matters and needs to be accounted for. To help keep you within your means and avoid going into debt, here are some of the best money management tips all modern mums can benefit from.
Establish Your Money Priorities
Before you start budgeting, you need to establish your priorities. Should you gloss over this vital step, your financial plan won’t be bulletproof. You need a focus that aligns with your money habits and money goals. Unlike in the past where you only had yourself to think about, you now have children to account for. Whether you have credit card debt that’s keeping you up at night, or you’re saving up for a family holiday with the kids, you need to have your money priorities in order before going any further.
Determine Your Monthly Pay
Many modern mums juggle a career while looking after the kids. If this sounds like you, it’s time to take a closer look at your monthly income and outgoings. After all, whatever money is measured, is managed. Even if you’re a stay-at-home mum, you may have jobs on the side that keep you going. Whatever income you have, you need to determine your monthly pay. This will give you a better idea of what you can spend your money on.
Track Your Money
Once you’ve figured out your monthly income, now is the time to thoroughly analyse your finances. While it may seem daunting, pulling out your credit card statements, bank statements, and utility bills is the best way to go. You may wish to go down the route of using the old-fashioned pen and paper or use an app to total your expenses. You may find there are adjustments that can be made, freeing up some cash which can then be put to better things.
Prepare for Emergencies
No matter how organised you are as a mum, financial emergencies can and do happen when you least expect them. Whether your boiler has broken down, or you’ve noticed a leak coming from the loft, putting money aside every month into an emergency fund can take the weight off your shoulders. Should something happen out of your control, knowing you have the money behind you to cover the cost is essential.
When you become a mum, it’s natural you’ll want to give your child the best things in life. However, rather than splashing out on the latest designer gear, or splurging on the latest toys, buying secondhand could save you a ton of cash, and help you manage your money better. If you’re always worrying about a bill popping through the letterbox, now is the time to cut back on your spending. Buying second-hand is also eco-friendly, meaning you can help the planet while scoring some fantastic bargains.
Pay for Everything Early
If you have high-interest debts that are financially crippling you, or big expenditures, you may lay awake at night worrying about how you’re going to foot the bill. As a mum, you need all the energy you can get to look after your kids, so it may be time to look into getting some help to spread the cost. Many mums look into Pay Day Loans via sites like Payday UK, which can be a godsend when you need them. Payday UK is a leading broker that can help you find the best quotes, and what’s good about it is that there are no hidden fees or costs, no paperwork, and high approval rates.
Look to the Future
It seems like within a blink of an eye, your once delicate newborn is now making their own way in the world. When it comes to managing your money, you need to look to the future and think about the bigger picture, rather than solely focusing on the present. Whether you’re currently renting and want to become a homeowner in the future, or you want to put money away into a trust fund for your kids, make sure you think ahead. This will help you come up with strategies to make your money go further. If you’re not in the best place financially right now, that’s not to say you’ll be like this forever. Maintaining a positive attitude and being upbeat about what lies ahead is key for staying on top of your finances.
As a modern mum, it’s your job to keep on top of your finances. From tracking what’s coming in and going out, to cutting back on how much you spend monthly, there are lots of money management strategies you can put in place today which can help your cash go further.