Being a mother isn’t just about taking care of the kids, or managing the house. Yes, these are the major roles, plus providing for the family of course, but there’s so much more that a mom can do. One of the major roles that moms have is money management.

Of course, you need to look after your family and children. But as a mother, you also need to have basic knowledge of finance and know how to manage it efficiently. Children learn by seeing and imitating their parents. So, when you can manage money well, your children will automatically learn to manage their finances well, which will help them in the future. 

Why women need to learn about money management 

Let us look at a few reasons why women should actively participate in money management. 

Women usually work for less number of years

In comparison to men, women tend to work relatively for less number of years. Some women usually decide to take a break or quit their jobs after childbirth. Even if they return to work after a few years, they lose a few years of their job life. As a result, in an ideal scenario, they have comparatively fewer savings and have fewer years to plan for their retirement. Since they sometimes work less, they’ll need to plan their finances well to cater for the periods of time they are not working.

The life expectancy of women is greater than men

Studies have revealed that nowadays women are living longer than their male counterparts. Moreover, women have become cautious and tend to look after their health in a better way. So, when women live longer, they need to plan for their financial life for a longer period and need to be capable of making correct money decisions

To make conscious spending decisions

Most of the time, it is the woman who does most of the spending on household items. We usually find ourselves doing the shopping, paying the bills and so on. That’s why we need to learn about conscious spending so that we don’t end up spending money on unnecessary things.

How moms can manage their finances efficiently

Have a realistic budget

Yes, this is the basic step you need to take to manage finances. Just gather your documents, pay stubs, calculate your debts and plan your budget. It is important to stick to your budget too.

Cancel the not-so-required memberships

If you are paying membership fees for things you rarely use, it’s time to cancel those memberships. Is it wise to continue with a gym membership that you rarely visit? No, right? Cancel it and switch to jogging or take walks with the kids. You’ll be saving money and spending time with your kids. Win-win.

Distinguish between needs and wants

This is a must when you’re trying to manage your finances effectively and trying to save a significant amount every month. Often we confuse our ‘needs’ and ‘wants’. So, when you’re not sure about a purchase, give yourself some time; you might not feel the urge to buy that thing after a couple of days

Plan for your retirement

The financial advisers always say that a person should start planning for retirement from the time he/she starts earning. So, start investing for your golden days as early as possible. 

Start an emergency fund and have adequate money in it

An emergency fund can help you avoid debt. So, start depositing an amount every month to build this emergency fund. Ideally, you should have about 5-6 months of your lifestyle expenses in that fund. Do not use this fund unless it’s a real emergency like a medical issue or a sudden car repair. And, replenish it asap. 

You shouldn’t sacrifice your savings to finance adult children 

Yes, your children are your responsibility. As a mother, you’ll always want your children to be safe and have a good financial future. But looking after your financial needs should also be your priority. You can ask your children to take out a student loan that they can repay later. And, looking after your adult children financially is not your responsibility. You can help them but don’t sacrifice your retirement funds to look after them. 

If possible, seek professional help 

Educate yourself financially. You can enroll in a course or learn it from your parents or a knowledgeable friend. If required, get a financial adviser to advise you on how to manage your finances efficiently. Especially, if you don’t have much knowledge, seek help from a professional to plan your retirement and to make wise investment decisions. 


I would like to conclude that while you’re gathering knowledge about personal finance and managing it effectively, teach this to your children as well. They should learn to manage finances from a young age. If they do so, they’ll be able to avoid debt and build a better financial future. Good luck!

Author’s Bio: Catherine k. Burke loves to write about the financial problems of life. She motivates people to face difficult situations positively to get a better outcome. She faced a financial hardship in her earlier days with her payday loan debts. It made her life full of stress. After recovering from that situation, she decided to create a site online payday loan consolidation to help people to get out of debt stress.

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