 Entering into motherhood is a beautiful, unique experience between a mother and child. I remember it like it was yesterday. 4:59am on July 5, 1990 is when my daughter was born. Ok, let me not go down memory lane. There are various financial habits to form that will make motherhood a smoother process like mastering the fundamentals of finances. Fundamentals are things like budgeting, saving, use your credit responsibly and invest in life insurance. I was a single mom so I know 1st hand, for single mothers, it is so important to remember to Pay Yourself First. No matter what! I was a single mom for many years and wish I was given this tip. You can determine how much you pay yourself but you must always do it. If possible, automate the process then forget about it. Also, don’t hesitate to reach out for help if needed. Especially if you are struggling to make ends meet. Sometimes there is a need to generate additional income. Now-a-day, there are so many different ways. One way is to monetize your current skills and passions to earn extra money with side hustles. There are so many services that people need and will pay for, especially if it is solving a problem. Here are two great blogs for information on side hustles. Earn extra money from side hustles Zero or no investment small business ideas When it comes to creating side hustles for yourself and your family, the list is endless. As mentioned, focus on your current skills. Are there things you know how to do that people will pay for? For example, if you’re great at English, you could be an editor for a blogger or author. If you’re great with email and administrative tasks, you could become a virtual assistant for small business owners. The list is endless. You can leave a comment below with a skill or passion and I will try and suggest a side hustle you can start right away to earn extra money. There are many things you can do to incorporate financial lessons into your children’s lives. Have regular conversations with them and let them see good money behaviours. Get them books and games to teach financial concepts and terms. If you have little children, there is a coloring book that you can download and print here. There are resources for teenagers as well. Volume I of my book “It’$ My Money” is great for their age group. Grab it here. Naturally, as you delve further into motherhood, you are going to need to practice self care. This may seem impossible on a tight budget. Here are a few options:
As moms we often say, we are good as long as our family is ok. Sometimes, that means at the expense of our own self care. Please know it is OK to take care of yourself so that you can take better care of others. Mother’s day just passed but for the ones to come, know there are affordable ways to cherish your mother. Go for sentiment!
It’s so important that we as mothers know, and teach our children, that you can make mistakes financially and move forward from that place. Wipe yourself off and make it happen. The winner is the one that gets back up and learn from the fall. You have to execute on proven strategies to get and keep your money right. Finally, when you need help, get it. Not everyone knows how to manage money well and that is ok. Seek help and resources just as you would for anything else you aren’t great at! In the need of a resources that can help you manage your money:
If you want to DIY it, you a grab some helpful resources that I have created here. Don't forget to leave a comments on skills you want to monetize so I can try and provide you a suggestion on how you can get started. By the way here is a great picture of me and my daughter. She is my pride and joy. 
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 This topic is near and dear to my heart. I was excited when Experian asked me to be on another guest expert panel. I believe there are many barriers when it comes to delivering financial education in underserved communities. It is exactly why I do what I do today. Growing up in an underserved community, I wanted to share and be an advocate for. Unfortunately, financial literacy is still not taught in schools in these areas. Some adults don't have enough financial information as they need and subsequently do not pass it down. As a result these communities tend to pay more for financial services. They pay more in interest charges as the lower their credit score is, the higher the interest they pay. They also don’t get the benefit of compound interest, which is a silent hero. The focus really needs to be on these communities. Even without internet access, there are ways to find resources for your financial education. You can find local libraries, donut shops, friends or family members. There are also many, many books. Vol 1 of It'$ My Money is a great starter book. Schools should have a role in providing financial education. There should be a requirement in schools for age appropriate financial education. School is where our youth learn so many subjects and the fundamentals of personal finance should be thought as well. It also should be reiterated year after year as it needed it all their lives. This blog gives more information on how to talk to your kids about money. In this day and age, personal finance should be required in schools, not just “offered,” especially during the high schools years. Another financial educator mentioned, “Individuals with little or no relationship with a bank can struggle to manage their funds effectively and to save, prepare, or borrow for emergencies. Says, Jorell Bland’. We have to remember before the last year of high school ends, many are signing their names to one of the most expensive decisions of their lives, student loans, without enough knowledge on its long term effect. As the young men and women move toward college graduation, these financial education classes will assist them with delayed gratification. They will learn to budget and only spend what they can afford to. They will also know to save and take care of their needs and then wants, in that exact order! All of this works to help achieve financial security. Many of us wants to achieve financial freedom but you can’t achieve what you are not educated on. The more you know, the better chance you have! Managing your money well can have positive impacts your financial health and your physical health. Financial chaos can cause stress. Being financially literate, coupled with managing money has a direct correlation to a reduction in stress and anxiety; which supports positive health. It also clears your mind. It allows you to be present and have healthier relationships with yourself, spouse, children, family and friends. Rahkim Sabree, personal finance enthusiast, added, “decreased stress, anxiety, depression, healthier choices around food and exercise, health screenings, and a better quality of life can all come from a foundation of financial literacy.” All in all, teaching finances has personal benefits and impacts on generations to come. Financial exposure helps along with good financial behaviours. If taught and shown, they will have a greater impact on future generations. It’s the “do I do, not as I say” that is sustainable. In the need of a resources that can help you manage your money:
If you want to DIY it, you a grab some helpful resources that I have created here Want to start building credit or repairing credit? A secure credit card is a good way to make do either. Check out a secure credit card here.  |
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