A new research study, MassMutual’s State of the American Mom, found that many Moms have strong hopes and convictions about providing financial stability for their families, but given the multiple demands of the life of a Mom, many also find it hard to achieve.
How are we achieving financial stability?
I’m a stay-at-home mom, like many of you, and often wonder how The Texan and I could do better to ensure our financial stability long term. I want to ensure we’re saving enough for The Boy’s college expenses, putting money aside for our own retirement, while ensuring we’re properly managing our day-to-day expenses. Having been through three layoffs since getting married in 2005, The Texan and I have learned to live on less out of necessity. Unfortunately, we haven’t made a conscious effort to intentionally live with less so that we’ll have more later. I am hoping to turn this around for the remainder of 2013.
I know that achieving financial stability is easy by reducing your spending and saving more of your money. We’ve taken a few small steps this year, like cutting back on dining out, reduced our wine consumption, and have started saving more money. We’ve also changed our cell phone plan and our satellite TV subscription programming. One small way to easily save the money is taking advantage of your grocery store receipt. If your receipt says that you’ve saved $28.32, put that amount of money into your savings account, college fund, or retirement fund. Do it right away and you won’t miss the money!
It’s important to set a good example for your children when it comes to achieving financial stability. I talk to The Boy about saving money and that we don’t need to buy another train/book/shovel/bike right now. He’s 3, so talking to him about saving for the future is tough. I explain to him that we need to save our money for another day, he always replies with “For tomorrow?” As he gets older, and has a true concept of time and the calendar, I hope it will be easier to explain!
No matter what your long term financial goals are, start saving right away. You DO have enough to save – whether it is $1 or $1000. Put the money aside on a regular basis, once you see your savings build, you’ll want to find ways save even more!
If you manage your family’s finances, you may want to take this quiz to find out your financial personality.
How comfortable are you with your family’s current financial situation?