Mother’s month is approaching, and the best way to celebrate it is to empower them and help them become more independent and financially successful.
Within personal finance there is a “common core” to put it somehow, a body of knowledge we should all have, but what works for one may not necessarily work for another.
There are differences in the management of finances between men and women, between a woman without children and a mother, and between a married mother and a single mother.
Let’s look at the dates first.
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Women live 10 years longer than men, contribute increasingly more resources to households, have more interruptions in their work life due to motherhood, and are responsible for raising their children without leaving them unprotected in the event of an accident or premature death. It is therefore imperative to have a short, medium and long term financial plan.
According to the National Institute of Statistics and Geography (INEGI), 7 out of 10 women over the age of 15 are mothers, of these mothers 4 out of 10 contribute funds to the running of the home, and of those who provide funds, 97% he combined his work with the burden of housework. There are 880,000 single mothers in Mexico, 90% of whom have children under the age of 18, according to CONAPO.
So the data, and so here are some tips to improve your finances.
1. Make a personal budget
The budget is a tool that helps you keep your expenses under control, spot unnecessary leaks, prioritize and remember important elements like savings. It includes all expenses related to the children such as tuition, school supplies, food, entertainment, medical expenses, and even gifts.
2. Do you want successful children?
Educate yourself financially! It is very important that you can teach your children that they will grow up with good financial habits. You will avoid future headaches and so will you. Remember, there is no better inheritance than education and good habits.
3. Save for your retirement
You don’t want to be dependent on your children in the future, do you? It is important that you regularly set up savings within your budget for your retirement, AFORE, or retirement plan. This gives you financial security when the time comes.
4. Don’t hide financial problems
Keeping these types of situations a secret adds to problems rather than solving them, harms family bonds, and can be counterproductive.
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5. Sure, sure?
If the father dies and is the breadwinner of the family, it can create an economic divide that the mother must face. So insure the father, and if you are a single mother, be safe! You don’t want to leave your children financially unprotected.
And finally, I’ll leave you with some ideas for financial gifts for mom.
- A course in personal finance.
- An investment account (show him how to use it if he doesn’t know).
- A few ounces of silver (the price will go up).
- A tablet with internet access and teaching him how to use it when he doesn’t know. Access to information is a great ally of economic well-being.