Money knows no short cuts. It takes an effort if not an army 😊 to accumulate the riches we so desire. Momey-hood is a tough role but no one can do better justice than us at being good money-managers. Here are our absolute best habits for Moms to excel with money.
- Ledger of expenses: An account of household expenses keeps the overheads under check. It also motivates to save more by keeping an eye on outflows.
- Due-dates: A calendar for all payment due-dates keeps you prepared for any big expenses that can knock down liquidity such as: School fee, Insurance premium, SIPs, Loan EMI, House help salaries, Credit card payment and the like
- Saving first rule: A good part of (minimum 30%) monthly income should be first and foremost kept for savings / investments as a rule. The balance should be used up for family’s expenses.
- Create separate funds: To fund your wish lists, create small pools such as travel fund, festive shopping fund. This will ensure you plan your recreational expenses and not do them on impulse. You can exhaust these funds and start all over again for your next goal.