Being a mum is about providing a great upbringing for your kids. But in order to make that happen, you’ve got to have a little bit of money behind you. Money isn’t just important for things like getting a house in an area with a great school, it’s also essential for keeping the stress out of family life and allowing everybody to focus on the things that really matter., like spending time together.
Mums, therefore, need to think clearly and carefully about how to build their money and their wealth so that they and their children can thrive. Here’s how.
Get A Grip On What You’re Spending
With family life being so time-consuming, it can sometimes be a little hard to keep track of what you’re spending your money on. As a result, spending can quickly run out of control, and you can find yourself going without at the end of the month.
One solution is to use apps like Mint which allow you to budget for all your finances and track where you’re spending the most money. These apps do things like break down your spending by category so you can see exactly where the majority of it is going. Often you’ll find that you can do something about excessive expenditures, just so long as you know where they’re coming from.
Set Short And Long Term Finance Goals
When trying to build wealth, it’s important to distinguish between short and long term goals. Short-term goals are things like paying down a credit card bill or opening an emergency savings account. Long term goals include things like setting up as an entrepreneur or buying a house. Saving for your kids’ college education would also fall into that category if that’s something that you plan to do.
Find Lower Utility Bills
Utility bills are currently growing at around 7 percent per year in Britain, nearly four times the rate of inflation. As a result, it’s more important than ever to get the best energy deal possible for you and your family. Switching energy provider can sometimes save you up to 30 percent of your bill, equivalent to an average saving of more than £300 a year.
Commit To Making More Money
We are used to hearing miserable stories about the job market, but the good news is that it is doing rather well right now, especially for people who have good skills. High-skilled wages growth has exceeded wage growth in lower-skilled jobs by a factor of three or four. The reason for this is that many high-skilled jobs are in high-demand and there is a short supply. You can take advantage of this by going back to school and training in areas like big data analytics and business intelligence.
Cancel All Your Bills For Stuff You Don’t Use
First thing’s first: check your mobile phone bill to make sure that you’re on the lowest tariff possible. Often people take out tariffs that are high for the first couple of years without realizing that they can lower the down after 24 months. The next thing to do is to be brutally honest with yourself about whether you need to make a standing order paying for things like dental insurance every month. Is it entirely necessary?