Financial New Year Resolutions Mothers

Financial New Year Resolutions Mothers

Financial New Year’s resolutions are vital for a mother. After all if your finances are in order, you will sleep better at night and have more energy to devote to your children during the day.

Following is a list of financial resolutions you should consider making:

1. Get life insurance: Nobody wants to consider what would happen if we or our significant other died unexpectedly. But, have you stopped to think of the added stress you or your kids would endure if that did occur and there were no life insurance in place? It’s time to get it!

2. Make a will: If you think that a will is only for rich people, think again. If you don’t make a will and something were to happen to you and the father of your kids, your children won’t automatically go to a close family member. One of the many reasons to make a will when you are a parent is to ensure that your kids are left in the custody of a designated guardian, of your choice.

3. Set things straight with your spouse: Whether you are married or live together, it is vital to know exactly where you and your partner stand financially. You need to know this both as a couple and as individuals. If you don’t plan how you will divvy expenses, and whether you should have just a joint account or also an account of your own you will never feel you are in charge of your finances.

Read Related: Financial Myths You Shouldn’t Buy Into

4. Start saving for retirement: No matter what your age, you should start saving for retirement, even if it’s a small amount every month. The sooner you do this, the less you will have to be concerned about down the road. Many financial advisors state that a retirement plan is more important than saving for your children’s college. After all, they may able to get loans, grants and scholarships, but when you are older, you’ll be on your own!

5. Teach your kids good money habits: No matter how young they are, it’s good practice to show your children the value of money. By teaching them how to manage an allowance for example, you will be helping them to have a better chance at a great financial future. Of course, teach them by example!

6. Make a budget and stick to it: What is your income? What are your fixed expenses? Where is your extra money going? If you don’t have a budget, you will feel out of control. A budget empowers you and your family and allows you to allocate funds to different needs as your life changes.

7. Start saving for a rainy day:  In a world of credit cards and consumerism, it’s hard to make a habit of saving money. Even when you live from paycheck to paycheck, there are ways to save something, no matter how little. This is perhaps the single most important financial resolution to keep this and every year!