In this Instagram world, it’s really easy for any mom to wonder how all of the pretty people in the pretty pictures look so relaxed as they smile through their daily chores. We should all know by now that real life is much more interesting than digital life, but anybody can fall prey to wondering how others seem to be reaching success in ways that may seem unattainable. This can be especially true for working moms, who are pulled in myriad directions most days.
On Mother’s Day and every other day, I bow down to all moms. We have an important job to do as we shape little people into our future leaders, workers, teachers, and change-makers. Working moms have an extra set of challenges and opportunities that can’t be ignored. I do say on a regular basis that if you want something done efficiently, give it to a working mom. We balance school projects with sales presentations, soccer practice with team meetings, and meal planning with strategic visioning. Truth be told, I think most of us enjoy the responsibilities - we just wish we could multiply time to get it all done.
If you are a working mom, you are short on time, so I will make this brief. Here are my top financial tips for you:
Take care of you. I don’t mean facials and yoga. I mean money. Make sure you have emergency savings, contribute to your retirement plan, consider whether you want to save for your kids’ college expenses, review your insurance coverage, and understand your employer benefits and what they mean to you.
Negotiate your salary or your next opportunity. You should know how much money you need to make so you can live the life you want. You should also know if there are opportunities or salary increases available to you. You are your best advocate, so let your employer know what you need to be happy at work. Then keep asking for it until it happens.
Teach your kids money skills. Most people don’t know how to manage their own finances, so they don’t feel confident trying to teach their kids about money. The best money lessons are taught through example. When you say no to pointless spending, you send a clear and meaningful message. Talk about decisions you make - “we are not buying a new car this year because we are saving for your future college expenses” - to help your kids learn that money decisions have consequences.
At Brennan Financial Services, we help our clients to use their money to have the lives they want. We believe in the “pick one” method of financial planning, which means you should pick one thing at a time to focus on, and really get it right.
Happy Mother’s Day.