The Mother's Role In Family's Financial Stability

The role of a mother in running a home is not easy one, I would say they are not given enough appreciation as they should get for all they do in keeping the family intact. Of course, it goes to mothers who are really doing their best to keep their home growing. One of the many roles mothers play in their family is "Securing the family's financial stability".

Some days ago, I shared a content about saving as a mother with a role model who I have seen that it works for very well. This post is like a continuation as I felt I have more to share about mothers in the finance aspect of life.

I came across this quote and I think it fits perfectly in what I'm about to share here, check out this quote, “Give a woman a dollar, and she can put it to good use. Teach her about how money really works, and she can change the world,”

It may not be right with every woman but it is very possible with a lot of mothers. In that light, I'll share some roles I thought of that mothers could play in bringing financial stability to family's finances.

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It is worthy of note that mothers tend to become natural financial planners and also place their family's future in high priority. A lady I know do say she was never the calculative spender until she got married and had to manage the finances of her home. Some silly spending could make the family finances struggle which no one wants to happen.

It only makes sense for mothers to naturally or sometimes intentionally build up ways to keep a financial stability in their homes. Some ways they can go about this are:

Find ways to earn money and make Investments.

Even though not all mothers are working, there is always a way for a mother to earn some money for herself. For the working moms, learning more into investments and taking a few risks with her money is a way to add to her family's financial status for stability. I would still say it's best for a mother to be working but there should be kind of job offer to accept so you don't neglect your duties as a mother. A Mother that earns will have a lot more to offer her family.

Create budgets & plans and try to achieve them.

Failure to prepare is preparing to fail, not sure if I got that sentence correct but you could get what I mean, there is no where we talk about money and not talk about having budget except we don't want to be conscious of how we spend our money. The mother's role is to be more careful and intentional of how she spends the family's money and that is by creating and keeping budgets. One way to keep to it is by buying more quality things, in bulk and prepare for unforeseen circumstances.

Set financial goals.

This one is like the act of budgeting but on a long term, a mother should be able to have set goals to achieve regarding her family's health, feeding, schooling, housing fee, and even the little expenses that seem like it doesn't take money. A lady always do a general check up for family to be sure her other financial goals won't be affected and then she focuses on pressing issues when her family is well and good. A written financial goals isn't out of place too.

Another role I'll emphasize more on and applies to both parents but more on the mother is,

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There are a lot of cool and simple ways I learnt from my aunt in educating your child about money. Children are smart, they learn faster while they are young and agile, parents have got to take advantage of that and show them the right paths so they become wise with the right knowledge. One of the many things they should learn well about is money, an asset they will come to need in running a lot of aspects in their lives.

Here are four ways mothers could play their role in teaching their kids about money*

Giving them allowance: Of course, they won't know what money is if you don't gift them some of it, no matter how little. Make them differentiate big amounts from small amounts, make them see the reason you're giving them allowance and yes, it's fine to control how they make use of their allowances until they understand better what money really is.

Teach them budgeting & saving: No, they don't have to make big budgets but they should know what it means to have a simple budget. Imagine your child wants a bicycle from you, and you make your child save a cent from every dollar you give to him as an allowance promising to complete whatever he is able to save and get the bicycle. That way, you're teaching him budgeting & saving. It makes a lot of sense and is a big boost when a child starts to save at an early age, wealth creation would be much easier for that child.

Teach them the difference between needs and wants: Even for adults, it's difficult to know what we really need and our wants. Children should learn this differences from their parents and be able to know what they should spend their allowances on or not. This act will help in their financial decisions as they grow older.

Talk about financial consequences and responsibilities with them: Warn them against having debts, I think this habit is born when children aren't taught to see the consequences in it. Even as far to buying on an impulse, buying too expensive things that is beyond their finance status, it should be taught that they could experience long term repercussions for that.

I'll stop here and give room for more contributions in the comment section.

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