What are some financial tips for moms?
- Plan finances with your partner
- Train your young ones how to give back what they borrow
- Teach your kids that “pre-owned” doesn’t mean useless
- Guide your children on the basics of investment
- Always look for opportunities to grow financially
Filipino moms are the best accountants in their own right. Whether a budget needs to be stretched for one more week or a grocery item needs to be sacrificed for the needs of their children—these women do everything in their power to make the family income work. But when tough situations get tougher, Asialink opens its arms to assist them financially with low-interest services. Continue reading to learn more financial tips for moms.
Plan Finances With Your Partner
Although moms are the official accountants of most households, the mental stress of having to plan where every peso goes is overwhelming. Especially during the pandemic when moms are feeling the impact of juggling their career and taking care of their family. Because multiple roles are expected of them, experiencing the effects of burnout is to be expected. Add to that the worries associated with job security and health.
A meaningful conversation with your partner is a big factor in solving your struggles as a mom during tough times. For single parents, accepting the good intentions of your family members shouldn’t be seen as a sign of weakness. This removes some of the burdens from you and allows you to see new perspectives when it comes to budgeting your family’s money.
Train Your Young Ones How To Give Back What They Borrow
When the financial situation becomes more difficult, most low-income and underbanked Filipinos resort to informal loan organizations to borrow money. Without access to banks, some opportunists take advantage of these people with sky-high interest rates, sangla-ATM schemes, and unclear loan terms. That’s why if you’re looking for affordable collateral loans, you should look for an institution registered with the Securities And Exchange Commission (SEC). They are a government unit in charge of regulating lending and financing companies in the country.
With that, it is also important as a mother to be a role model for your children. Talking about money matters in kid-friendly ways can help build their knowledge in handling money in the future. Young children can benefit from learning how to return something that they borrow—even if it’s a stuffed toy or a pen. If this trait is inculcated in their personality, it can help them stay out of debt in the future.
Teach Your Kids That “Pre-Owned” Doesn’t Mean Useless
If your kid goes to school, they would probably be exposed to peer pressure in the classroom—whether it’s in face-to-face classrooms or virtual learning. This means that if their classmates have the latest gadgets or the newest toys, they might come to you for the same thing. If you give in to your child’s whims every time, you might have a financial problem in the future.
While your kids can be “malambing” when it comes to their wants, you can use this as an opportunity to teach them about the value of “pagtitipid”. Show them how cool it is to repurpose existing objects and how much stuff you can purchase if you opt not to buy pre-loved items such as a car. Remember that children like to imitate their role models so you should be who you want them to be.
Guide Your Children On The Basics Of Investment
As a mom, you want your children to succeed in life—whether it’s through their corporate career or business. With most Filipinos accepting low-income jobs just to make ends meet, having your own business is one of the best ways you can gain financial freedom. Start them young by teaching them the basics of business.
For example, once they have their savings, you can start teaching them the fundamentals of investments through stories. Children love storytelling and can point out the moral lesson quite effectively.
You can also help them make a savings account at a local bank so their money from chores and gifts can grow. Take this opportunity to explain to them what ‘interest’ is and how invaluable it will be for them in the long run.
Always Look For Opportunities To Grow Financially
As an individual, you don’t have to get stuck in your role as a mom. While it is a wonderful experience to mentor kids—whether it’s about their school subjects, personality-building, and financial literacy, you can also grow in other aspects of your life. Unfortunately, many mothers nowadays are hard-wired in their role as the “ilaw ng tahanan”. Even though most are also working, they don’t have enough resources—such as money, information, and energy.
That’s why even if you’re a working or stay-at-home mom, you have other opportunities to grow financially. Some opt to sell skincare products online, open a homemade baking business, and more. If ever you need assistance, legitimate financial institutions such as Asialink Finance Corporation are extending their one-day approval financing services to moms out there. Getting a loan can help you build your credit so you can borrow bigger amounts of money in the future which can help you expand your business.
As a mom, you’re probably the budgeting expert at your home. But if you’re having a hard time, you can enlist your partners’ help. After all, it’s your family we’re talking about. This way, both of you can become role models for your children especially when it comes to handling money. Lastly, even though you’re tired of the usual routine of budgeting, you can always find some opportunities to grow your money with the help of financing.
Hopefully, these financial tips for moms can help you gain the financial freedom to always have food on the table and funds to help your children to fulfill their dreams. Asialink Finance Corporation is always here to help you if ever you would need assistance. Click here to get in touch with us now!