As a busy mom, I know how hard it can be to really manage your money, a business, and kids. It’s tough! So I’m sure that some quick money management tips could always help us out in the long run. Anything to make things a little easier throughout that busy day. Well, look no further! You’ll find some great money management tips for busy moms below!
Money Management Tips for the Busy Mom
Managing money and managing children at the same time can really be a hassle and a tad bit stressful. However, it doesn’t have to be. Remember, you’re an awesome mom who can accomplish anything, so you can definitely handle this…especially with some of the quick money management tips you’ll find below.
1) Keep it Organized
One of the most important money management tips is organization. You need to have a system in place. That means the more money you make the better your system needs to be. I mean, think about it, if you’re disorganized when it comes to your money, how will you know what’s coming in and going out of your account?
I’m sure you’re thinking, well how do we keep it organized on such a busy schedule? There are many ways to keep your money organized.
Make sure you find one that can meet your budgeting needs and make it a seamless process for you. We may all be busy moms out here but not every situation is exactly the same. This is why so many budgeting apps exist. I’m more partial to Mint, it’s one that I use and it has helped me stay on track with my spending as well as make sure everything going in and coming out is accounted for.
You could even opt for organizing on your own with good ole pen and paper. Keep in mind though, if you’re trying to save time on money management this is definitely not going to do that. Especially not if you start making more money than you can handle taking care of.
If none of these options work well for you and you feel like you need someone to help you be more hands on, a financial advisor should do the trick. They can help you create a financial plan that can be beneficial in helping you manage your finances and reach your future goals. Basically, they do the heavy lifting and you reap benefits, as long as you stick to the plan you come up with together.
2) Planning is Essential
Now, when I say planning is essential, it is truly necessary to have a good financial plan in place.
With a good financial plan, you can:
- Understand your cash flow
- Build a hefty savings
- Handle your debts
- Control your spending
- Get the necessary insurance taken care of
- Make sound investments
- Take care of your retirement
- Plan your estate
With a good financial plan in place, you can save yourself so much time!
And let’s face it, time is of the essence for a busy mom. Once again, if you don’t feel like you can come up with a steady financial plan that you can follow, HIRE A PROFESSIONAL. This is your money. And to avoid surprises, sometimes you need to make some time for a professional.
You have your financial plan in place, you’re organized, now what do you need to focus on?
That debt, that’s what.
You may be too busy to really sit down and get a handle on your debt. However, you can’t afford not to pay attention to it. Taking control of your debt means knowing what your debts are and paying them down until they no longer exist.
The goal here is to build wealth to secure your future and the future of your children and so on. You don’t want to pass down debt which is why it’s best to start taking care of those debts sooner rather than later.
So how can you do this?
Simple, sit down and take a look at your debts. Do you have student loans, credit card debt, mortgage loans, medical debts, etc.? Well, sit down take a look at everything see what. needs to be paid and come up with a realistic plan to pay it down. You can tackle it one by one, use the snowball method, or even use the debt avalanche method. You lead a busy life, so think of what fits your budget and start slashing those debts. The quicker your debts are handled, it may even free up some time on that busy schedule. All the more reason to tackle the debts now.
4) Monitor Your Spending
I know this can be difficult when you have a hectic schedule to adhere to.
Between working, grocery shopping, choosing between cooking or takeout, daycare costs, etc., who has time to really monitor their spending? You just know that you spend what you need to when you need to. And at the end of the busy week or month, you check out the damage. However, you might be spending more than you need to but you won’t know until you start monitoring your spending.
Well, I keep ALL receipts. I mean each and every one.
Whether digital or physical, I need to know where my money went. As a blogger and entrepreneur, my income fluctuates month to month so I have to stay on top of things which is why budgeting is a must in my home. I create my budget at the beginning of the month since that’s when all my income comes in. (This may be different for you so be sure to work around your income schedule.)
I know what I have to work with and I budget between all the needs of the household, including:
- Bills (Rent, Car, Phone, Electricity)
- Travel Expenses
Your list may differ from mine and that’s okay. The point is to make sure you set a budget and monitor your spending in a way that doesn’t disrupt your already hectic schedule. If you take it on ahead of time, you end up saving yourself time and undue stress. And trust me, the extra time saved (and the extra money you’ll surely find after setting yourself up with a budget) will really come in handy.
Automation is super helpful for a busy mom like myself. With everything I have to do in a day, I don’t have time to think about when a bill is due and if I forgot to pay it. I’ve been there and it sucks when you forget to pay something on time.
So, a great hack I found is automating all of the essentials. My essentials are my rent, phone, car, and internet.
You can even automate your insurance payments and credit card bills. Anything that can help you so you don’t have so much on your plate to think about. Save yourself the time so you can focus on other things (preferably like finding some time to finally relax).
6) Invest Your Income Wisely
The best one of these money management tips is investing your income.
I say this because your income can do so much for you if you invest wisely. As a mom, we have to think about the best possible ways to use our money, and that should also include investing. I have chosen to invest in the stock market and I’ve recently started looking into investing in real estate (I’ll have more on that in the future for you busy moms interested in real estate).
Did I mention apps are also a huge lifesaver for a busy mom?
Well, they absolutely are! I use Fidelity to take care of my investments.
There are a few others out there that are super great as well!
That’s just to name a few but there are many more that you can research to see which is best for your specific needs. Each one is different and when money is involved I definitely advise you still do your own research. What works for some may not necessarily be the best for others, which is why there are different options.
Related: Where to Invest Your Money in 2021
That’s right, I get my boys involved in the money affairs as well. It actually helps a lot more than you think.
They get to learn about money, credit, and finance and I get 2 awesome little helpers.
When I’m dealing with cash, I let my oldest take control of the money so that anything left after we’ve shopped, he can put into his savings. I explain what the debit card is used for and how we get money put onto such a small card.
My children are only 2 and 3 but they understand that:
- money doesn’t grow on trees
- mommy works hard to make sure they are taken care of
- building a hefty savings account or emergency fund can be helpful when we’re in need of things
If your children are older, get them a bank account. Make them responsible for their own money and spending habits. I’ve learned that if you teach them early, they can be better prepared for their financial future.
Money Management Tips – A Game-Changer for Busy Moms
It can get hard trying to do everything and still be a great mom to your children, so anything that can ease the stress and let you enjoy the kids more, I say welcome it!
These quick and easy money management tips for busy moms can really help make things go more smoothly. With plans in place, some determination, and a great deal of organization, managing your money can be a breeze.
No matter what you do or how many tasks you have set up for the day, you’ll still be able to manage your money like a pro. So take use of these helpful tips and manage like the boss mom you are!
Have these tips been helpful for you? Do you have any other tips to provide for the busy moms out there?
AUTHOR LaTia Longuemire
My name is LaTia Longuemire. I enjoy writing, singing, and cooking in my spare time. My passion is helping others. At this stage in my lifetime, I'm primarily focused on my children. They are everything that keeps my world spinning.