By: Latasha Brown
As a mom, the role itself is not an easy one, because being a mom doesn’t come with a guide. You learn to do the best and be the best through your life journey and experiences. As a mom, you are not only teaching your kids how to behave, and being their educational support, you are also their provider, financially. Many moms struggle with personal finances, money management, and financial organization. I am a mom that struggled terribly financially. I didn’t have the foundation of financial literacy. I was taught to go to work, pay my bills, repeat. As I got older, and raising 3 kids, I knew that there was more than just paying bills, and living paycheck to paycheck. That’s when I discovered the power of budgeting.
I have learned as a mom, it’s imperative to manage my money, to understand where my money is going, to create a plan that allows my money to work for me, to save money, and to not be a slave to debt. Many of us moms, be so busy with working, and taking care of our family, that managing our money tends to be pushed to the back burner, and at times can overwhelm us, we then begin to make excuses like:
“I just don’t have the time”
“Money management is just too complex”
“I don’t make enough money”
I have made a few excuses myself. What really made me take a real and honest look at my situation, is being tired. Well, actually being sick and tired of being sick and tired. I gave budgeting a try. In order to fix your financial situation and make money moves in 2020, you have to face it. You must change your relationship with money.
Here’s the thing, you can win with money no matter your financial situation, how much you make, or what career you have. The great news is that it’s easier than you think. Here is 5 Mommy Money Moves to make in 2020 that will help you win with money, gain confidence, change your relationship with money that is manageable, and build a powerful financial foundation for you and your family. The more consistent you are the more in control you will become over your money.
1. Money Mindset Shift. Yes, it’s time to shift your mindset and condition your mindset from scarcity to abundant. You have to win in your mind, and believe that you deserve financial peace and wellness. This starts with forgiving yourself. Forgiving how you handled your money in the past, and allowing yourself to experience abundance. You have to release any scarcity beliefs such as:
I can’t seem to get ahead.
I will always be in this situation.
I’m just going to settle with what I have, and where I am.
I don’t think this is possible for me.This way of thinking will manifest as if you are not worthy of financial wellness, wealth, or success. Adapting an abundant mindset will allow you to take a new approach to secure your finance and make money moves for your family. You will begin to face your financial issues and make changes along with taking the appropriate steps to take control of your finances whether it’s saving money or paying off debt. An abundant mindset will have you rocking your worth, and believing that you deserve the best financial situation for you and your family.
2. Create a Budget. After you have shifted your mindset, it’s time to create a plan. There is no better way to create a working plan, other than budgeting. Budget is the foundation to financial security. Some people get anxiety with just hearing about budgeting. It’s very necessary. You have to think of it like this, a business cannot function without a budget, neither can your household. Your monthly budget will give you a picture of what you can do and what you need to hold off on. It is the magnifying glass to all your income and expenses. I use a process call the Zero Based Budget. This process is budgeting to zero. What that means is I am giving every dollar a job. No cents left out. A lot of times we operate without knowing exactly what’s going out each month and tend to wonder at the end of the month where in the world is my money going. This approach will allow you to list out all your expenses and income, and re-evaluate as needed to fit your financial situation. You will know exactly where your money is going.
3. Build Up Your Savings. If you have not started savings, in order to make money moves, it’s time to start saving some money. When you save money, you are paying yourself first. Build your savings account up to $1000 as quick as possible. Here’s the thing, to make money moves, you have to prepare for the unexpected, if you don’t have any funds to prepare for emergencies, you could be pushing yourself in further debt, or further behind trying to tackle the unexpected. Separate your savings account from your checking, and automate a percentage each paycheck to your savings account to ensure you pay yourself first every paycheck. To get your savings account to a $1000 quickly:
Re-evaluate your expenses from you budget.
Reduce and cutback.
Sell unused items from your garage, closets, and attic.
Use cashback reward apps.
Transfer work bonuses, and portion of tax refund.
4. Pay off Debt. The one thing that holds us back and blocks us from winning with money is being slaves to debt. Debt holds us back from making money moves. Once you have at least $1000 in your account, it’s time to pay off some debt. Focus on paying as much debt off as possible. I know that debt can be intimidating, but if you have a plan in place you can tackle it. Focus on paying off all except the house. I use the Debt
Snowball Plan. This plan allows me to get motivated and fueled up by small wins. This allows me to see the progress from my debt pay off plan, and eager to keep rolling on to the next. The Debt Snowball Plan will allow you to list out all debt from small to large. Then you take a look at your budget and see how much additional you can apply to debt each month, and that amount you apply extra to the first debt, in addition to the minimum payment, and on all other debt pay the minimum amount. This is a win, win process that will allow you to be consistent with paying off debt.
5. Embrace the Process. Find your why so that you will remain committed and consistent. No matter your financial situation, embrace and trust the process. When you have a plan that is specific, measurable, attainable, realistic, and has a timeframe, you are able to embrace your process with ease. There will be times that you will feel overwhelmed, but this is the time you direct back to your why, hang tight to your goals, and continue to run your race with endurance believing that this time you are making smart money moves that will secure your finances. You can do this, you got this, and I believe that you will Win!
Final Thoughts. You have the right to change your financial situation, make better choices, and smarter money moves for you and your family. Once you shift your Money Mindset to make Money Moves, you will begin to blow your mind on what you can accomplish and achieve by moving differently and taking different approaches to be on top with money, and believing that you will Win.
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