As a mom, it can be hard to find the time or mental energy to care about your money. There always seems to be so many other demands on us that our finances often take a back seat. But I’m going to share with you five reasons why moms need to care about money. And simple ways that you can take action right now to start taking control of your money.
It may be forced upon you
According to an article in the Toronto Sun, 38% of marriages end in divorce in Canada. And traditionally women live longer than men.
Momma, at some point in your life you will be financially responsible for your household. The time to learn about your personal and household finances is now and not when a major emotional event occurs.
By caring about your money now you can protect yourself should something drastic happen in your life. When emotions run high we don’t always make the best decisions. But by understanding our finances we can be better prepared to make a sound decision as opposed to an emotional one.
Financial infidelity
Financial infidelity is being secretive or dishonest with your partner about money.
When one partner has full control over the household finances there is a risk for financial infidelity. CNBC states that women are more likely to leave the financial planning to their spouses. This makes women (moms) are more likely to be the victims of financial infidelity.
Maybe your partner is spending all of your savings, or not even saving, without you knowing.
Momma, if you are not involved in the financial conversation, you may have no idea what your partner is doing. And in this case, what you don’t know could really end up hurting you. You don’t want to learn about financial infidelity when it’s too late.
Help protect yourself and your family by learning about your money and being involved in your household’s finances.
It can be empowering
Learning about your money and how to control it (so that it doesn’t control you) can be very empowering.
By learning about your money momma you will feel that you understand it and that you can create a plan for it. Money can be a powerful tool and when you learn how to use that tool effectively you will feel on top of the world.
When you understand your personal and household finances instead of feeling confused or wanting to avoid money conversations, you may be more open to talking about money. Reviewing your credit report or tracking your expenses becomes second nature.
Taking the time to learn and care about your personal finances will help you to no longer feel intimidated by money or pushy salespeople in the financial industry to aim to profit off of you.
Financial gender equality
I am all for gender equity and equality. But how can we (moms) fight patriarchal systems in our society if we are okay with upholding them in our households?
Moms, if you want your daughter to grow up in a world that doesn’t have a gender pay gap or glass ceiling, one where she is judged on her skills and knowledge and not her gender, then you need to play a role in your household’s finances.
It is not okay to fight for equality outside of your home and then be completely clueless when it comes to your personal and household financial situation. It is also not okay for one partner to have complete control of the money without any input from the other partner.
I’m not saying that each partner needs to be involved in every minute financial decision. But both should be equally involved in the financial decision making and emotional energy of money.
We cannot fight for some but not for all. Moms need to care about money.
Raising the next generation
As a mom to a daughter, I feel an immense responsibility to ensure that she grows up confident and empowered with her personal finances. The best way that I can think to do that is to role model those actions for her.
How can I teach her to feel in control of her money if as a mom I don’t feel that?
Our little ones are always watching us and they learn more from our actions than our words. So I don’t want to be fearful or negligent with my money. I want my daughter to see that her mom understands money and is involved in the financial decisions of the household.
My daughter will also learn that she doesn’t need a partner to take care of her financially.
Moms of sons, this applies to you too.
By role modeling money empowerment to your sons, they will hopefully look for a future partner that has those same characteristics. They will not look for someone who will be dependent on them for all financial decisions.
Action steps
It’s great to talk about things but without action, nothing changes. Hopefully, at this point, I have convinced you why moms need to care about money. So now it’s time to take action.
Here are three simple steps you can do to feel more in control of your money. Don’t worry, these steps will not take a lot of time (because what mom has extra time?).
· Sit down with your partner and write down every account and investment that you currently have. You should know where all your money is, how to access it, and what it’s invested in.
· Order a copy of your free credit report and review it for any errors or fraudulent entries
· Schedule a monthly money check-in with your partner. Have a conversation about where you are financially and how you are progressing towards your financial goals.
Those three action steps will get your started momma. Doing these three simple things show that you care about your money. It doesn’t have to be difficult or confusing, you just have to take action.
Final Thoughts
Ignoring our money doesn’t make it go away and will only make matters worse. I know that there are a lot of demands on our time as moms, but taking the time now to care about your money can save you time and emotional energy later.
I’m not saying that you need to completely take over all of the household financial responsibility, but you definitely should be involved in some capacity.
Start with the simple steps outlined above and don’t get overwhelmed with trying to do everything. The more involved you become with your money the more empowered you will feel.
Moms need to care about money because our kids are depending on us to.
That 38% statistic is better than the 50% I had in my head 🙂
I can see how financial problems can happen when the husband does most of the investing etc. I guess it’s similar to how my husband doesn’t care what I am spending at the grocery store or wanting to see an itemized list of what I spent (lol). That being said, I do my own investing and if my money was more intermingled with his, then I would be more involved that’s for sure!
GYM I know that you are very involved in your household finances. You and your husband may not both do everything when it comes to the finances but you both have your strengths.
And the 38% statistic is expected to rise now due to the pandemic.