It’s Mother’s Day… Time for a Financial Wellness Check!
As Mother's Day approaches, I decided to dedicate this post to all the mothers out there. As a mother to four precious children - well, three children and one grown young man - I know all too well that when it comes to finances we can put ourselves on the back burner. Below I have outlined some pointers on how to make sure you are taking care of “you” when it comes to your money.
Make that money hunny!
Oftentimes when we think about generating income we think about the responsibility that comes along with it. How much do we need to contribute to the household for things to run smoothly? How do we work and still balance taking care of our families? Honestly, when it comes to making money we tend to sacrifice our happiness. The truth is, however, that our income needs to be generated in a meaningful way that is in line with our passions, gifts, and purpose in this world. I find that the more in tune you are with the genius that resides in you, the more joy, fulfillment and achievement you experience as a whole. This Mother’s Day, take the time to reflect on how you earn your income. Are there ways that you can generate money that are more aligned with your purpose? Try to incorporate more of these aspects into your workflow so the joy it creates can be ushered into all areas of your life.
Put “You” in the budget
Did you notice that when you became a mother your children began to dominate the budget? From a bigger residence and clothes, to activities and tutoring? Our children’s needs and wants tend to take the lion’s share. When speaking with my clients I often advise that it is so important to carve out a piece of the budget for you. Whether it is taking a new course to upgrade your skills, or “celebration money” to congratulate yourself on any successes you achieve, make sure YOU are a line item in your budget.
Define Your Retirement
As a parent, one of the most important financial goals you can set for yourself is a comprehensive retirement plan. Making sure that your retirement is taken care of gives you the satisfaction of knowing that you will not have to depend on your children for stability in your later years. With all the hustle and bustle of raising your children, this element of your financial plan can often get overlooked, but remember the earlier you start - the easier it is to achieve your goals.
Give Yourself The Gift of Peace
It may be a morbid conversation, but understanding what will happen to your children when you pass away is like wrapping up the idea of peace and giving it to yourself with a bow on top. Life Insurance, a will, and knowing that your loved ones will be taken care of provides a sense of comfort that is unexplainable. Get rid of the nagging feeling that comes with uncertainty and book that appointment with your advisor and estate lawyer to get things in order.
Now that we’ve gotten all the finance stuff out of the way, I am wishing all the wonderful mamas out there an amazing Mother’s Day! This is your day… and you deserve it!
