Money Matters Monday Tips for Mothers

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Mother’s Day is coming up on Sunday and as we celebrate the moms in our lives, it’s important to acknowledge the unique financial challenges they face. Barry Bigelow from Great Waters Financial has strategies to help moms prioritize their own financial future, even while taking care of their loved ones.

Q: What kinds of financial obstacles do mothers face?

Mothers are often the primary caregiver in the household which means they have lower retirement savings and lower social security benfits.

Q: How can mothers overcome those challenges and meet their immediate financial needs?

You need to create a budget and make sure that you know where your money is going. Within that you also need to prioritize self-care and making sure you budget for giving yourself time to relax. The last thing is to prioritize emergency savings and preparing for unplanned expenses.

Q: What can mothers do to accomplish their long-term financial goals, like retirement?

Making those steps to save is critical so that you are in the habit later on when the kids are out of the house and you are working full time. That way, those habits are established and you can save even more for the future.