We all have financial goals we want to achieve, but sometimes they can be difficult to accomplish when life gets in the way. For busy moms, meeting financial goals can be especially challenging.
Family and kids can change your life in so many ways. One of the biggest changes is that your focus shifts from yourself to your little ones. Suddenly, your time and money are both devoted to ensuring your children have everything they need and everything you want for them. But the stress of letting your finances fall by the wayside can have severe consequences: a bad credit record being one of them.
So how can you avoid letting this happen? We’ve put together 5 tips to help make meeting your financial goals easier.
In This Article
1. Make A Budget And Stick To It
It can be difficult to keep track of your expenses when you have so much going on, but it’s important to make a budget and stick to it as closely as possible. This means being disciplined with your spending and saving money whenever possible. It may be hard at first but over the long term, it will help you stay on track financially and achieve financial wellness.
Make sure to set aside time each month to review your spending, savings, and goals. This will help you identify any areas where you need to make adjustments.
Tip: Use an app to keep track of your spending habits.
2. Don’t Neglect Long-Term Savings Goals
When you have kids, it’s easy to get caught up in day-to-day expenses and forget about long-term savings goals. But if you want to provide a good life for your children, it’s important to continue saving for the future.
Long-term savings goals can give you a sense of security and peace of mind. Knowing that you have a nest egg to fall back on in case of an emergency can help to reduce stress and anxiety. It’s important to set financial goals and track your progress. It will help you stay motivated and on track.
Tip: Use the SMART framework to make sure your goals are attainable.
3. Avoid A Bad Credit Record: Build Your Credit
The consequences of bad credit can follow you around for years, making it difficult to get approved for loans, rent an apartment, or even get a job. As a busy (and often working) mom, it’s essential to keep your credit score in good standing.
One of the best things you can do is to make all your payments on time. This includes both your bills and your loans. You should also try to keep your credit utilization low, which means using less than 30% of your available credit. This will not only help you build your credit over time but also ensure you avoid the side effects of bad credit.
Tip: Open a secured credit card. It requires a deposit but can help you improve your credit score over time. The deposit also serves as collateral should you default on payment.
4. Get An Accountability Partner
If you’re looking for extra motivation to stay on track with your financial goals, finding an accountability partner can be a great way to go. This is someone who has similar goals to you and who you can check in with regularly to provide support and motivation. This could be a friend, family member, or even an online community.
It’s often hard to ask for help. But having someone there to help keep you accountable can be a huge help in reaching your goals. Plus, it’s always fun to have someone to celebrate your successes with!
Tip: U.S. Bank Goals Coaches provide free coaching and are specifically trained in goal achievement strategies.
5. Seek Out Professional Help If Needed
Being a busy mom doesn’t mean you have to put your financial goals on the back burner. If all else fails, seek out professional help.
A financial planner can assess your current situation and help you develop a plan to meet your long-term financial goals. They can also offer advice on how to make the most of your money and save for future expenses. With a clear plan in place, you can take control of your finances, avoid the financial stress of bad credit and achieve your financial goals.
Tip: The Moms Are Cool program offers free financial counseling specifically for moms.
Busy moms have a lot on their plates, but that doesn’t mean you can’t still meet your financial goals. In fact, with a little bit of organization and some outside help, you can achieve anything you set your mind to. By using these tips and being mindful of your spending, you can start saving for what’s important to you.