Four Money Mistakes Moms Make

The distractions, responsibilities, and pressures of motherhood can encourage some of our worst financial habits. Here are five of the most common — and avoidable — money mistakes you may be making, plus expert advice on how to sidestep them.

Credit Cards
Credit cards are definitely convenient. No unplanned runs to the bank, no scrabbling in your pocketbook for that extra dollar. It makes sense that busy moms often depend on plastic to get through the day. Unfortunately, this can lead to big problems.
What to do: As inconvenient as it is, start using cash for your everyday purchases

Birthday burdens
Presents, cards, and gift wrap seem like innocent purchases. But these happy items can add up to a hefty sum when you consider the multitude of kiddie birthday parties you'll probably attend. Plus, it's easy to go overboard on presents, choosing fancier ones than you can really afford.
What to do: Consider homemade gifts. There are dozens of presents you and your child can create at home — check out craft websites for ideas.

Living for today
We parents are often told to focus on the here-and-now to better enjoy the fleeting years of our children's youth. But when it comes to money, a little less being "in the moment" is probably in order.
What to do: Make saving a habit. Have some of your income automatically deposited into savings — both short term and long term — every month. Even if you can manage only a small amount right now, it will add up

 

2 comments:

tina said...

Credit cards have both good and bad points but if you are thinking of applying for one it is important to check out some of the online price comparison sites such as eComparison, which can be a very useful avenue for searching out the best deals on the market.

Julie N said...

Great post Lauri! Especially about the birthdays. I think that's why we're seeing more sites that encourage guests to donate to charities rather than bring gifts. Thanks for sharing!

 
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