Even though predictions and speculation about the general election are making headlines throughout South Africa, Mother’s Day (12 May) remains a special day of tribute, and is an important part of the 2019 calendar
Moms, you deserve a shout-out, because even though politics have taken over the news these past few months and economic uncertainties are evident, you continue to do what you do best – BEING A MOM!
Not to mention that you have to tackle daily tasks and take care of your financial responsibilities while in the ‘being-a-mom’ process. It is, therefore, important to make sure that you make your money work for YOUR situation and current reality – even if times have been tough lately.
So, how can you do that exactly?
First of all, you have to be aware of your current financial reality. What are the noticeable things that limit your cash flow, for example?
Prominent examples of financial challenges include things like:
- Being one of the ‘sandwich generation’ – mothers who support friends or family members like a brother, sister or parent.
- The so-called ‘failure-to-launch syndrome’ – mothers who continue to provide for young adults or students living under their roof.
- Living expenses that are crippling the household budget – groceries, fuel prices – living costs have become unbearable these days. You have to see a red flag when you use credit to cover your living expenses.
- Too much credit? REMEMBER: credit is not a bad thing, but how you use it can have a negative or positive effect on your credit score.
Lighten the load
Being aware of those things (like these examples) that damage your finances is one thing, but you should also try and start improving or taking care of your money.
Here are a few pointers that you and other moms can consider to help lighten your financial load bit by bit:
- Study your bank statements for the previous three or four months and see what luxuries you can start cutting out of the budget from now on. These luxuries include things like TV packages which you never use, or weekly fried chicken meals you buy. Try buying a bulk pack of chicken and mastering your own homemade recipe!
- If you want to get rid of a few debts, especially unsecured debt like a store card, credit card or personal loan, you could try one of these two methods. If you are diligent enough, try the avalanche method by squashing your debt with the highest interest rate first and add that amount to the next debt. Or, if you want to see results asap, you could give the snowball method a try by getting rid of the smallest amount of debt first and go on to the more expensive debts thereafter.
- Is your debt in actual fact BEYOND repair and you feel the damage thereof? Why not talk to a financial expert or planner? Or, in a situation where you have a stable income and want to protect your assets (like your house or car) contact a registered debt counsellor to assist in fixing your debt.
Moms, may you have a blessed Mother’s Day and may you continue to make your money work in your current situation.
Exclusive article for A4W from DebtSafe