Being a mother is one of life’s greatest joys. To enjoy every moment of this wonderful journey, make sure you have planned carefully with your priorities in mind.
For the New Mum:
Welcome to motherhood! As a new mother, you must be feeling delighted and full of hope for your little bundle of joy.
- Review your coverage to make sure you and your darling are adequately protected against the unexpected. Also, keep your beneficiaries up-to-date on all your accounts.
- Children are a blessing but also call for you to undertake certain financial responsibilities. Do ensure that you include your child’s expenses in your budget.
For the Working Mum:
And here’s a salute to all career-minded mummies juggling parenting duties – you are amazing!
- Fortify your emergency fund to include your young child’s essential needs for 3 to 6 months at least.
- Start putting money aside for your child’s future needs and tertiary education.
For the Mature Mum:
As they grow up and you begin to contemplate retirement more seriously, now is the time to ensure your nest egg is well furnished!
- If you must choose between saving for their education and saving for retirement, choose retirement. Your child will likely have more than one way to bring their dream to reality, but it is much more difficult to make up for the lost time that you had to build your retirement fund.
Remember, you need to take good care of yourself (and your financial wellness) to take better care of the people you love.