Amidst family responsibilities, mothers often overlook their financial well-being. This Mother’s Day, let’s salute the tireless dedication of mothers everywhere, celebrating their unwavering commitment to nurturing both hearts and wallets. Happy Mother’s Day!
Livemint spoke to some industry experts regarding prioritising financial freedom for mothers.
The combined advice emphasises the importance of mindful self-investment, budget optimization, and long-term financial planning for mothers. It encourages them to manage their finances wisely, allocate resources efficiently, and plan for the future by saving for emergencies and retirement. Additionally, it highlights the significance of insurance and protection, including health and term insurance, to safeguard their family’s well-being. The advice also suggests starting small, utilizing benefits, setting clear goals, and diversifying investments to achieve long-term financial stability. Mothers are urged to maintain good credit scores, build emergency funds, and explore entrepreneurship opportunities, leveraging their skills and interests for additional income streams.
Jyoti Bhandari, Founder and CEO of Lovak Capital, emphasises mindful self-investment for mothers to achieve personal growth and financial stability. She encourages them to optimize their budgets, plan for long-term financial security, build emergency funds, and give their children financial wisdom.
Jyoti Bhandari, Founder and CEO of Lovak Capital
1)Mindful Self-Investment: Encourage mothers to cultivate their passions and potentials, composing a harmonious blend of personal growth and financial prosperity.
2) Optimise your budget like a boss: Empower moms to orchestrate the family’s financial symphony, conducting budgets with finesse and allocating resources precisely.
3) Navigating for Tomorrow: Urge mothers to envision and plan for long-term financial security, embracing investment and retirement planning early on. Today, planning for the future is just a click away.
4) Emergency stash: Life’s full of surprises – stash some cash for those rainy days. Build an emergency fund to handle unexpected expenses without compromising your financial goals.
5) Yielding Legacy Cadence: Share your financial wisdom with your little ones – it’s never too early to start learning about money.
Rahul Malodia, Founder and CEO of Malodia Business Coaching, advises mothers to start saving early, utilize parenting benefits, set clear money goals, prioritize health and term insurance, and invest in retirement for financial stability.
Rahul Malodia, Founder and CEO of Malodia Business Coaching
6) Start saving NOW: Don’t wait for a surplus of funds; save even small amounts as soon as possible. Avoid relying on credit cards for everyday purchases to prevent accumulating unnecessary debt.
7) Set a money goal: Establish a clear financial objective and plan to achieve it. Having a specific goal increases motivation and commitment to saving.
8) Health and term insurance: Secure your family’s future with health and term insurance. Health coverage shields against medical expenses, while term life insurance offers financial support to loved ones in your absence. Prioritize their well-being with these essential safeguards.
9) Invest in Retirement: Prioritize retirement savings for long-term financial stability by investing in mutual funds. While caring for your child, remember to invest in your future by contributing to your employer-sponsored retirement plan. It’s crucial to balance current needs with future financial security.
Aditya Sharma, Founder and CEO of Affordplan, suggests long-term investments in diverse portfolios, securing health insurance, protecting credit scores, maintaining emergency funds, and exploring business opportunities, significantly leveraging mothers’ skills in handmade goods businesses.
Aditya Sharma, Founder and CEO of Affordplan,
10)Long term investment
Building wealth requires more than saving; consider investing in a different portfolio of stocks and bonds or start with an ELSS account; if nothing else – an FD is a good idea.
Disclaimer: The views and recommendations made above are those of individual analysts, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 11 May 2024, 01:49 PM IST