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5 Money Mistakes Made By Moms

moms money, women finances, mothers financial planning, saving money moms, money pitfalls moms

Do you handle your family's finances like a business?

 

Want to save more money? Who doesn’t, right? While most of us strive our best to educate ourselves about finances and the changes that having children can bring, clearly not all of us optimize our money (unless you’re Suzie Orman).

Some experts say that because we are moms, many of us are ‘too nice’ or ‘too nurturing’ when it comes to money and we end up selling ourselves (and our families) short in the money department.

Here are 5 ways moms lose out when it comes to money:

Competition: Or Mompetition as some call it. You’ve seen this and possibly have done it yourself … a bunch of times. Your child’s friend has a doll, toy, or pair of jeans that your kid is just dying to have. So as a result of not wanting your child to feel left out or any less than, you buy the item for your child which probably doesn’t fit in your family budget. This kind of thinking might start in preschool but without realizing it, can stay with you through high school, and beyond. And bigger kids want bigger things, like the best prom dress or latest smartphone.

Buying Gender Specific Clothing: Sure, it’s fun to dress up your little girl in bouncy, frilly dresses and pick out the cutest lil man clothing but by and large, you can save a lot of money by purchasing simple clothing in basic colors that either a boy or girl will comfortably wear. And if you have both a boy and girl in the house, you can mix, match and pass on to younger siblings.

Not Having Life Insurance: Your husband’s policy is not enough. If anything ever happens to you, by having your own policy, you can rest assured that your family will be taken care of financially. That is a huge consideration.

Birthday Parties: There is no need on God’s green earth to blow hundreds or even thousands of dollars on a child’s birthday party. Some food, a cake and your loved ones are plenty. Kids don’t need a DJ, don’t want a clown, and will probably have the most fun running around with their friends in the backyard. And if that little voice inside you says that your child’s birthday has to be out of this world, reread number one and then write it down and hang it on your fridge.

Not Trusting Yourself: According to LearnVest, a personal finance site for women, most moms just don’t follow their heart. So you end up with many SAHM who really want to work and many working moms who would rather be at home. Listen, the working situation is straddled with many obstacles and after being a full-time employee, a SAHM, a part-time worker and a work from home independent contractor, I can honestly say that I really have no idea which one of these has been best for me. Each one has its plusses and minuses. And with every one, I’m sure I’ve made financial mistakes, from ordering out too much when I was stuck late at the office to buying too much when I had more time to shop. The key is to be happy. If you are content with your situation and aware of the financial loopholes that are out there, you will make better financial decisions.

To read all 10 money pitfalls, click here.

Image: iStock

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