We all know that all Mothers have this great superpower of multitasking. These supermoms have inbuilt software that could easily manage several things at a time. whether it’s managing things at their house or taking care of tasks at the workplace. But when it comes to managing their finances, these mothers often follow traditional ways of savings. However, these traditional modes of savings only may not be enough to account for their expenses. For that reason, it gets crucial that a Mother learn the art of investing the money saved. A mother’s role in managing home finances can be multitudinous if she knows how to invest the money. Also, imagine when she can invest and use dividends or interest to take care of everyday expenses and other household needs.
The key to building wealth is to Invest and Invest.
- The amount of money saved can be either put in monthly recurring deposits (RDs) or simply in a sweep-in account, which is an easy way to build wealth over the long term.
- The other way to park money is Liquid Mutual Funds – with a little learning, it can be easily done online or even via a mobile app.
How can a Mother help manage home finances?
Right now, the financial services industry is experiencing a dramatic shift. And women are no longer underrepresented in this evolving investing world. So if you are a mother – a woman you can t0o pave your path to financial freedom. Meanwhile understand these steps to help you on, how to start playing an active role in investing –
- Firstly, identify your financial goals. It enables you to focus your investments toward achieving those goals.
- Next, figure out which investment strategy is best suited for you. It is always a good decision to consult a certified financial advisor, more so if you are a beginner.
- Thirdly, make sure you understand that investing is a long-term journey so that you won’t get affected by short-term setbacks (if any).
- Last and most important, being disciplined and consistent while investing.
In fact, there are so many similarities between Moms and Mutual funds, they are more alike than you think. Do refer to the infographics below for more clarity.
So, this Mother’s Day- show your family how great you are at managing everything along with money. And you could also show your mother a few money-investing tricks too if you are good at investing already. Happy Mother’s Day!