5 Things Motherhood Has Taught Me About Money by Anna Smith

By Anna Smith

Motherhood significantly changes a woman’s life. It affects all aspects of life, from small things like one’s taste in wearing accessories to crucial things like an added sense of responsibility.

You might be thinking, “I don’t think I’ll ever change my preference in jewelry,” but wait until that youngling learns how to grab things; you might give that a second thought.

Of all the things that motherhood has taught me, the most impactful has got to be about handling finances. It turned my money management methods upside down, and I can confidently say that it has permanently changed for the better.

It would have been nice to have learned all these things before pregnancy, so today, I’m passing on these life lessons to you, whether you’re an expectant mother or not.

Prioritizing is key. Gone are the days when you can just spend a couple of hundred dollars on an “emergency girl’s night out.” In fact, having dinner out becomes a luxury when you’re running out of formula, diapers or wet wipes.
You will soon find out that there are always expenses you can’t prepare for, even with a detailed budget, so the best thing that you can do is to write down your expenses in the order of their priority. In this way, you can always be sure that you have the essential things covered.
Having an emergency fund is a must.
Now, the previous tip applies to regular expenses and unexpected outflows that you can easily postpone until the next payday. But what about bigger expenses that you can’t simply put off like health emergencies or the sudden loss of your main source of income?

It is for these crises that having an emergency fund will be of great help. It can be easy to ignore the need for an emergency fund when you’re young and single. You are less likely to get sick and, if you lose your job, you can always crash in your parent’s basement if you get evicted.

Unfortunately, these are options that are simply not available to you as a mom.

The minimum amount that you should build for an emergency fund must be enough to cover your family’s expenses for six months, even if you’re not receiving any income. The bigger, the better, though.

I understand that it can take quite a while to save up. It took me and my partner a couple of years to build ours (and we’re still putting money into it). Hence, should there be any emergencies that your current savings is not large enough to cover, I suggest looking into programs for payday loans. Look for a plan that gives you the lowest interest rate and the most flexible payment options.
Extra income streams are always welcome.
Let’s face it — raising a child is expensive. If there’s anything with a bigger impact on the budget than caring for a baby, it would be paying for college.

First let me say that there are ways to save — 529 savings plans and education savings accounts are very viable options. It is also important to start saving early.

When is it wise to start a college fund? Most parents start saving around the time their kids turn 10, but I say it’s never too early to start a college fund. Putting aside a small percent of your income for college the moment that your baby is born will give you plenty of time to build your savings gradually and allow that money to gain interest.

But where do you find money to put into those savings?

This is why I always appreciated having other sources of income. Take on extra jobs when you can and learn about investments. Save whatever you can from your income but find extra sources of income to build up the savings.
Thrift shops are your friend.
Most of the tips that we have provided so far apply to long term expenses, but what about short-term ones? If there’s one thing I’ve learned in my years of parenthood, it’s this:
The younger kids are, the faster they grow.

You’ve probably heard the tip of investing in quality when you buy clothes as an adult. In this way, you’ll have to replace it less often. But this rule doesn’t apply to children. They outgrow things lightning fast!

Hence, it made perfect sense for me to buy most of my children’s clothes in thrift shops. You can find good style and quality at thrift shops. When you create those Insta-worthy snaps of your young one, no one will know that you paid half price for their outfits.
Don’t forget to treat yourself.
Finally, here’s a tip that strikes close to my heart. It can be

difficult to comprehend the overwhelming love you feel when a baby is born. With all these emotions and the increased expenses, it can be easy to see why a lot of moms neglect themselves.

I have learned the hard way that it can be difficult to love someone else if you don’t love yourself. It takes a toll on you mentally and emotionally. It’s not healthy. We work hard as parents. We devote a lot of ourselves as moms. And while there might not be room in your budget for a weekly trip to the salon, that doesn’t mean that you can’t go to the spa every once in a while for a massage — especially if there’s the perfect coupon for it. I deserve it, as do you.