We can learn a few tricks from the mothers, aka role models, around us and who we look up to.
According to Carla Oberholzer, debt adviser at DebtSafe, South African mothers are experts in the field of juggling various tasks and taking care of financial commitments or bills in the process – while taking care of their extended loved ones and holding the fort at home.
Mothers’ knowledge and practical experience can come in handy, especially when making sure the financial obligations in between all those daily errands are not neglected,” highlighted Carla.
She added, “A big thank you goes out to South African mothers. Thank you for setting a great example of how to make the ‘impossible’ things possible; specifically when it comes to managing those financial responsibilities in between all the other tasks or emergencies.”
Here are six of the many ‘mom-wise’ tips that you can consider when trying also to make the ‘impossible financial aspect of things’ in your life possible:
1. Show a mother’s care to your finances
• Make sure you outline a monthly budget for you and/ or your household
• Print out your bank statements and check regularly for any irregularities/ unnecessary ‘spending leaks’
• Always know what is going on with your overall financial picture
2. Mothers know how to choose their circle, so choose your frugal friends well
• No need to keep up with the Joneses. You can choose the best and frugal bunch of friends that you like. Best to stick to friends that acknowledge the same ‘financial values’ and goals that you have. And, do not let their spending behaviour influence yours in a bad or debt-filled manner.
3. Being single is being fearless; ask your role model mothers out there
• Being a single mom is not a joke, to make it crystal clear. But like mothers putting on a brave face, they know, although hard, it isn’t the end of the world, and your singleness should not be either. Unburden your current situation and become financially brave and bold. If you are single, use your time and resources well. Being financially independent in future can save you quite a few headaches.
• Mothers try all sorts of things, such as boosting their income with a side hustle, for example. So, get creative and don’t let your singleness be a burden for your financials.
4. ‘Uncomplicate’ your life and try to portray a minimalistic lifestyle
• It is always good to cut out the clutter and pointless expenses in your life. These things cause way too much stress. You and others are already finding yourselves in an unnerving Covid-19 situation so, why not slowly but surely let go and uncomplicate some things in your life?
• Excessive ‘items’ can be things like a pay TV package that you hardly use, or what about cancelling that gym contract that you took out in a New Year’s resolution haste?
• Sometimes a ‘shopping diet’ is another good mother-like investment. When last have you taken stock of what is in your cupboards or pantry? All those appliances that are gathering dust can be sold for more than a cent or two. Keep life simple, declutter a few bits and pieces, and become a minimalist that can enjoy life to the full without excessive stuff and add-on bills.
5. Personal care is important (invest in yourself)
• Mothers are selfless, but they do take care of themselves to be able to provide the best life for them, their kids and those around them. So, what can you do to invest in yourself? Make sure you have the right insurances in place (credit life insurance, life cover, in-case-of death benefits and a proper pension fund or retirement annuities, for example).
• Don’t forget how crucial an emergency fund is, even if you start by adding a very small amount/ deduction to this type of saving. You never know when another unforeseen emergency like a tyre or geyser burst might pop up unexpectedly. Something small, yet if unplanned and unprepared can ruin your financial situation for a long time to come.
6. Fix your debt, get the support you need and become financially free
• These days it is not unusual to have various credit responsibilities. Mothers know that all too well. The question for you, however, is – are you making ends meet and ‘servicing’ all of your agreements?
• First off, take a look at your budget and expenditures again. Can you do something about your situation, like cutting a few things? Or, have you already ignored a few accounts too often, implicating your credit score?
• If you have tried everything to get rid of your excessive debt, like mothers usually do, you need someone to assist you as soon as possible. According to the National Credit Regulator (NCR), there is a process that can fix your debt called debt review/ counselling. This process also legally protects your assets and you can get a trusted /regulated debt counsellor who can negotiate with your creditors on your behalf.
Do note that this valuable process is not a payment holiday, but it can be your get-out-of-debt solution, and/ or assist you in getting back on your feet and be financially free in the future again. So, why wait? Get the support you need and make it happen! Get out of debt for good.
