In this 21st century, women are giving tough competition to men in all the spheres of life – be it school, college, office or any other area. In fact, 59% of the working mothers are managing family expenditures all alone. Around 30% of the working mothers tackle family expenses along with their spouse and the rest 11% don't have have any role in the financial decisions.
Mothers are evolving as smart household financial managers
The percentage of dual-income families has increased over the years. An increasing number of career oriented women are taking initiatives in making household financial decisions. Working mothers have clear idea about their goals and objectives. Their goals are primarily:
- To save sufficient money and build a fat financial cushion
- To make money and use it for their kids' education
- To improve household finances and secure future
- To balance both personal and professional life perfectly
- To pay off debts and lead a peaceful financial life
Everyone has dreams and aspirations. Many have clear-cut goals in their life, but very few are actually able to achieve them. In 2012, most working mothers made following resolutions.
- Having a healthy diet
- Saving more dollars
- Balancing work life smartly
- Daily exercising
Most working mothers were able to keep these resolutions. This clearly indicates that if women resolute to do something, they'll surely do everything to keep it. This is a good sign for household finances. If women decide to improve the condition of household finances, they would leave no stone unturned. Unlike most men, their first priority is their family and kids. This factor helps them to be a better household financial managers.
Why are mothers smart money managers?
Check out the reasons why mothers are better money managers than fathers. Find out why mothers should play a major role in household finances too.
- Some men tend to be adventurous and prone to risky decisions: You must have heard the popular adage - “Men are from Mars and Women from Venus”. Well, it is really true that women and men have different temperaments. The temperamental differences help some men to take the lead in making financial decisions. Likewise, the same differences in temperament compel men to make risky financial decisions. This does not always work well with regards to family finances.
- Women spend a longer time than men in the earth: In US, women tend to live longer than men. As per the reports of Social Security Administration, after crossing the 40-year mark, women are likely to live 4 years more than men. Since women are likely to be in this world for a longer time, so they have no option but to be a good money manager.
- Women have a good understanding about day-to-day expenses: Women can handle day-to-day budgets and household expenses quite well. This is very important for retirement saving. Individuals save for retirement so that they can lead a comfortable life even after leaving jobs. Now, if you don't have any idea about your daily expenses, then how will you decide the amount required to run family after retirement? Women know how much they need to save for retirement since they have a good idea about their daily expenses.
- Women don't hesitate to take advice if required: Unlike men, women never feel embarrassed to ask for directions. If they have any doubt, they'll ask for opinion and advice. This particular trait helps women to be better financial manager than men, who tend to manage things on their own. Women listen and take corrective measures to improve finances.
- Women are better at accepting failures: Women get depressed when they are unable to meet their goals. However, their approach towards accepting failures is far different than that of men. For instance, men tend to become more aggressive after failures whereas women try to cut down risks and plan before taking any step.
Last but not the least, women play a major role in producing future money managers. They pass their knowledge to kids so as to make them bright financial managers. Nearly 94% of the women think it is important to impart money lessons to children.
Mothers – Budget-friendly gift ideas for smart money managers
Smart money managers don't like wastage of money. If your mother is financially savvy, then buying an expensive gift would be a bad idea. Your mother would not love the fact that you broke your bank just to grab an expensive item from the store.
Mothers are very easy to please. All you need to do is show your love for them and for that there is no need to buy an expensive gift. You can just do the following things to make her feel pleased:
- Make a yummy breakfast and serve it in bed: You do know about your mother's favorite foods. So, you can just make her favorite milk shake, sandwich, pan cake, bacon fry and surprise her.
- Give some time to your mother: Both you and your mother are very busy everyday., so much so that you hardly get time to spend with her. Mother's day is on Sunday this year. Spend the entire day with your mom. Eat together, go to a park, or just watch her favorite movie at home.
- Write something for your mother: If you're good at writing, then compose a poem for your mother. The subject of the poem can be about your childhood memories. You can even make a handmade card for your mother. It will help you add a personal touch to the card.
Both stay-at-home mothers and working mothers are extremely busy. They have to do the household chores everyday. On this Mother's Day, do the household chores without even saying anything to your mother. Clean all the rooms, wash dresses and clothes, cook food, etc.