Money Management Tips for the Millennial Mom

Nobody can quite make a budget like moms. All parents need to balance how much is coming in versus how much they need to spend. It’s part of being a responsible caregiver. But when it comes to clipping coupons and finding the best deal, moms know what they’re doing.

The youngest generation of moms right now are the Millennial moms who have a lot of other issues to face. Stagnant wages, increased cost of living, all sorts of things that add up to a tricky budget to balance. Here are some tips for tips for the busy Millennial mom who’s looking to get a little more bang for her buck:

Get Rid of Debt ASAP:

This is good advice for pretty much everyone but especially people starting a family. Struggling with debt can make it harder to get a home or car loan; not to mention it leads to higher interest on credit cards. Debt and worrying about debt can also lead to unnecessary stress. And the last thing a new parent wants is more stress! If it’s not possible to eliminate all debt, consolidate it to make payments easier. Having one big source of debt rather than a lot of little ones makes it simpler to keep track. One less thing to stress about.

Live Frugally When Feasible.

Cutting down on spending is tricky for parents. Some costs are impossible to get rid of when it comes to their kids. To live a bit thrift requires work, and paying attention to every cent spent but it can be worth it. Keep track of groceries to prevent food waste, have a change jar for loose change, lower utility bills. It’s a lot of little things that make up a frugal lifestyle.

Consider Investing.

One of the best money management tips anyone can get, mom or not, is to make more money. It’s an obvious solution, right? While that advice is dismissive of actual problems, there are ways to make that happen. Millennials are starting to invest more and why shouldn’t Millennial moms get in on that? Investing isn’t for everyone so talk to a financial advisor before making any decisions. Even with an advisor, investing can be risky. If you’re a mom who sees some wiggle room in the budget, then investing might be a good plan. If you’re a mom who’s already strapped for cash, get yourself stable before trying your luck.

Cover yourself with insurance.

There’s a growing concern that Millennial parents aren’t buying life insurance. While some of that may be due to age rather than financials, it’s recommended that all parents get covered. Life insurance is there to ensure that your loved ones are taken care of in the event of a disaster. Having life insurance might not seem like a big deal when parents are young. And people don’t want to think about the worst-case scenario like an accident. But parents need to. Part of being a parent is making tough decisions and dealing with the reality of a situation. If you’re a parent who doesn’t have life insurance, get covered and fast.

Money tips don’t often apply to all situations. Parents and moms have different money issues than people who don’t have children, so they need different advice. It’s not always realistic to tell a mom to simply cut costs or spend less. Often times, their spending is focused on their kids and those can be hard costs to slim down.

For Millennial moms and all the young parents out there trying to make ends meet is a daily struggle. Keeping debt, spending, and investments under control is quite a tall order. Who better to do it than moms?