Mother's Day 2024: Ten financial tips to empower mothers on this day, May 12

Amidst family responsibilities, mothers often neglect their financial well-being. This Mother's Day, let's salute the tireless dedication of mothers everywhere, celebrating their unwavering commitment to nourishing both hearts and wallets. happy Mother's Day!

Livemint spoke to some industry experts on prioritizing financial independence for moms.

The joint advisory emphasizes the importance of conscious self-investment, budget optimization and long-term financial planning for mothers. It encourages them to manage their finances wisely, allocate resources efficiently, and plan for the future by saving for emergencies and retirement. Additionally, it highlights the importance of insurance and protection, including health and term insurance, to safeguard the well-being of their family. The advice also suggests starting small, harnessing profits, setting clear goals and diversifying investments to achieve long-term financial stability. Moms are urged to maintain good credit scores, build emergency funds and explore entrepreneurship opportunities by leveraging their skills and interests for additional income sources.

Jyoti Bhandari, Founder and CEO of Lowak Capital, emphasizes conscious self-investment for mothers to achieve personal growth and financial stability. She encourages them to optimize their budget, plan for long-term financial security, build an emergency fund, and pass on financial knowledge to their children.

Jyoti Bhandari, Founder and CEO of Lowak Capital

1) Conscious Self-Investment: Encourage moms to develop their passion and potential, creating a harmonious blend of personal growth and financial prosperity.

2) Optimize your budget like a boss: Empower moms to organize family finances, navigate budgets efficiently, and allocate resources accurately.

3) Guidance for tomorrow: Urge moms to envision and plan for long-term financial security, investing and retirement planning early. Today, planning for the future is just a click away.

4) Emergency Storage: Life is full of surprises – keep some cash stashed away for those rainy days. Create an emergency fund to handle unexpected expenses without compromising your financial goals.

5) Creating a Legacy Rapport: Share your financial knowledge with your young children – It's never too early to start learning about money.

Rahul Malodia, Founder and CEO of Malodia Business Coaching, advises moms to start saving early, harness the benefits of parenting, set clear money goals, prioritize health and term insurance, and invest in retirement for financial stability. Are.

Rahul Malodia, Founder and CEO of Malodia Business Coaching

6) Start saving now: Don't wait for abundance of money; Save even small amounts as early as possible. Avoid relying on credit cards for everyday purchases to avoid accumulating unnecessary debt.

7) Set a money goal: Establish a clear financial objective and make a plan to achieve it. Having a specific goal increases motivation and commitment towards saving.

8) Health and Term Insurance: Secure your family's future with health and term insurance. Health coverage protects against medical expenses, while term life insurance provides financial support to loved ones in your absence. Make their well-being a priority with these essential safety measures.

9) Invest in Retirement: Prioritize retirement savings by investing in mutual funds for long-term financial stability. While caring for your child, remember to invest in your future by contributing to your employer-sponsored retirement plan. It is important to balance current needs with future financial security.

Aditya Sharma, Founder and CEO of AffordPlan, leverages the skills of moms in handmade goods businesses to make long-term investments in diversified portfolios, secure health insurance, protect credit scores, maintain emergency funds, and explore business opportunities. Give suggestions.

Aditya Sharma, Founder and CEO, AffordPlan,

10) Long term investment

Building wealth requires more than saving; Consider investing in a separate portfolio of stocks and bonds or start with an ELSS account; If nothing else, FD is a good idea.

Disclaimer: The views and recommendations given above are those of the individual analysts and not of the Mint. We recommend investors to check with certified experts before taking any investment decision.

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