Mums ‘n money
Filed Under Tips & Tricks | April 18, 2008
Once you become a mum money becomes a whole different issue. If you’re self employed you’re not eligible for any maternity benefits, and if you are on an official mat leave you may or may not get topped up by your employer. Then there are all the added expenses of baby’s needs, and when and if you do go back to work – childcare. Is it any wonder that money’s a loaded issue for mamas?
To help us overcome our emotional and financial hurdles around money, we’ve asked Money Matters’s money coach Sheila Walkington, co-founder of the Women’s Financial Learning Centre, for monthly tips on managing our money:
Money management is something a lot of new families struggle with. We think it’s important to educate and empower women to take control of their money so they can reduce their financial stress, save for their future, and get on with living the life they want.
Starting a family is a great time to step back and take a look at what’s really important to you. Money management isn’t just about crunching numbers, it’s about using your money to live your best life. Take a moment to envision the life you want for you and your family.
- Do you want to buy a bigger house, or move closer to your child’s school?
- Would you like to be able to stay at home with the kids?
- Do you want to start a business or travel?
- Would you simply like to have time and money to take better care of yourself?
The first step to gaining financial empowerment is to identify what is most important to you now, and what you want to do in the future in order to live your best life. Once you can clearly describe the life you want then you know where you are headed. And your goals are the best motivators you have to gain and maintain financial control.
The next step is to take a close look at where you are today. This is easily done by reviewing three months of bank, credit card and investment statements. To tally up where you stand financially click here for a Cashflow and a Net Worth worksheet.
If you are at all worried about what you’ll find out, remember this, “Your present circumstances don’t determine where you can go, they merely determine where you start.” ~ writer Nido Quebin
Once you know where you stand financially, and where you want to go, you can build a plan to get you from point A to point B. And that’s what we’ll be addressing in future articles.
Sheila Walkington is Money Matters’s money coach and the Co-founder of the Women’s Financial Learning Centre: www.womensfinanciallearning.ca
What sort of money questions do you have? Email Sheila and who knows, they may show up in a future column!Â
2 Responses to “Mums ‘n money”
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Let us know what you think or share your great finds with us so we can share them with other Vancouver mothers!
I took a workshop with Sheila years ago and it made a huge difference to how I looked at money matters. I’m excited to hear about her new business venture! Thanks for including this on yoyomama.
[...] Matters and co-founder of the Women’s Financial Learning Centre, looked at the big picture of money management. In her second column, Walkington talks making money a [...]