I was married at a very young age and did not have much savings to start with. Being young I admit I was very optimistic about my future and I have always believed I can get through it all despite being young. The challenges of Motherhood have been the inspiration for me to manage my finances better despite the fact I studied Islamic Financial Planning and started my career as a Financial Advisor. I believe I became much better with my finances after having my kids. Motherhood has provided me the skills to help me thrive in my personal finance.
Motherhood pushed me to reevaluate my time and value Before having kids, I used to spend most of my time with work and always going back late. Staying in the office to finish up the work and using my spare time to explore other ‘opportunities’ to gain more money. I was going to networking events almost every other night. All the free business networking I’ll be attending and some even paid ones too. After having my kids, I know I had to choose the best ones only, as I had to juggle with going back home on time. Also I started searching for opportunities for me to have the option to go out for work and also work from home some days. I know without motherhood, I would still be the headless chicken going from one event to another without actually achieving anything. I learned you can actually achieve more when it is placed in good use. The 80/20 rule book really changes the way I view how I do my work.
Motherhood pushed me to be more discipline in my budget I grew up with both my parents being a physiotherapist in a hospital from a small town in Ipoh. I grew up watching my mother being very mindful over every single purchase we made and my mother does it so well when it comes to budget. After moving out for my university studies. I went wild with my money because I actually had the freedom to do purchases without my parents nagging and could hide it better. But after having two kids it actually took me back a bit. I truly understand now why my parents were so mindful about every spending they have made. I now don’t have the luxury to simply spend on an expensive dinner or coffee because every single cent counts.
Motherhood pushed me to start a side business I have experienced many MLM purchases before getting married. It’s amazing how much I spent on this MLM business. I can cry thinking about it back. But after being a mother, everytime someone tries to sell me this I am more mindful and I can just say NO easier now. But I have been hunting for other ways to safely do my businesses on the side while still keeping my full time job. Couple of years back I purchased a small freezer and started selling frozen kuihs. The income from that did help us a bit and since then I have started many other opportunities for me to slowly grow that business. It has taught me that slow growth is still progress. Not every business you venture in can just simply have explosive growth. Small growth is still good. Small steps.
Motherhood taught me to write down everything I purchased Is there enough milk to last for this week? Is there enough diapers? Is there still cooking oil to last us the month. I can’t remember how many times a week I have to go back to do my groceries because I have forgotten one item from the list. How I had to stretch on one item because we were waiting for pay day! I hate looking at my bank account and always hope I magically have enough money to purchase my groceries. I know I had to do it. Because I know I can’t keep digging my emergency funds every time we run out of milk formula. I am the parent, so I don’t have anyone nagging me on my budget spending. Sure it would be nice to have someone nagging me about my purchases and how I need to buckle up on my spending!
Motherhood has me seeking advice I feel more open now to talk about my finances and seek advice from others. Because I know I am not the only one struggling with this. I have two little ones to care for. The stress is higher and it made me more vulnerable to admit my mistakes. Forcing me to reevaluate everything I know about personal finance and where I would like to head my life at. It had pushed me to look at my life, 3, 5 and 10 years from now. I know moms need to lean on someone to seek advice on these things and sometimes just remind me that I am doing well. I don’t need to stress so much on my money.
Having two kids and having a full time job, sometimes it’s hard to keep track on my finances. I tend to overspend and have anxiety over nothing. Between rushing to send my kid to kindergarten and deciding on to splurge on going out for dinner. I tend to over think on my spending habits. I found this app HeyAlfred very useful. My very own virtual personal finance butler.
It links to my bank so all my transactions are captured through the app. I’ve never used an app before to track my expenses, I usually just write it down in my budget book. So to see all my expenses in a board is amazing.
The app automatically categories all my spending. Since I use my debit card a lot on all my spending it reflects on the app. I feel I am more mindful on my spending and I don’t feel so guilty if I splurged once in a while because it reflects on the app how much I have spent so far and how much I have saved. This app really helps because being a mom of two kids it keeps me in check over all expenses. I really want to avoid unnecessary expenses and to worry about not having enough. (between diapers,milk formula and nursery expenses)
This app also has the fun chatbox Alfie that I can chat and ask how I am doing so far!
Keeping up and staying on track with my bills is my top priority as a mother. Budgeting is the answer! It could be hard at times but having a fun app that helps create and makes sure I stick to that budget can really help. I feel more and more like I am in control and that’s exactly where I want to be with my finances!