A Mother’s Role in Budgeting

A Mother’s Role in Budgeting. Mothers are naturally nurturing. There is an undeniable bond between parents and their children, and while both genders nowadays have opportunities to make money to contribute to the family’s expenses, there are times when a mother carries a heavier and more burdened feeling. Most women take a huge financial role in the household in the form of budgeting.

The man may take the role of the financial provider, but even in households where both spouses have an income, women more often take the role of allocating which funds go where; grocery shopping, the children’s college money… the list goes on.

Over time, a woman who has taken on this role will get used to it and have a better system of handling monthly, quarterly, and yearly finances on her own and/or with the help of her husband. However, when the children start to take their own paths to adulthood, the nurturing nature of women begin to kick in.

That instinct to protect and provide their young and ensure their survival cannot be avoided, especially in a tight-knit family setup. Sometimes, the mothering instincts get in the way of a child’s formation of his or her own sense of responsibility. This may not seem like much to the mother, but over time and progressively, this may contribute to more negative implications to the family’s budget.

When is helping “too much”?

Children can get used to being able to get what they want from their parents especially if the parents are able to provide. But over time, the little wishes and wants from the children may not cost as “little” and just being able to provide it won’t be where it ends.

A certain dependence on the parents’ ability to procure items they like—may it be clothes, gadgets, or a trip to Disneyland—can affect the child’s grasp of what being financially responsible is.

There may come a time when the child already has a job, their own place, perhaps their own car (maybe gifted during graduation) to maintain… but when things go wrong where the dollars are concerned, the feeling of having a “safety net” and their parents to fall back on can keep them from developing their own sense of financial responsibility; learning that their actions may correlate to monetary consequences if they don’t make wise decisions.

Some parents may experience “KIPPER” or kid in parent’s pocket eroding retirement. With the need to provide and come up with solutions to their children’s financial problems, parents may sometimes resort to getting funds from their nest egg in order to fix their child’s problems, resulting in a vicious cycle of the child being dependent on their parents despite already being adults themselves.

Safeguarding Retirement Funds

Each couple—or single parent—has their own parenting styles. It is important to know, however, that safeguarding your retirement funds is also part of being able to avoid being a burden to your loved ones in the future. As such, responsibly setting aside money to help ensure your comfortable retirement is crucial.

If you find yourself in a situation where you see your retirement funds depleting in order to come up with financial solutions for your child or children, know that you can get help—for your children and yourself!

We understand what it’s like, having to take care of so many things at once, making sure everyone is well-fed, keeping the house clean, checking on schoolwork, taking care of those fever spells and everything else. When the burden of thinking of how to manage your funds is too much, we can help you out.

With years of experience as a licensed insolvency trustee and having had a diverse range of clients requiring financial solutions specifically for your personal needs.

We can come up with a personalized financial strategy to help you have a solid hold on your finances and help ensure that every dime goes where it should. Remember: You cannot drink from an empty cup. Avoid getting to that point by taking extra steps to improve and recover your financial stability today.

Don’t hesitate to get in touch!

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