Although South Africans have lately been bombarded with economic, political and especially voting day activities/happenings, Mother’s Day, however, is still an important part of the May calendar. Even though mums should be celebrated every single day, 12 May is their official, special day for a well-deserved tribute. And, to take it a step further – they should also be regularly encouraged and supported to lighten at least one of their daily loads, namely their financial affairs.
Mums get confronted on a daily basis with expensive living costs, having to make sure their budgets are in balance and not to mention other struggles they face daily. It is, therefore, evident that South African moms can surely find value in advice to help tackle their financial struggles.
According to Carla Oberholzer, public relations officer and debt advisor at DebtSafe, there are quite a few challenges that can hamper mothers’ financial situations. The following examples are just tiny drops in the bucket, but can help create a better understanding of mothers’ possible obstacles:
- Grocery hikes, fuel increases and school fees contribute to day-to-day ever-increasing living costs.
- Work is also scarce nowadays and it can happen that a mother’s income does not necessarily meet all her expenses.
- Household situations can also get in the way of moms’ finances. According to experts, the so-called failure-to-launch syndrome suggests that young adults continue to live with their parents these days or moms can find themselves being part of a sandwich generation – where they regularly need to support a loved one (such as a brother, sister or parent).
So, what can mothers do in their current money situations? Mums have diligence and endurance, and must therefore constantly make sure they make their money work for them. Here are some tips help them accomplish just that:
- External factors (the election, foreign affairs, oil prices, interest rates or rand values) that affect the economy are beyond moms’ control – mothers must accept it and not be too hard on themselves.
- Mums must maintain their own ‘mini-economy’ and see where they can generate some extra income for themselves or the household. They can rent out that extra spare bedroom in the house, offer additional classes, start baking or doing something that comes naturally.
- It is important to stick to the monthly budget and also create one immediately if there isn’t one available yet. Remember: a mother must start with a basic, practical budget – income minus expenses. Encourage her to examine her bank statements and help her get rid of all the unnecessary ‘spending leaks’ or luxuries (such as regular takeaway meals or the type of TV package that is too expensive).
It’s time to properly honour mothers for everything they do. Share, therefore, the above-mentioned financial tips with them and help them to make at least one aspect of their lives a bit easier. To all the mums out there: May you have a wonderful Mother’s Day.