Managing my time and finances as a mom can be a challenging task. With a never-ending list of responsibilities, it's easy to get lost in the daily routine and lose sight of my long-term financial goals. However, with proper planning and smart strategies, I can balance my time and manage my money to achieve my financial goals. In this blog, I'll share some tips on how I balance my time and manage my money effectively as a mom.

1. Prioritize My Time

I prioritize my time by focusing on essential activities. As a mom, my schedule is usually packed with work, household chores, and taking care of my children. By prioritizing my activities based on their level of importance, I can focus on what's truly essential and avoid wasting time on non-essential activities.

2. Create Budget

Creating a budget is an essential step to managing my money effectively. A budget helps me track my expenses and identify areas to cut costs. I start by tracking my monthly expenses, including my saving, mortgage, utilities, groceries, child tuition fees, and other essential bills. Then, I look for areas where I can spend, such as eating out, shopping, or entertainment. I put saving as part of my expense because I want to set that as my priority before everything to save and take out some of my expenses.

To achieve that, I use the expense-tracking app like Wallet: Budget Expense Track,is I can record my income and expenses. For expenses, I can set it into different categories. I love this app because I can put as little as just the amount or all details depends on your usage purpose. Ican easily review my income and spending in visual report. I used it everytime before and after I made an online or offline transactions including investment and expenses, so I will spend only when it's within my budget. If it's not, then I will asses how necessary I need for that transaction and make adjustment to other transactions.

3. Priority-based Spending

Prioritizing expenses is an important aspect of managing my money effectively as a mom. It's essential to spend my money on high-priority items before lower-priority items. By doing so, I can ensure that I'm not overspending on non-essential items and focus on what's truly important for my family's needs. This approach helps me allocate my financial resources wisely and ensure that I'm on track to achieving my long-term financial goals.

4. Save for Emergencies

I also make sure to save for emergencies. As a mom, unexpected expenses can arise at any time. This is why I have an emergency fund that can cover at least three to six months of my essential expenses. This provides me with a safety net in case of job loss, medical emergencies, or other unexpected events.

5. Invest for the Future

Investing in my future is an important step toward achieving my long-term financial goals. I consider annuities, MPF for retirement, and contributing to it regularly. If I have children, I may also consider investing in a college savings plan. These investments will help me secure my financial future and provide for my family in the long run.

6. Automating my finances

Automating my finances helps me save time and ensure that I'm on track to achieving my financial goals. I set up automatic bill payments, savings contributions, and investment contributions. This helps me avoid late fees and missed payments while also helping me save more money over time.

Take away from this blog: balancing my time and managing my money effectively as a mom is possible with proper planning and smart strategies

By prioritizing my time, creating a budget, saving for emergencies, priority-based spending, investing in my future, and automating my finances, I'll be well on my way to achieving financial success. So, from now, don't say that you don't have enough money, if you are, it's only because you didn't spend time thinking and planning for it.

I hope after reading this blog, you will spend 5 minutes taking action if you really want to make some changes in your life. How about just creating a budget of different expense categories for this year and prioritize the category?

If you have read my previous blog about Understanding What Financial Wellness Means for Moms, then revisit your goals and finetune the goals and tasks with the tips above.

Just reading this won't help you unless you take action. Just do it, finesse your finances is just a step away.