We are celebrating mothers this month, many of whom are the breadwinners and financial managers of their households.<\/p>\n
\u201cFor this very reason we want to encourage all mothers to become financially savvy,\u201d said Mellony Ramalho, group executive sales branch network for African Bank.<\/p>
The first step to becoming a financial guru, said Ramalho, is to understand what money is coming in and where it is being spent.<\/p>\n
\u201cTo do this properly, you need to sit down with all income earners in the family and make a list of income and expenses.<\/p>
\u201cEveryone needs to be transparent in their financial commitments and spending habits so you can get a clear picture of where you currently sit.<\/p>\n
\u201cIf you find your expenses are more than the income then now is the time to reign things in,\u201d Ramalho said.<\/p>\n
She suggested thinking of creative ways to reduce expenses every month such as rather doing your grocery shopping online.<\/p>\n
\u201cYou would be amazed at how much you could save on groceries each month by making a list and shopping online.<\/p>\n
\u201cThe problem with going into a store is that you have to be disciplined to only buy what\u2019s on the list.<\/p>\n
\u201cIf you know you have a shopping weakness and can\u2019t resist throwing a few extra items into the trolley then perhaps online shopping is for you,\u201d she said.<\/p>\n
Cut back on luxuries and really consider your purchases.<\/p>\n
\u201cEating out or ordering takeaways, for example, is expensive and should be considered a luxury.<\/p>\n
\u201cA quick and easy way to reduce your expenses is to commit to eating at home and preparing food yourself.<\/p>\n
\u201cAlso have a look at your grocery list critically and ask yourself where you can cut back or go for a cheaper alternative on some items.<\/p>\n
\u201cCompare prices and look for specials,\u201d suggested Ramalho.<\/p>\n
Teach your children about money and the importance of saving.<\/p>\n
\u201cAs mothers, we have an important role in shaping our children into the kind of adults they will be.<\/p>\n
\u201cInstilling good money habits should be on the priority list.<\/p>\n
\u201cSaving, not wasting, understanding debt and interest are all concepts that you should be talking about and modelling daily.<\/p>\n
\u201cGet your children involved in budgeting.<\/p>\n
\u201cTeach them the value of money from an early age by letting them help you do the shopping.<\/p>\n
\u201cAlso explain to them how expensive for example data is, so they need to use their cellphones wisely.<\/p>\n
\u201cOpen a savings account for them or get a good old fashioned piggy bank going.<\/p>\n
\u201cHelp them save towards something they really want. It\u2019s a great lesson in working hard to achieve a financial goal,\u201d Ramalho said.<\/p>\n
<\/p>\n
ALSO READ:<\/span><\/p>\n How to save for the home of your dreams<\/a><\/p>\n Office security \u2013 new tech is making all the difference<\/a><\/p>\n <\/p>\n Ramalho believes that as a mother it\u2019s important to get everyone involved in the financial plan for the family.<\/p>\n \u201cThe best way to achieve financial success as a family is to work together as a family.<\/p>\n \u201cIt may sound obvious but isn\u2019t always happening in families.<\/p>\n \u201cIf everyone is on board and working towards the same goals it will be much easier to manage your finances successful without anyone sabotaging your efforts.<\/p>\n \u201cSpeak to your spouse or partner.<\/p>\n \u201cInclude the children and any other earners in the family,\u201d she said.<\/p>\n Lastly, she said, it\u2019s so important not to neglect your own financial future.<\/p>\n Ramalho said traditionally women have been excluded from long-term financial planning and, as a result, are often left floundering with little to no financial confidence upon the death of a spouse or in the event of a divorce.<\/p>\n Often too, because mothers are so busy earning a living and taking care of their families, they tend to put their own financial futures on the back burner.<\/p>\n \u201cIn our experience, while women are very comfortable around day-to-day spending and budgeting, they tend to leave longer-term financial issues, such as retirement and investments, to their partners.<\/p>\n \u201cWhat we want to encourage is that women move beyond household budgeting and start thinking more broadly about their financial futures,\u201d Ramalho said.<\/p>\n Look into investing, she recommended.<\/p>\n \u201cSpeak to financial advisors.<\/p>\n \u201cUnderstand what you need to get started.<\/p>\n \u201cEven a small amount invested today can mean a big difference for your future.<\/p>\n \u201cDon\u2019t be overwhelmed and don\u2019t be afraid to ask questions.<\/p>\n \u201cIf you\u2019re entrusting your wealth management to a financial advisor, make sure this person understands what is important to you.<\/p>\n \u201cHave a very special Mother\u2019s Day month,\u201d Ramalho said.<\/p>\n <\/p>\n Have a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za <\/a><\/strong>or Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za<\/a>\u00a0<\/strong>or\u00a0Kgotsofalang Mashilo (journalist)\u00a0kgotsofalangm@caxton.co.za<\/strong><\/a><\/p>\n Remember to visit the Germiston City News on the following social media platforms:<\/p>\n Facebook<\/a><\/strong><\/p>\n Twitter<\/a><\/strong><\/p>\n Instagram<\/a><\/strong><\/p>\n YouTube\u00a0<\/a><\/strong><\/p>\n Or add the GCN on\u00a0<\/b><\/span>WhatsApp 079 406 1181<\/strong>\u00a0<\/span>or\u00a0BBM (BBM Pin: 7F102137)<\/strong>\u00a0<\/b><\/span>today, to get all the latest news.<\/p>\n Catch-up on more local news with our sister newspapers\u00a0<\/span>Bedfordview Edenvale News<\/a><\/strong>,\u00a0<\/span>Alberton Record<\/a><\/strong>\u00a0and\u00a0<\/span>Kempton Express<\/a><\/strong>.<\/p>\n