Making Time For Your Finances as a Busy Mum:

One in four Australians struggle to make ends meet, ABC News reports. People who are separated or divorced are roughly twice as likely to feel this way than those in relationships or married — 45%, compared to 21%. Although getting on top of your finances may seem challenging or even impossible as a busy mum, there are effective methods and tools that can help. With the right knowledge and action, you can improve your financial life and increase your savings over time. 

Organise your finances

Although organising your finances can be difficult when you’re already busy, it’ll save you valuable time and unneeded stress in the long run. So, start by working out all your incomings and outgoings (get your partner to help collect and go through all your bank statements, receipts, and bills). Ideally, get this done when your children are in bed, at school, or otherwise out of the house. When you’re free of distractions, you’ll be able to focus better. Group your fixed expenses like mortgage or car payments, along with all your other spending. Getting into the habit of monitoring and sorting your bills and expenses will help you avoid most financial problems before they arise. It’s also worthwhile to regularly review your home loan to make sure the terms you initially signed up for are still the best for your current financial situation. You may find switching to a new one can help you pay it off faster and save thousands.  

Embrace finance tools and software

Budgeting software is a great time-saving tool. Once you set up an account with secure passwords, you can then authorise instant imports of your bank and credit card details, which in turn saves valuable time and minimises chance of human error. This software also lets you manage your finances on-the-go with your smartphone. That means you no longer have to wait until you’re home to log onto your accounts and see your financial status. If you’re out shopping and want to check you’re within budget before making a purchase, you can do so instantly. With your smartphone, you can instantly access your budget, bank statement, balance, and pending and upcoming payments anytime, anywhere. 

Make saving easy

People who aren’t in the position to save much, if any, money may not see the point of setting up a savings account. However, budgeting software can also help you build up savings and, in turn, make having a savings account worthwhile. In addition to showing you your exact incomings and outgoings in real time, budgeting software will also give you tips on how to save and redirect money to more important needs. You’ll then be able to increase your emergency savings, pay off debts, and add to your retirement fund.  

Managing your money as a busy mum doesn’t have to be overly difficult. By getting organised, making use of budgeting software, and slowly building up your savings, you can learn to better balance your finances and save more money.