The two words that hit our minds when we think of the Alphabet “M” are Mother& Money. Today we are trying to increase awareness about money, for the pillars of our homes i.e. Mothers.  Becoming a mother is perhaps the most joyous moment in woman’s life, but in that they forget other important aspects, one of them being finances.  

Financial planning must be resorted to before they embrace motherhood. Perhaps well in advance before they embrace it. One should start building a corpus at least 1 year in advance and invest the same accordingly. One can choose to invest in instruments which offer a steady mix of capital conservatism and growth. This corpus should be kept in mind to at least cover health policy and maternity expenses.

While, child care expenses are a shared responsibility between parents, one can start earmarking some funds each month and invest the same in order to meet those expenses. While, a lot of expenses cannot be correctly estimated as of Day 1 and there is a possibility of shortfall, it is a wise to create a cushion to the level it is practical and feasible. 

One must also plan for a sabbatical in case due to health or any other factor one is unable to continue their job or profession. Keeping this in mind, one should try to create at least a 2 years contingent cover. While, this is easier said than done, one should try to act on it as far as possible. One should simply not earmark a sum for expenses, because that money will not grow unless it is invested wisely. Investments will play a very critical role in supporting financially when there is down turn. Also, special mention to single mothers. Being a single parent is extremely challenging. In such situations it is important have grip on your finances. They should link their goals to their cash flow.

In general, the Indian mother is now also a part of the corporate work culture in many instances. Their ability to understand finances is much better as compared to a decade ago. However, there are still many such instances where they have a level of faith or dependence on others when it comes to finances. It is very crucial to be aware of their rights, finances, investments, nominations, etc. Having a view on their finances is crucial. There should not be moments where they are completely left blank about matters pertaining to their finances.