Personal Finance Tips for Millennial Working Moms – Devika Praveen

For Millennial moms, motherhood is not easy and is considered considerably more difficult compared to previous generations, even more so for working moms. Working moms wear many hats and their lives are in a constant state of flux, fraught with daily challenges. However, with a little careful thought and planning, financial stress doesn’t have to be one of those.

Although many millennial working moms are anxious and stressed, they are taking back control where they can: by being proactive and independent, investing independently, mastering the art of the side hustle, and building wealth on their own terms.

Basic but prudent financial planning can help working mothers strengthen their children’s financial future. So this Mother’s Day, as she enjoys her time with her little one and prepares to resume her professional life, here are some financial planning assignments for her to focus on:

Budgeting is essential: Budgeting is about calculating expenses and seeing where each rupee goes – a basic set of tools to stay in charge of your money instead of pondering where it went.

Have funds on hand for an emergency: Having an emergency fund can help a lot. When it comes to real emergencies, the last thing you need is to worry about how you’ll pay for it. In case you struggle with savings, start with a goal of setting aside a nominal amount and then build up to one month of spending, then three, and then build up to 6 months of spending on this kitty.

Develop a debt repayment plan: Assuming you have debt (loans), then come up with a plan to get rid of it, as it makes it harder to build wealth. Research the best avenues, the approach that works best for you, and then put a plan in place.

Invest for the long term: Invest as much as you can and as soon as you can. You can start with your retirement fund (yes, now!) if investing seems too complicated for you. Don’t leave free money on the table.

Build a credit score: Absolutely imperative to take care of your bills on time every time. Period! Carefully evaluate any credit increase offered to you by anyone and decide based on need, not desire.

Put on your breathing mask first: Remember to plan for your future in the long term (old age) and together with your child’s education fund. You are equally important, and planning for your future safety will ensure that you do not become a financial burden on your children.

Take advantage of government programs and tax benefits: Do your research and check with your bank for available programs and tax benefits for fathers/girls, etc.

Get adequate coverage for you and your family: Whether you’re a working single mom or not, make sure you have adequate health and life insurance. Your employer may be offering group coverage, however, to get maximum benefits during a medical emergency, it’s wise to have your personal health coverage. Term life insurance ensures that your family’s financial needs are taken care of in the event of your untimely death.


Apart from all the smart financial moves mentioned above, set aside some money for your recreational exercises. Don’t forget to make room to enjoy what you earn. Treat yourself to that new book, a day at the spa, or a night out with friends.

Keep in mind that a healthy mind is the key to success and for that, relaxation is also essential. However, this should be done after confirming your financial plan and other essential expenses.

Take these steps and have a happy Mother’s Day every day of the year!!

Disclaimer: The views expressed in the above article are those of the authors and do not necessarily represent or reflect the views of this publisher. Unless otherwise indicated, the author writes in a personal capacity. They are not intended and should not be construed as representing official ideas, attitudes or policies of any agency or institution.

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