Joanna Marie O. Santos
July 6, 2023

Becoming a mother comes with its own unique set of ups and downs. Nothing compares to the happiness you get the first time you hold your little bundle of joy in your arms. But being a mother is a tireless job that comes with endless responsibilities and challenges. It can be daunting to start this new chapter of your life without any help to guide you forward. 

Soon, the excitement you felt in the beginning, may turn into stress and panic as you start dealing with daily expenses and monthly bills. On top of food and everything else, you now have to add milk, diapers, baby formula, and clothes to your ever-growing budget list. But don't worry! It’s fine if you’re only figuring out things as you go because we have created the ultimate guide to help you get on top of your budgeting. 

Money Management: How To Do It Right 

Handling your finances well is a crucial part of parenthood, especially in today’s economy when the prices of goods are always increasing. Accounting is a side job you have to perform as a mother–adding up the costs, then subtracting it from your budget, making sure you don’t come up with a 0 or a negative. This is where money management comes into play. 

Money management helps you control your spending and income in a way that reduces stress and secures your finances. As a parent, it’s important that you can meet your everyday expenses, handle unexpected bills, and still have savings for your child’s future. And above everything, it is important to avoid debts as much as possible. 

1. Plan a family budget. A family budget is a good start to managing your money. The key is to manage your income well, making sure you spend less than you earn. Work out how much you need for daily essentials and other utilities like gas, electricity, and water. Determine your other financial priorities, such as your savings, debt payments, and health insurance, then split the budget into each of the necessities. Budgeting can be stressful at first, but once you come up with a good financial plan for years to come, you can finally feel secure for your future. 

2. Anticipate other expenses. Sometimes, there will be other expenses that you haven’t anticipated. Even if you want to stick to the budget, the situation may not call for it. It could be that your baby needs new vitamins that you haven’t accounted for, or the monthly bills may have doubled. This is why it’s important that you don’t max out your budget–so you can cover these unexpected expenses without resorting to collecting debts. Get back to your financial plan, review your spending, and find ways you can reduce costs. 

3. Maintain an emergency and savings fund. We never know when an emergency will strike. Of course, we pray for our family’s safety all the time, but in case of an emergency, it’s better to be ready. Make sure you have a prepared emergency fund for this kind of occasion. Start by opening an account, then determine how much money you can set aside for this fund and deposit monthly. It can just be a small amount of money, as long as you maintain the fund. Aside from emergencies, you can also open an account for your general savings. It can be dedicated to your child’s education–the earlier you start, the more you can save. 

4. Upgrade to budgeting apps. It's time to put down the pen and paper that you use for your manual budgeting. There are plenty of budgeting apps you can install to help modern moms like you manage your household expenses. Most of these apps are easy to use and designed to save you a lot of time and effort–and they will do the math for you. 

5. Track your cash flow. You need to be savvy with your money, so always keep track of the money coming in and out. This way, you can avoid overspending your budget on unnecessary purchases. It will also be easier to review your spending at the end of the month in case you need to reduce expenses.  

What To Do When There Isn’t Enough

The most stressful part of budgeting is when you come up short of money, like when you’re at the grocery store counter and realize you can’t pay for everything you have in your cart. Now what?

Sometimes, it’s not enough to cut some expenses, so it’s time to start looking for alternatives and other ways to increase your income. Of course, if you stay at home to take care of your child, there are lots of part-time online jobs you can consider. 

Moms are amazing at being resourceful. When it comes to your shopping purchases, you should always look for more affordable options. Make sure you’re paying for the lowest prices but good quality products. Look for coupons and secure discounts at your most frequented stores. 

When dealing with financial matters, what you need to have as a parent is preparedness and flexibility. You must be ready to deal with the worst and unexpected and learn how to bounce back when it happens. Effective money management will help you avoid a disastrous financial crisis. Once you determine your budget, keep track of your income and spending. Don’t forget to invest in your savings and financial goals. The end goal here is to achieve financial security for your family. 

There is no perfect way to be a mother. At first, you may feel overwhelmed with all these new responsibilities, but you don’t need to shoulder everything alone. Your partner should be with you while you’re both figuring things out. You can also turn to other moms for advice. Being good with money takes practice, so no need to stress yourself out with budgeting. Eventually, you will find your footing. Don’t worry–you’ve got this!