Modern moms are juggling two difficult realities. Yes, in the past, mothers have made do with an absolute shoestring budget, but today the expectation is to provide kids with everything they need to succeed. This includes more than just a roof over their heads and food on the table. Today, parents want and almost need to provide kids with extracurriculars, tutoring, trips, excursions, and more. 

Yes, it’s fun for the kids, but it’s also a way for parents to help set them up for success. 

The problem, however, is that everything just keeps getting more expensive, and incomes are not growing to match. That’s why modern moms are redefining what “financial security” looks like by: 

Mom sitting at a desk with her baby and her laptop.

Dealing with Debt 

You can negotiate all sorts of debt. If you have a mortgage, you can shop around for deals. If you have multiple credit card debts piling up, you could go to providers like Achieve.com and negotiate the amount you owe down, and then pay it off with a consolidation loan. What this means is you owe less, and you pay off all those little debts with one single loan that’s far easier to manage. 

Saving as a Priority 

If you don’t currently have an emergency savings fund, it’s time to make that your priority. You should have, at a minimum, enough to cover three months of household costs. With today’s job market struggles, however, you should aim to be able to cover 6 months or even a year. 

You should also consider opening investment accounts for your children, as this will allow you to save for future expenses like education or even housing and benefit from better interest rates. 

Understanding Where Childcare Costs Occur 

It’s also a good idea to understand where the bulk of childcare costs occur, so that you can save and adjust your budget accordingly. For example, nursery childcare costs tend to eat up around a fifth to a quarter of the average $310,605 it costs to raise a child from infancy to 18 years old (for middle-income parents). By preparing in advance, you could save, plan a career break, or even invite a parent to live with you to help out.  

Swapping to Free and Low-Cost Activities 

Your kids don’t need expensive extracurriculars to have an enriched life. There are free or low-cost options out there; you just need to find them. You can also create your own options by working with other local families. Work with your community, and you’ll be able to access the village needed to raise a child, and all for less, too. 

Not Allowing Themselves to Feel Guilty 

Mom guilt is a real thing, and it’s huge. You want to give them absolutely everything, but that doesn’t contribute to financial stability. 

Here’s the secret: it’s good for them to be told no. It’s also good for them to focus on only one, maybe two, extracurriculars at a time. Keeping things simple, being creative, and focusing on only spending time together (at home, a park, or other free space) can be better for them, your relationship, and your budget, making it a big win all around.