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SUPERMUMS HAVE THE POWER

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Single mums need to involve their children in the household budget so that they respect money and the costs of living when they’re older..
Single mums need to involve their children in the household budget so that they respect money and the costs of living when they’re older..

AS PART of Mother’s Day, SunMoney said “hail to supermums!”

A mother is not just a juggler or multi-tasker but is a super organiser.

Supermums, according to DebtSafe, face various challenges which mean they have to do more than just devote time and love to their families.

Carla Oberholzer, debt adviser at DebtSafe, said that supermums may face financial challenges because of:

- The current economy uncertainties

- Price hikes in fuel and VAT increases which push prices up everywhere

- Single incomes

- The implications and consequences of the sandwich generation – people who support their parents and children, according to Key Savings and Investment Trends 2017

Oberholzer said it’s time to boost energy levels and reduce financial burdens.

- Don’t just get up and shop. It is best to avoid impulsive shopping. Energy draining spending sprees with little or no self control don’t help.

Rather take a deep breath and plan your weekly and monthly shopping outings while listing the things you need and saving for what you want.

- When your financial mind falters, physical energy follows. Supermums can keep themselves financially fit by keeping up to date with the latest financial news and tips.

Try and read blogs, newspapers or magazine articles every week. Use online financial websites as well as phone apps.

- Don’t believe in teamwork? Think again. Mums will find their energy depleted if they continually manage those household finances alone. Money and finance management – even saving for a December holiday – should be a team effort.

Get your kids, partner and other relatives or friends involved.

- Get the word out – financial communication is important. There is no better way for a mum to put a spring in her step than by holding proper financial talks and communication.

What about arranging a brainstorming session and regularly discussing money matters with all the loved ones?

Communication should not start and stop with family just because times are tough.

Mothers also need to also communicate and negotiate better instalments with creditors, brokers or bankers, as well as problems of spending from other parts of the household.

If a supermum is finding herself in a very tight financial spot, she should contact a debt adviser such as DebtSafe and ask about consolidating her debt problems to get a chance to breathe.

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