7 Things Motherhood Has Taught Me About Money

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I never realized just how much disposable income I had until I gave birth to my first kid.

Before my daughter was born, it was so easy to throw money around. Weekend getaway? Sure, let’s go! Get my hair highlighted for $200? Yes, please!

Now every penny that we have that isn’t socked away for the future is accounted for—and the vast majority of it goes towards our family.

If you’re looking for a lesson in personal finance, all you have to do is get pregnant. Parents learn so many life lessons, in such a short time, that they form a special club of their own. I’ve found that, when you’re a mom, you just get it.

Here are seven things I learned about money after I became a mom. If you’re a mother, you may know what I mean. If not, well, here’s what you have to look forward to:

1. Going out for lunch is a luxury — diapers aren’t.

When you become a mom, your priorities change. Drastically. Enough said.

2. You won’t believe how fast kids grow.

A pair of tennis shoes for a 4-year-old can cost as much as $50! So your best bet is to often shop consignment stores for the wee ones because kids grow so fast that second-hand clothes are basically brand new. If you shop carefully, you’ll likely find expensive brands that you may not be able to purchase new. The same goes for you: Gently worn clothing is a great way to save on items that you won’t wear often—like maternity clothes! For more tips, here are seven easy ways to save on kids’ clothing.

3. If you grocery shop without a list, you’ll spend double.

When you have a family, planning ahead for meals and snacks reduces your food budget significantly. From shopping with a cart instead of a basket (the effort of holding stuff may make you crave indulgences) to keeping your kids at home so they don’t beg, here are 14 steps to grocery shopping perfection.

Additionally, before you make an impulse buy, think seriously about the trade-off between time and money. For example, some moms will advise you to forgo the bag of pre-cut baby carrots, but I think my time is worth more–it’s a fast, healthy snack kids love that you don’t have to prepare. Here’s more on how to start thinking about what your time is worth.

4. Rainy days happen (and umbrellas are important).

Even a few dollars saved every month can build a significant nest egg–or an emergency fund. Should you or your spouse get laid off, that cushion can see you through tough times. Or if one of your children suffers a significant illness, you won’t have to worry so much about paying for treatments. Being a mom means being prepared for everything … even the worst-case scenario.

  • Adam Bradshaw

    Failing to recognize that financial status will drastically shift towards the more challenging side when one decides to go into serious relationships and responsibilities is one of the mistakes some people make today. Hence, I definitely agree being a mom means being prepared for anything. I believe that goes out the same with all dads too! Your post has a lot of practical value on motherhood. Your views on finance and parenthood responsibility fresh and workable, keep it up. Here’s an equally great post on money and motherhood, with mention of this article. http://financesonline.com/motherhood-and-financial-status-for-better-or-for-worse/