Mother, Baby & Kids

6 Investment Steps Every Mum Needs to Know

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Being a mother is the most rewarding and challenging job in the world!

It entails so many responsibilities that you’d do anything for your kids and at times would spend lavishly on them.

Whether you are a stay-at-home or a working mum, you must want what’s best for your family.

Although it’s typical of you mums to put other family members first, particularly your partner and children, it’s wise for you to prioritise yourself and your financial matters in the same way that you prioritise your family.

You never know what the future holds, and you’ll eventually have to manage your own money.

Whether you have financial goals or not (which you should), you must begin as conveniently as possible.

There are numerous ways to invest and save money, and as a starting point for mothers who want to get started, here are six steps that you should be aware of.

6 Steps to Assist Mums in Investment and Saving

Determine Your Investment Goal

Before you do anything else, you must understand why you are investing.

Only then can you determine which investment/saving strategy is best for you.

This could range from wanting to have enough money for retirement, a vacation, a bucket list, a down payment on a house, or even a college fund for your children.

You could think of this step as determining your main reason for wanting to have that set amount of money at the end.

When you know why you’re growing your money, you’ll be more driven and confident in your abilities to cross the finish line.

Make A Budget For Your Household

Once you’ve determined why you’re investing, you’ll need to evaluate your household budget.

Take into account whether you’re single, a stay-at-home mom, or have a partner who splits the expenses with you.

You’ll be able to figure out how much you can commit monthly after you’ve calculated the household budget, which covers bills, groceries, loan repayments, and so on.

For example, after deducting all monthly expenses, you’re left with RM500 per month for investment.

Figure Out The Amount and Length of Time

This is about determining how much value you’ll need to attain your financial goal, as well as when you’ll need it.

You may want to save for five years, 10 years, 20 years, or even 30 years, depending on your aims.

That’s why it’s common to hear people say, “Start investing or saving as soon as you can.”

There are numerous legitimate investments and savings accounts to consider in Malaysia.

Employees Provident Fund (EPF), Amanah Saham Bumiputera (ASB) / Amanah Saham Malaysia (ASM), high-yield savings account, money market or cash management fund, and bonds are among the five low-risk investments you may consider.

Review and Negotiate Investment and Savings Plans

There are numerous savings and investment plans available, some of which also fall under the category of insurance.

So, go through as many as you can to find one that fits your goal, time frame, and budget.

Make sure to get your plans from reputable sources and weigh the pros and cons of each plan you are introduced to.

Ask as many questions as you need to understand where you’re putting your hard-earned money.

Some examples of questions you could ask are as follows:

  • How does an investment or savings account work?
  • What are the risks of putting your money there?
  • How much money will you make in a certain period?
  • What are the additional / hidden costs?

Pick The Right Investment Account

After you’ve gone over the plans, it’s time to make a decision.

Remember that once you make a decision, there’s a good chance you won’t be able to change your mind.

It will be your long-term investment or saving to help you reach your financial goals.

To assist you in making an informed decision, first, select the best three with significant advantages.

Then, carefully consider the three options and compare them side by side to determine which one best fits your needs.

Save As Much and As Often As You Can

Consistency is one of the most important factors in ensuring your goal’s success and attainment. Allow yourself no leeway from what you’ve agreed to pay. You’ll find it easier to invest or save money if you’re consistent. Remember that it will all be worth it in the end.

It’s also a good idea to save whenever and wherever you can. Make it a habit to only buy what you and your family require, the necessities, rather than splurging on unnecessary expenditure items that you merely desire.

Time For Mums to Take Charge of Their Finances

If you are disciplined and capable of following these basic steps, you are on the right track to investing or saving money to meet your financial goals.

One thing is certain: always do your research before putting your money anywhere.

Other financial tips to keep your spending under control include creating an emergency fund and avoiding unnecessary debt, such as the ‘buy now, pay later scheme.’

Please keep in mind that the suggestions above are general in nature and do not take into account your specific needs or financial situation.

They should not be understood or relied upon as legal, investment, or financial advice.

Always consult with a qualified and licenced financial or investment adviser before making any major financial decisions.

You’ve got this, mummies!


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