Being a mom has made me so tired. And so happy." - Tina Fey

Motherhood comes with a whole new set of responsibilities. It thwarts you into being responsible for the social, emotional, physical, intellectual, and financial development and security of another life, might we add, one that’s the most precious to you. While we can’t lend our services for the rest, we’re more than happy to guide you through certain money hacks that all young moms must know to ensure a financially fabulous future for themselves and their little ones! 

Create a Budget 🧾: As a young mom, it's important to manage your finances effectively. Start by tracking your income and expenses to create a budget that will help you stay on top of your finances. Make sure to include expenses such as groceries, utilities, rent/mortgage, transportation, and any other monthly bills.

"The best way to predict your future is to create it." - Dr. Mae Jemison

Build an Emergency Fund 🏦: A financial safety net should be your number one priority as a young mom, just in case the roads lead to any unexpected turns. Set aside some money in an emergency fund that can cover your living expenses for at least three to six months. This can help you deal with unanticipated expenses such as medical emergencies or a sudden job loss. 

"The earlier you start saving for retirement, the less you'll have to save in the long run." - Barbara Corcoran

Save for Retirement 👵: Future planning is a necessity. Consider opening a retirement account, such as a National Pension System (NPS) or Public Provident Fund (PPF), and start saving for retirement as early as possible. This will help you build a corpus for your retirement years.

"Debt is like any other trap, easy enough to get into, but hard enough to get out of." - Willa Cather

Pay off Debt 💳: Get rid of debt, as soon as possible! Prioritize paying off any high-interest debt, such as credit card debt or personal loans, to avoid accumulating more interest over time. You can also consider consolidating your debt into a single loan with a lower interest rate.

"Education is the most powerful weapon which you can use to change the world." - Malala Yousafzai

Invest in your Children's Education 🎓: Keep in mind that your child’s future is entirely up to you. Incase things go awry, you need not depend on anyone. So, start setting up a college savings account, such as a Sukanya Samriddhi Yojana (SSY), to help fund your children's education. This can help you manage the high cost of education in India.

"Insurance is not about investment, it's about protection." - Suze Orman

Protect your family with insurance 🗄️: You require adequate insurance to protect your family, for the future remains unpredictable. Make sure you have sufficient life insurance, health insurance, and disability insurance. You can also consider investing in a term insurance policy to provide financial security to your family in case of your untimely demise.

Remember, as a young mom, it's important to start planning and saving early to secure your financial future. Don't hesitate to seek the advice of a financial planner or advisor to help you make the most of your money and plan for your future. As Tina Fey said, "Being a mom has made me so tired. And so happy." With the right financial planning, you can ensure that you're both financially secure and happy.