Financial Planning
9 Money lessons motherhood teaches us
There’s nothing like holding your heart in your hands – a little person you are suddenly completely responsible for. It reorients your reason for being and changes every relationship you’re in – including your relationship with money. Lee Hancox, Head of Channel and Segment Marketing at Sanlam, shares some of the money lessons she has learned from motherhood.
"Children understand finances early. Discuss money openly, set goals together, and explain decisions."
1. You’re the grown-up
Being a parent requires planning for the future – including having a will, medical aid, insurance and life cover – ensuring that these provide peace of mind and secure both your and your child's future.
2. Mind the gap
Children mimic our behaviours, prompting reflections on financial habits from our childhood. By discerning which behaviours to keep or change, you can foster a healthy financial mindset for your child.
3. Lean into support
Support from fellow moms is invaluable. Sharing financial challenges creates a supportive community, reducing isolation. Accepting family help and seeking advice from an understanding financial adviser strengthens this vital network.
4. Kids understand more than we think
Children understand finances early. Discuss money openly, set goals together, and explain decisions. Teaching concepts like opportunity cost helps them grasp the value of saving and making informed choices.
5. Teach generosity
Living in an unequal society, teaching compassion is crucial. Modelling generosity and empathy is the best way to instil these values in your children.
6. It's not forever
Circumstances change – they're not permanent. Setting achievable goals and working with an adviser can help navigate these changes. Facing financial difficulties head-on and communicating with providers can prevent debt from spiralling.
7. The power of saying no
It's okay to decline invitations to gatherings or events if they're not affordable. Setting boundaries and finding budget-friendly activities is important for maintaining financial health.
8. Know your rights
If you’re a single parent, know your and your child’s rights. Ensuring child support and that legal obligations are met may require legal or financial counsel.
9. Fill your own cup
Balancing your child's needs with your own is crucial. Taking time for yourself and recognising your needs is essential for maintaining your well-being.
Speak to your Sanlam financial adviser today to set up a plan that will give you peace of mind.
Looking for expert advice?
Speak to a financial planner
Liked this article?
Share on social media
Blog
Related Articles
Nine essentials of a sound financial plan
How to impart financial wisdom to the next generation
Starting an emergency fund with a small amount is vital!
What does financial freedom look like for South Africa?
Five great money moves for #womensmonth
Women and divorce: the financial implications
Financial planning for parenting later in life
What parents should be teaching children about money
#SavingsMonth: How to achieve a savings mindset
Financial literacy – from toddlers to teens
Our essential guide to tax season
Tax-free savings plans: ticking many good investment boxes
#SavingsMonth: 10 Ways to earn extra income after work hours
Talking about money can create happiness
What to know about the elephant in the room – the one you bought on credit
The importance of getting good advice
7 Easy ways to maximise your Wealth Bonus
Strategies for financial milestones
30 Money moves for 30-somethings
#YouthMonth - Why loud budgeting is taking over TikTok
A consumer outlook of the SA budget
Getting real about retrenchment
Turn money moments into loving moments
Are you head over your heels or in over your head?
Tips for a financially fit year
Will you really be saving money on Black Friday?
Do this each day to increase your happiness
How financially confident is South Africa
How financially fit are you?
Costs of single motherhood
Money can't buy love, but talking about it can create happiness
Marriage and money: Five critical factors to consider before tying the knot
Building generational wealth: Simple strategies for securing your family's financial future
9 tips to (financially) survive retrenchment
Five tips to help you avoid financial sabotage
Financial commandments for when you get hitched (and ditched)
Take this checklist when meeting with your financial adviser
Start paying bills to yourself
Having a financial plan to prepare for your first child is important
Black tax - a gamble for future generations
Don’t let debt defeat you
Estate Planning: Caring for those who may not be able to care for themselves
Tax-Free Savings Accounts– A vital part of any financial plan
Get expert financial advice
Speak to us now and get advice from an accredited financial planner.
Speak to a planner