As a shout out to mothers everywhere, we have dedicated this page to some maternal money wisdom in honour of Mother’ Day.
Motherhood is a game changer whether you like it or not and having another human being who suddenly depends entirely on you immediately changes your perspective of life and with it, your relationship with money.
Mothers around the world make hard decisions daily to stretch their money further to provide the best for their children. It’s no wonder that mothers have a lot to share when it comes to money-saving tips and being financially savvy.
We spoke with three Malaysian moms to see how motherhood has changed their perspective on money, and got some nuggets of intelligence!
Here’s excerpts of our Mother’s Day exclusive with Rachel Kwacz, a child and family development specialist who also shares her tips on parenting on her Instagram @rachealkwacz.
Q: What is the most valuable thing you can give to your kids?
A: I strongly believe that my job as a mama is to help Ella Grace be the best Ella Grace she can be, not the best Ella Grace I think she should be.
Q: How has becoming a mother changed your perspective on money?
My husband and I joke about this all the time, before we had Ella Grace, that “investing” into our memories of our wedding seemed very important. Now I think, oh man, think about how many terms of school I could have paid with the money spent or how many diapers I could have bought!
It certainly shifts your perspective on what’s really important and it also really motivates me to work really hard so I can take care of her the best that I can.
Q: How has your becoming a mother changed your spending habits?
A: Sometimes, because I am her mama, I’ve had to make unpopular decisions in the now in order to secure her future whether it’s teaching her to value experiences over materialism, or asking if we need it or want it, and teaching her the value of the things we choose to spend our money on.
Q: Any money tips you would like to share with new moms?
A: It’s easy to get caught up with trends or thinking my child must have this fancy stroller or toy or must be dressed in…Try to shop preloved if you can and always mull large purchases overnight. My husband and I also have a rule that we confer with each other as we can usually weigh the pros and cons together and since we have joint accounts, there’s no major surprises but all the love!
What happens when its motherhood x 2?
After crossing the daunting hurdle of becoming a first time mother, adding baby no. 2 is certainly double the joy and with it, the challenges to become even more adept at managing money, as many seasoned mothers will agree.
We reached out to actress and blogger Sharifah Sofia, who shares her motherhood adventures @Sharifahsofia on how becoming a mother of two daughters had shaped her outlook on money and life.
Q: What is the most valuable thing you can give to your kids?
A: Time. It’s something money simply can’t buy.
Q: How has becoming a mother changed your perspective on money?
A: Haha.. every sen counts! Teaching children the value of money is very important in the long run. They learn to not ask and to earn what they want.
Q: How has your becoming a mother changed your spending habits?
A: I no longer buy for myself much anymore. But the older they get, the less consumables are required. The more parents can put aside for rainy days or even vacations!
Q: Any money tips you would like to share with new moms?
A: Don’t waste money on things especially toys you know your child will only spend 5 minutes with. Instead, save some money you can use for trips to create real memories.
Learning to make every ringgit count
This is a money lesson many mothers know only too well. How do you differentiate from your needs and wants when you find yourself wanting to indulge your children without going overboard?
Audrey, who captures the priceless moments of her motherhood journey @Fourfeetnine reveals how motherhood has influenced her shopping habits.
Q: What is the most valuable thing you can give to your kids?
A: My time
Q: How has becoming a mother changed your perspective on money?
A: … it made me realize how many necessary expenses there are with kids.
Q: How has your becoming a mother changed your spending habits?
A: I’ve always loved shopping and I’m willing to spend on things I like. With kids I found myself spending a lot on their clothes, gadgets and toys. Nevertheless in recent years, I’ve been spending less frivolously – to invest more on quality necessities for them like school fees, and enrichment programmes.
Chances are, if you are reading this, you will have a mother or even a grandmother and perhaps you are already a mom or know someone who is doing a great job being one.
So whether you are planning to splurge on a dinner treat, a special gift or planning on spending quality time with your mother, remember that she will have some of the best financial and money-saving tips for you.
Happy Mother’s Day!
