It’s officially the most wonderful time of the year! December is upon us and it’s time for gift giving. But before you start, maybe it’s a good time to pause and think of a gift for yourself?

As MUM CFOs of the Household, we want mums across the country to have the most practical tips to help them navigate life while managing their households. That’s why, we want to share 6 reasons why we think Financial Literacy is the best gift you can give yourself this season.

  1. You’ll learn to buy everything you need without breaking the bank (budgeting & cashflow)

Christmas is a time for shopping! Whether you are a shopaholic or not, the season calls for stepping into a store or adding things to your online cart to buy gifts for your loved ones.

Understanding your cash flow and learning how to budget are key tricks to making sure you don’t blow all your savings in one go. Knowing how much money is coming in, building a budget, and tracking how much you are spending, will help keep your budget intact this holiday season.

  1. You can start 2023 with a clean slate (financial & goal setting/debt)

This season is usually a time for most to start setting their resolutions and goals so that they can begin the new year fresh. For us mums, most of our resolutions revolve around managing our households better in order to take care of our family’s better. What better way to do this than by start planning and taking action?

Make sure your plans are SMART (Specific, Measurable, Attainable, Realistic, and Time Bound)! Planning to dissolve your debt? Take note of the specific amount you need to pay. Measure how much cash is coming in and how much you can repay out of it. Make sure the amount is attainable and realistic enough that you don’t put yourself in trickier situation paying them off. Lastly, set a time to make your repayments so you can track your progress.

Take this approach to any plans you have and you’ll be sure to tick them off your to-do list in no time.

  1. You’ll be prepared for life’s challenges (insurance/will & estate planning)

Remember when we all welcomed January 2020, excited for what the year had in-store for us? Feels like it was just yesterday! And though it has already been 3 years, the lessons still remain: Life is full of surprises and it’s alway better to be prepared.

Sure, no one could’ve prepared us for a worldwide pandemic, but there are ways and help available to soften the blow for when life throws us misfortunes.

Whether we like it or not, accidents happen, people get sick, and we’ll all eventually die. Do you have the necessary help in place for when any of these unfortunate circumstances happen? Being Financially Literate means you don’t throw caution to the wind, but actually prepare for these. If you’ve avoided facing these realities, now is the best time to get yourself and your valuables insured and draft your will and estate plans before it’s too late.

As responsible parents, we don’t want another pandemic to happen before we start planning for our family’s future.

  1. You’ll increase your income streams (mortgage/investment)

Financial literacy will not only help you save money, it will also help you get more! Increasing your sources of income is one sure way of achieving this. Thanks to new developments in technology, there are now many different types of jobs that people do. But new income streams don’t necessarily mean getting an additional job. Understanding how the property market can give you big returns and learning different investment strategies will ensure that your hard-earned money will not just be stagnant in the bank, but multiply.

  1. You can give your family the home you deserve

There is indeed no place like home. It’s a place of refuge, rest and relaxation for you and your family to share and make precious memories in. You can live in it for as long as you want and even pass it on to your children.

But getting a home loan specially during these trying times, is no easy feat. It takes a great deal of financial knowledge to ensure that you’re getting yourself a great deal. But once you have the basics down, getting a home will provide you with higher return than any other investment and Is a more cost effective option than renting.

  1. You can pass the knowledge to your kids 

Knowing how to responsibly manage your finances is something that your kids will only learn from you as it is not being taught in schools. The earlier you expose them to good financial habits, the better they will be at managing their own finances when they grow up.

Financial Literacy is not only for financial professionals to learn. It’s something that everyone of us, especially us mums, need to know about. That’s why this Christmas, we hope you gift yourself the MUM CFOs Money Masterclass.