According to studies, mothers are better money managers. They manage the family finance well and know how to tighten the purse during critical periods.
Here are top reasons why:
#1 – Women worry about family financials
Whether they are stay-at-home or working moms, married women are more concerned about family finance. They make sure that every dollar is spent wisely. They make a budget and stick to it. Moms look into the future more and encourage husbands to invest for children’s college education fund or retirement plans.
#2 – Women monitor spending
Women especially moms keep track of their monthly expenses. They are aware of due dates of bills, credit card payment schedules, and other payables. They usually keep a written record of their daily or weekly spending and compare month-by-month expenses.
#3 – Women are remarkably organized
Women are more meticulous and detail-oriented compared to men. Most display perfectionist-like characteristics and want everything organized. Attention to details and organization are vital to financial management.
#4 – Women have more self-control
Most women who become moms can control their impulses to spend recklessly. They learn to curb their personal wants and prioritize the needs of the family. Family finance is more important for them.
#5 – Women are less competitive
Once married, women can take their competitive spirit to avoid financial mistakes that will affect the whole family. They become more concerned with the needs instead of “keeping up with the Joneses.” They like to hold on to long-term viable investments instead of buying luxurious things that can put a dent of their savings fund or budget.
#6 – Women are careful investors
They avoid risks that can potentially affect the financial portfolio of the family. Unlike men are aggressive investors, married women slow down and carefully select options that will benefit the family in the future.
#7 – Women seek advice
When it comes to investment-related matters, women listen to professional experts. They believe that financial advisors can help them weigh the best options. They want to be assured of the real value of the investment.
All these traits are essentials to manage family finance. The smarter and wiser the moms are, the better for the whole family.