Financial tips for millennial moms

Chennai: Millennials have grown up in anage of incredible technological advancements and have conformed to constant connectivity through wonders of the internet.

Now that millennials are getting older and raising families, the curiosity of their parenting style persists. While parenting is one of the most profound joys in the world, it brings with it a whole set of responsibilities – financial and otherwise. Unlike the Baby Boomers and Gen X, millennial parents and especially millennial mothers will have to make smarter financial decisions to secure a future for themselves as well as their children.

“Whether you already have children or have one arriving, creating a financial plan, and setting a long-term goal should not be put on the back burner,” says Peuli Das, appointed actuary, IndiaFirst Life Insurance Company Limited.

“Chalking out a financial plan that covers you and your child’s journey for at least a few years at a time should be the first step. Millennial mothers today are tasked with fulfilling a range of childcare expenses including vaccination, childcare, academic feeds among other expenses. This makes it important to carefully understand and not only plan your income and expenses but also curtail expenses where necessary and impose financial discipline in all your spends.”

 

NT Bureau