We hope that this year in particular, following the incredible difficulties that they have had to face during the pandemic, that our Mums have been especially honoured and spoiled by their families.

It is a fact that during this time far more women lost their jobs than men, as they are generally not considered to be the breadwinners of the family, but this of course is not so. In South Africa, many children don’t have Fathers and so many women are, by circumstance, the sole breadwinners for their families.

For these working Mums, and even for some who are working to add to the family income, it can be tough to make any savings to try to build income for the future. It feels like just making ends meet is as much as they can do. Admittedly, in some cases, any sort of savings might be impossible but, in many cases, with a bit of effort working Mums can build wealth too.

It’s all about savings

Wealth building always begins with savings. If you never have anything to contribute to savings, then you are just surviving and not building wealth. Here then are a few tips that might just help working Mums to put some money aside to do this every month…

Budget to control spending

It is vital to understand exactly where your money is going every month. The first mistake many people make is not to create a clear budget always showing income versus expenditure. Once you know exactly what your expenses are – you can control your spending and look at ways to cut costs to create savings.

Find ways to keep a tight budget

If you see that expenditure is exceeding income you’re heading for disaster. So look for areas where you can cut costs. Do you really need that gym contract when you could just as easily be working out at home? Do you need to eat out to save time when you could be making food at home, or could you save on buying take-outs by making large pots of healthy food that serve as frozen heat and eat meals?

Use your rewards

We live in a world that offers rewards on just about everything. Use all these opportunities to save. The savings on a dozen rewards cards, if you are using them constantly, could be hundreds of Rands a month.

Live a virtual life

As a working Mum in your own business try to work from home. The savings on petrol, office rental and time have proven to be significant for many small businesses. Even if you can’t do that take to online shopping wherever you can. There are numerous savings to be had when seeking the best buys online, and again time and petrol can be saved.

Constantly review

Don’t just go with the same short-term policy or medical aid that have been covering you for years for things you no longer even have or use, or services you no longer need. A good short-term insurer will be happy to review and adjust any policies you have, and sometimes significant savings can be made here.

Work with a Financial Advisor

Probably the best advice we can give you is to seek the assistance and guidance of a professional Wealth Advisor. Our highly trained Advisors at Hereford Group not only assist the very wealthy but care about anyone who has a desire to build wealth. Who knows? – with some astute wealth planning you could become one of those high rollers too!

Remember that we understand every aspect of saving and also remember that protection in the form of dread diseases and disability insurance, and income protection, for example, are also necessary to ensure you are covered when disaster strikes. There’s no point in saving if you are continually suffering setbacks.

Talk to us and let us assist you to create a wealth portfolio that works within your limitations and is customised for your needs.

Stay safe Mums – and stay positive!