No matter how much you earn, you have to be wise with your money, especially with the economy the way it is," says Marij, who started a group on CafeMom for coupon swapping. "You don't need to have the iPhone 5 just because your neighbor has it."
Right now, Marij shares a credit card with her husband, but she may be able to qualify for one on her own, thanks to an October 2012 ruling by the Consumer Financial Protection Bureau favoring stay-at-home parents. While she's stressed right now, Marij says it won't take a big-money job to feel secure again. In fact, the study found more savers like Marij among low-income families than high-income ones. "Financial security is not about income, it's about control," says Rachana Bhatt, marketing director of the Chase credit card division. "Having a plan in place gives you a sense of control and confidence."
Find a bookkeeping system that works for you
Marij records what goes in and comes out in a notebook but does her banking online, as do 87 percent of the moms surveyed. Mothers are the biggest users of online banking, Bhatt says, which is why Chase had moms in mind when they designed Blueprint, a set of free tools available to Sapphire, Freedom, Slate and Ink cardholders. Track It allows you to track your spending in certain categories, then access graphs online that show how you're doing. "Entertainment, for example, is one of those discretionary spending categories you want to keep your eye on," Bhatt says.
Full Pay, another Blueprint tool, can actually save money by allowing you to pay in full when you purchase everyday items. "It separates out the items that are everyday spending like gas and groceries and allows you to avoid interest on those transactions," Bhatt says.
Consider mobile banking
We are entering a digital age," Bhatt says. "Moms are on the go with their kids, whether they're dropping them off or picking them up, and they need to be able to access their finances digitally, especially by mobile device."
Almost half of mothers surveyed (43 percent) use mobile devices for day-to-day banking. Ann Lundberg predicts three-quarters will be using mobile banking in a year. "In another study, we found most moms would rather rescue their smartphones in a fire than their wedding rings," says Lundberg, vice president of sales for CafeMom, an online community for mothers. "It's like moms can't live their lives without a smartphone any more."
Stay on top of your credit
One in five moms don't know what they're paying in credit card interest, and nearly half haven't checked their credit scores in the past year. Lundberg suspects many women would find they're taking on too many credit cards. "They think they're doing themselves a favor signing up for another just to get 20 percent off a $300 purchase," she says. "Pretty soon they have 20 store credit cards and they're messing up their score."
More than half of the moms surveyed (59 percent) say they disagree with their spouses on how to manage household finances. "The numbers suggest that not agreeing is one of the biggest barriers to financial security," Lundberg says. "If you disagree with your partner, how can you control your own plan?"
Yet women appear to be in the driver's seat here, with 84 percent actively managing the family finances. "Moms really do control the pocketbook," she says. "So they have to take the lead on establishing and implementing the budget, and start a conversation."
Refrence: http://www.creditcards.com
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