3 Credit Mistakes That Moms Make

Regardless of what you think, Moms aren’t perfect. They make mistakes with money too. That said, it becomes imperative that our children don’t make the same mistakes when they grow up to be parents as well.

So, here are 3 common credit mistakes that Moms make:

#1: Not taking care of your financial needs first

Parents tend to focus on their children’s needs with saving for a college education being one of them. However, in the process, they tend to forget their own needs by not saving any money for retirement.

Don’t think of yourself being selfish. However, if you’re in a better financial position, you’ll find that you can help your children better.

#2: Not teaching your kids about money

Kids learn the most lessons about Life from their parents. It’s unfortunate that managing money isn’t one of them which when you think of it, is probably the most important one to learn. In other words, it’s inculcating the understanding of why and when you use credit and pay off your debts.

It’s also about creating a habit of leading a transparent financial Life and which moms can scuttle by hiding purchases from their children and spouses.

#3: Use the Wrong Credit Cards

It goes without saying that your shopping habits will change as soon as you become a parent. For one, you’d be spending more time at Target than at Nordstrom. This is also why you should also review the credit cards that you are using as to whether you’re paying too interest.

Check to see if you can look over new credit cards at least once a year to see if you can get a lower rate or other offers than can save you money in the long run.