In a society that has been transformed, women play a relevant role in the family and in their various roles. For this reason, in Mexico, on May 10, the work of mothers is celebrated, not only for caring for, comforting and guiding their children but also for the journey they have had in the workplace.
According to data reported by the Population and Housing Census, in Mexico, there were a total of 35,221,314 mothers in 2020, where women aged 15 years or older reported having had at least one son or daughter who was born alive. According to the same source, women in the country had an average of 2.2 sons or daughters reported in the same year.
The maternal role is relevant for the growth of sons and daughters
Being a mother involves one of the greatest responsibilities that a woman can have throughout her life, not only in the personal sphere but also in the work and professional sphere. This is shown by the figures reported in the National Survey of Occupation and Employment (Enoe). Of the total number of employed mothers, 64.4% them were paid subordinate workers, 3.5% were employers, 26.9% were self-employed and 5.3% were unpaid workers.
“Mother of a family” is defined as one of the most gratifying and unexpected experiences in a woman’s life, in addition to the fact that the maternal role is relevant for the growth of sons and daughters, influencing different cycles of their life such as personal, academic, work, as well as financial well-being.
However, according to the 2021 National Financial Inclusion Survey (ENIF), in Mexico, it is indicated that four out of 10 women in the country lack a financial product, despite working and generating income. Therefore, five tips are listed that will help improve the financial health of mothers in the long term.
- Instill the habit of saving. Saving also works as a method of planning over the years: doing so from an early age ensures a person’s standard of living and independence. For this reason, starting a savings plan is relevant. It is recommended to make an initial budget that takes into account the income received, then the expenses to be covered and, finally, the amount to be saved.
- Avoid small expenses. It is recommended to create a list with a record of daily expenses, on a monthly basis, with the sole objective of making the decision to replace, reduce or eliminate them.
- Use financial tools. It is recommended to use financial applications that facilitate the control of expenses on a weekly, biweekly or monthly basis, as well as the responsible use of credit.
- Use financial loans responsibly. Although credit is useful and accessible, it is recommended to use it responsibly. It is necessary to review its characteristics and correctly evaluate the amount, the term, and, above all, the interest rate to avoid complicated situations.
- Investing for retirement. Whatever income you have, it is advisable to increase it through an investment that generates interest; also, consider an investment account intended to generate savings funds for retirement when you reach old age.
Saving opens a path to the future
According to the National Financial Inclusion Policy (PNIF), the proportion of adults with a tendency to have a formal savings account rose from 44.1% in 2015 to 49.1% in 2021. Saving is a practice that depends on personal habits, which is why it is necessary to be well aware of the financial situation in which one is as an individual. In the long run, it will pay off in peace of mind, independence and a better-planned future.
‘Saving’ means putting aside a proportional part of the income that is received weekly, biweekly or monthly to be able to use it in the future. For Flores, “saving allows you to achieve goals, as well as having the capital to later invest in a business, or simply buy goods, such as a car or a house, without forgetting to consider having a fund for any emergency.”
The first step to finding the right method is to understand why you need to save and to know which is the right tool to meet your goals and future plans. Saving is not just knowing how to save, it is also knowing how to spend. To do this, the financial education facilitator suggested some suggestions to create a habit of ‘saving’ and stop seeing it as a burden:
- Have a short, medium or long-term goal.
- Always allocate a portion of your income to savings.
- Be organized and consistent.
- Think carefully before making a purchase.
- Make smart purchases.
- Avoid extra expenses.
- Look for opportunities to reduce expenses.
Forming the habit of ‘saving’ will allow you to later formalize a savings account in a financial institution. The National Commission for the Protection and Defense of Users of Financial Services (CONDUSEF) recommends that those interested keep their money in duly regulated institutions and not save in informal schemes that can put it at risk.
- Identify fixed and variable income.
- Identify the necessary monthly expenses and those that are not essential.
- Organize income and expenses into categories, prioritizing areas such as housing, food, health, education and transportation, among others.
- Add up income and subtract expenses to get a balance.
Therefore, “when you organize your expenses this way, it is easier to make decisions in advance so that you have the possibility of saving at least 10% to 20% of the money you have,” said the financial education expert.
To conclude his presentation, Flores urged participants to positively influence their physical and mental well-being: “Whether we are children, teenagers or adults, a good habit is to start saving. The truth is that this practice will open the doors to future economic well-being and improve their financial health.”
