The figure of the mother is so admired because the mother can do everything. From taking care of children to dealing with all household matters, a mother can be relied on.
There is one more thing that can complement the versatility of a mother, and is also an important key to household success, namely being superb at managing finances. Young mothers can learn how to manage household finances from Mamah Moody.
How to Superbly Manage Household Finances: The Mamah Moody Way
1. Separate needs or expenses and include the budget for each
As a young mother, Mamah Moody can be smart and wise in managing household finances by first sorting out needs or expenses. Mamah Moody usually makes a month-long list of expenses. When the list is ready, Mamah Moody will set a budget for each.
There are many expenses, such as children’s needs, husband’s needs and of course, personal needs. In order to be practical and not have a headache, Mamah Moody relies on the Jago application, which has the "Pocket" feature.
Mamah Moody loves using Pocket because up to 20 Spending Pockets can be created. This way, it’s easy to sort out and track all expenses. Some of the Spending Pockets that Mamah Moody has are House Installments, Supermarket Shopping, Family Snack Pocket, School Fees and Arisan Pocket.
Then, Mamah Moody puts some money into each created Pocket, to make it clear how money is being spent on. There is nothing that Mamah Moody will forget to pay.
If Mamah Moody is in the mood to go to a spa or have a girls’ night out with fellow mothers, Mamah Moody can have peace of mind because these needs have been separated into a Pocket.
2. Allocate some money to be saved every month
After creating all the Pockets deemed necessary for needs or expenses, Mamah Moody knows for sure how much money is left.
As a young mother who cares and protects her family, of course not all the money is spent on shopping until there is nothing left.
Mamah Moody also never forgets to allocate some money for savings. In order to not get bogged down, Mamah Moody chooses to save at the beginning of the month. This way, Mamah Moody can maintain a healthy flow of the family’s finances.
Just like for expenses, Mamah Moody also creates various pockets for savings, such as College Savings for the Kids and Retirement Savings.
3. Don’t forget the emergency fund
One more thing that is no less important for Mamah Moody is an emergency fund. As a mother, Mamah Moody is always alert and proactive.
Regarding household matters, there are unpredictable circumstances and in case they happen, it will require quite a large amount of money. For example, there is a household facility that suddenly breaks down or a child or husband who suddenly becomes seriously ill. The pandemic situation, learning from the COVID-19 pandemic, is also considered by Mamah Moody.
Mamah Moody’s emergency fund savings are different from other savings. If other savings can still replace each other, the emergency fund savings are special.
So, Mamah Moody chooses to lock up her emergency fund savings. She cannot use the emergency fund savings unless it’s an emergency.
Mamah Moody puts the money into a Locked Pocket. As the name implies, Locked Pocket will lock Mamah Moody’s money for some time, depending on how long she chooses the locking duration.
If it turns out that at the end of the month there is still extra money, Mamah Moody will be grateful for this and immediately put it into the Locked Pocket. Because the Locked Pocket is flexible, she can add money at any time even if it is locked. The goal is not only so that she doesn’t spend money irresponsibly, but so that she can enjoy competitive interest.
Now, you already know how to be superb at managing household finances because Mamah Moody has told you her secrets. Just one more step to make it happen: download the Jago application now.
