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Clarity Financial Planning Services is an advocate for your financial future who takes a holistic approach to your needs and goals.

Reflecting on Mother’s Day and Changing Financial Circumstances

A Forbes article, “On Mother’s Day 2020, 4 Life Lessons to Learn From The Coronavirus” offered perspective in these interesting times. Mother’s Day has past but we are all still reflecting on the changes the pandemic has brought to our way of life (and still honoring mothers).

One thing we can do is “Appreciate That Each Person’s Experience is Different” since: “A mom who is a grocery store clerk or a frontline medical professional may find herself busier than ever… Or the small business she owns, or the restaurant where she works, may be experiencing a temporary (she hopes) decrease in demand for her services right now.”

That said, the article also advises not shying away from challenging conversations about finances. It is important to be sensitive to your situation as well as to those of your spouse or other family members who may live with you but you don’t want to ignore the need to “retool your family budget in response to changing circumstances.”

The conversation doesn’t have to be unpleasant and you can plan for it in advance rather than surprising your family with a budget talk.

This time at home is also a good opportunity to teach your children more about money management. They may be thinking about it anyway if they have access to the news media and hear messages about financial insecurity. Whether your family is trying trim expenses or you are able to be generous with donations, your children need to hear from you directly.

If you’re looking for help or guidance in managing your finances, you can talk to a Fee-Only financial planner before you sit down with family members to discuss a roadmap for your new financial reality. It may feel better to approach this topic with insight from a financial planning expert.