Moms, Mother’s Day and $

Self-care is an appealing and trending term that I first heard when Heather Decker of tcb coaching + consulting asked me how I was fitting in my own needs when I shared my hectic schedule. “Self-care? You mean like showering?” I really had no idea what she meant. But I am now up to speed.

Yes, it means showering but it means everything else that applies to a healthy contemporary life. Eat right, exercise, get fresh air, have good old-fashion soul-filling conversations and laugh. Financial self-care rarely makes the list. However, money is an extremely important contributor to good self-care. It is no secret that money is a top cause of stress for many Americans. Even in this solid economic period, 77% of parents* claim to be extremely stressed over financial concerns.

And this brings me to moms, Mother’s Day and money.

Even with huge gains over the last 30 years, women still face many financial hurdles, all well publicized. When women earn less, they have fewer dollars to put away, make smaller payments into Social Security and often invest more conservatively. (When it is hard to earn money, the belief is that risking it in the stock markets could be catastrophic – a belief we work hard to assuage with time-tested investing data and strategies.)

Mothers take it on the chin when they prioritize family. Some leave the workforce altogether. Others adjust by using short-term maternity leave, working part-time or taking a more flexible job to care for a child(ren). Those choices come with a big decrease in pay. It is no wonder women who alter their career to care for others almost never earn back the lost pay either in future higher wages or by working longer.

There are bridging strategies for those who do not want to take a permanent step-back from their careers and finances. Consider these “financial self-care” tips that you will be glad you followed when re-entering the job market.

First, stay engaged with your colleagues. Keep networking via lunches, emails, texts and calls. Share newsworthy industry updates. Continue communicating via social media and professional blogs. Ask to be introduced to others to keep ties with the changing personnel in your field.

Second, work on your own career skills in your downtime. (Yes, there will be downtime!) Perhaps you are in a field where you can get further schooling or licensing. Take continuing education classes or go to seminars and conferences. Many programs do not require you to be employed in order to participate in learning courses.

Third, consider project work or a family-friendly side job. We do live in the gig economy and employers are adept at hiring as needed for short-term projects on a variety of expertise levels.

Happy Mother’s Day to all, but especially to my mother, Susan. She and my father lived conservatively on a cash-only budget to balance the stay-at-home mother situation.

Susan was (is!) a bright, hard-working and ever curious woman who was told that she was un-hirable in 1976 because my sister and I were toddlers who might get sick, or need a field trip volunteer one day in the future. Thank you, mom, a million times over for the years you spent at home with us. How ready you were to return to the workforce when I was 11!

* American Psychological Association survey Stress in America™: Paying With Our Health, http://www.apa.org/news/press/releases/stress/index.aspx

Investment Advisory Services offered through Integrated Advisors Network LLC (IAN), a Registered Investment Advisor. Serene Point Advisors and IAN are not affiliated. Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values. Opinions expressed are subject to change without notice and are not intended as investment advice or to predict future performance. Past performance does not guarantee future results. Consult your financial professional before making any investment decision.

This information is designed to provide general information on the subjects covered. It is not, however, intended to provide specific legal or tax advice and cannot be used to avoid tax penalties or to promote, market, or recommend any tax plan or arrangement. Please note that (the Advisors firm) and its affiliates do not give legal or tax advice. You are encouraged to consult your tax advisor or attorney.

#financialselfcare #stayathomemother #timeoffcareer