Social Media

back

Building a Budget: How Mamas Can Become Money Savvy

ExpertsPost Category - ExpertsExperts
Family LifePost Category - Family LifeFamily Life - Post Category - MoneyMoney

Don’t call it “The B-Word”, mama! Building a budget has huge benefits, for women in particular. Here’s some help if you find it a little bit scary.

Budget.

The “B” word.

How many of us cringe when we hear it? The word “budget” elicits different reactions: fear, anxiety, or indifference. Rarely, though, does the word make us jump with joy.

As women, we hear many myths relating to our ability or inability to manage money. One of these myths is that women don’t know how to handle money, or anything related to finance. Global trends, however, indicate otherwise: in the Asia-Pacific region, the vast majority of entrants into the accountancy profession are now very much tipped in favour of females.

In Canada, the Canadian Institute of Chartered Accountants reports that over a quarter of its current membership is female and that number is growing – while the gender breakdown is 50/50 among its accounting students. The Department of Labor’s Women’s Bureau in the U.S. cites “accountants and auditors as 61.8% female, tax preparers as 65.9% female and tax examiners and collectors as 73.8% female.”

Why then does the myth persist? Because women also believe it. As a result, it becomes a self-fulfilling prophecy when women get into debt because they claim they don’t have enough money. In reality, one reason why women don’t have enough money is the inequity of salary between women and men. Men, especially in Singapore are still paid more than their female counterparts. According to a wage analysis done by ValuePenguin from data taken from the Ministry of Manpower, the median gross monthly income of men was S$3,991, 18% higher than the median for females at S$3,382. In some industries, the pay gap reached 40%!

Another factor is that women are usually the default money handlers in the home. Often, they are the ones who see the bills and pay them, all while allocating and juggling their monetary resources. As a result, women are the ones who experience the anxiety and stress of managing the household finance and debt. The latest Singapore statistics show that personal loans account for 25% of total household liabilities. That’s $80.9B of personal loans, excluding mortgage loans.

So, mamas, no need to beat yourself up when you feel overwhelmed by all the bills you have to pay or when you feel that there’s not a lot of money to spare. What matters is what you can do to lessen the stress of managing your money.

Creating a budget can bring you great benefits. Some of the benefits are: 1) a budget helps you organise your spending and savings, and 2) keeps you focused on your money goals.

To make it easier for women to handle their personal finance and remove the stress from budgeting, the Finance group of the PrimeTime Business and Professional Women’s Association is conducting an interactive workshop for women on Budgeting. Entitled BYOB (a play on bring your own bottle of wine), the workshop aims to assist women to build their own budget in 6 easy steps. The organisers want to show women that budgeting can be fun, regardless of the size of the income.

All the Details!
What: BYOB: Build your Own Budget in 6 Easy Steps
When: 3 May 2018, 6:30pm to 8:30pm
Where: The Boardroom, Workcentral, 190 Clemenceau Avenue, #06-01, Singapore Shopping Centre, 239924 (behind Dhoby Ghaut MRT)
How Much: PrimeTime members: $25; Guests and Walk-ins: $30
RSVP: Click here to RSVP!

By Sheila Berman, Deputy Marketing Director, PrimeTime Business and Professional Women’s Association

Wallet image sourced via Wedding Dresses

more sassy mama

What's New

We're social
The final week of Helper Appreciation Month is here and we saved the best for last - Fun Week begins today! Treat your helper to a healthy dose of fun on her day off, from fitness, to theatre to inspiring photo walks. Click on the #linkinbio and let the fun begin 🎉⠀
@helpherdobetter
@rhosecoronado 
@race2share 
@wildricesg ⠀
.⠀
.⠀
.⠀
.⠀
#sosassy #sassymamasg #HelperAppreciationMonth #FunWeek #singapore #singaporemotherhood #sgfdw #fun #gratitude #momlife #motherhood #mommylife #parenthood #momsofinstagram ⠀
Planning a birthday party, mama? #linkinbio has our fave spots for your kids birthday party in Singapore, no matter your budget and it will be a party to remember!⠀ 📸 @mizprissy⠀
.⠀
.⠀
.⠀
.⠀
.⠀
#sosassy #sassymamasg#kidszimmer #kidspiration #designforkids #letthembelittle #letthekids #simplychildren #pixel_kids #igkiddies #magicofchildhood #cutekidsclub #kidsroom #shopforkids #candidchildhood #childhoodunplugged #kidsplay #kidsmood #kidmodels⠀
#kidsgram #kidsactivities #childrenof_instagram #childrenofinstagram #childrenfirst #birthdayparty #singaporeparty #kidsparty⠀
⠀
WE BELIEVE WORKING PARENTS MAKE GREAT PARENTS. A 2015 Harvard Business School study of girls with working moms in 24 countries across the globe found that they grew up to have more successful careers themselves. And another HBS study found in 2018 that kids with two working parents grew up to be *just* as happy as kids with a stay-at-home parent. In short: if working makes you happy, mama, do it! And let go of the #momguilt, because a happy and fulfilled mama = happy kids. Of course, having the flexibility to work near your kids - and for them to see you on the job - has benefits for everybody; whether you're nursing your baby or telling each other about your mornings, we're grateful for a family-friendly co-working space like @trehausco. - Kate McFarlane, Senior Editor⠀
📷 @irinanilssonphotography
#WeAreTrehaus #WorkLearnPlay⠀
.⠀
.⠀
.⠀
.⠀
.⠀
⠀
⠀
#sassymamasg #sosassy #momlife #workingmom #motherhood #mommylife #parenthood #momsofinstagram #momlifeisbestlife #workingparents #kidspiration #letthembelittle #letthekids #simplychildren #pixel_kids #igkiddies #magicofchildhood #cutekidsclub #candidchildhood #childhoodunplugged #kidsplay #kidsmood #kidsgram #childrenof_instagram #childrenofinstagram⠀
⠀
⠀
WE BELIEVE IN TEACHING TEAMWORK. Our world and our future are highly unpredictable. Technology is advancing so rapidly that we don't know what our world will look like in ten years let alone 20 years. Our children will also face dramatic environmental and political changes. So how do we prepare them for such an unpredictable future? #Teamwork. Learning to work as part of a team helps develop many social skills such as communication, empathy, patience, tolerance and collaboration. These are the skills that our children will need more than any others. - Emilie De Cannart, Managing Director, Sassy Media Group⠀
📸 @irinanilssonphotography ⠀
#WeAreTrehaus #WorkLearnPlay @trehausco
.⠀
.⠀
.⠀
.⠀
.⠀
⠀
⠀
#sassymamasg #sosassy #momlife #workingmom #motherhood #mommylife #parenthood #momsofinstagram #momlifeisbestlife #mommyhood #kidspiration #designforkids #letthembelittle #letthekids #simplychildren #pixel_kids #igkiddies #magicofchildhood #cutekidsclub #candidchildhood #childhoodunplugged #kidsplay #kidsgram #kidsactivities #siblinggoals #siblingsquad #siblingtime⠀
⠀
⠀
Keeping an open dialogue with your little ones about cultural diversity is crucial to a harmonious tomorrow. Today is World Day for Cultural Diversity for Dialogue and Development so it's a great opportunity to introduce your children to our round up of books that teach kids to embrace their diversity in a mixed race family. #linkinbio has our top 5 picks!⠀
📸 @lovelens_rnd⠀
.⠀
.⠀
.⠀
.⠀
.⠀
#sassymamasg #sosassy #WorldDayforCulturalDiversityforDialogueandDevelopment #diversityday #unitednations #diversity #promotediversity #momlife #momquotes #motherhood #mommylife #parenthood #momsofinstagram #momlifeisbestlife #mommyhood #blendedfamily #biracial
Have you caught your self yelling at your children? We have all been guilty of this and it has not been our finest moment. Would you like to learn how to be a calm and collected parent? This long weekend would be a good time to practice 😀 Our #linkinbio has the details from @respectfulmom.
📸 @tippytapp
.
.
.
.
.
#sosassy #sassymamasg #parenting #momlife #motherhood #childrenof_instagram #momentsoflove #mommylife #momsofinstagram #momlifeisbestlife #mommyhood⁣
Congratulations to Elise of @taxibabyco on the birth of baby #3! We are lovin' the cuddles and giggles. Ever wonder what it's like to bump up to #3? #linkinbio for some inspiration! ⠀
📸 @juleswhale⠀
.⠀
.⠀
.⠀
.⠀
.⠀
⠀
⠀
#sassymamasg #sosassy #momlife #momquotes #motherhood #mommylife #parenthood #momsofinstagram #momlifeisbestlife #mommyhood #baby3 #familyof5⠀

We're social

What we're up to and what inspires us