Magnificent Mamas is a series of guest posts from brilliant mums who inspire us through their work, passion and general awesomeness. Hopefully they’ll inspire you too.
Yemi Penn, Entrepreneur and Speaker, single mother, and self-made millionaire, runs three successful businesses. It’s fair to say that she’s learnt a thing or two about money along the way! Here, she exclusively shares with us her top five money tips for busy mums, designed to help you get a better handle on your finances. So grab a cuppa, have a read, and let’s get those money worries sorted. Thank you Yemi!
Top five money tips for busy mums
by Yemi Penn
Thirteen years ago I was faced with homelessness, seven years ago I was on the brink of divorce and five years ago I finally had my solo parenting regime in place. To say life has been busy is an understatement, however, I am a firm believer of the saying ‘your past does not have to be your future’. Against all the odds I now run three successful businesses, of which one is F45 Training Brixton.
In my new book ‘Did You Get The Memo?’ I have a dedicated chapter to mothers; acknowledging them as the ‘mothers of all transferable skills’. If you are a mum, no doubt busy is your middle name! Which is why my money tips are simple changes you can make NOW as this is the only time that counts.
Audit your spending
Do you ever stop and wonder where all your money goes? Audit your spending for a month by recording every purchase you make and every bill you pay.
By keeping a record, you will gain a clear picture of where your money is going, and this will allow you to identify areas of waste. You can’t move forward if you don’t know where you are starting from.
Automate your savings
Treat adding to your savings each month as a bill but see it as a bill that makes you smile. We always manage to juggle the household expenses to make sure the utility, mortgage, insurance and credit card bills get paid on time, with little focus spent on those unexpected expenses of raising a family.
By developing the habit of saving a fixed sum of money each month you will be lessening those feelings of stress and frustration you have towards your finances as you re-prioritise where you and your family sit on the bill priority list.
Change your mindset
A question I often ask my clients is, what is your money story? Over three decades into my money story, I still believed it was normal to have no money at the end of the month. As I have adjusted and rebuilt my money story to create a healthier relationship with it, I have moved money a few notches down my values ladder.
There are still moments when my daughter asks for money for something, and I find myself going to an old mindset by saying ‘money doesn’t grow on trees’. I have to stop myself and reword my response to try to make her understand the value of money and not the ‘lack’ of it, my intent is to cultivate a healthy relationship with money that suggests there is an abundance of it because there is.
The first step in changing your relationship with money is to spend your hard-earned money on things, people and services you value.
The next step in rewriting your money story is to practice gratitude.
Many people associate fear, stress and resentment with managing their finances. I challenge you to remind yourself to be grateful for the bills you have because you are able to pay them. When you make this a regular habit you will be amazed and how money comes back to you by way of a discount, overpaid gas bill or HMRC offering you a juicy tax return!
Gratitude in advance is the most powerful creative force in the universe.
The United Kingdom throws away over 13 billions pounds worth of food each year! To save time and money plan out your weekly menu in advance; this will limit the amount of food and money you are wasting.
With a fully stocked fridge, there will be fewer excuses for you to eat out or order expensive takeaway. Food preparation can be turned into a family event to teach your kids how to cook, the value of money and how to eat healthily.
We all know a mum’s biggest nightmare is the supermarket sometimes; the kids grabbing things off the shelves, complaining they’re tired, annoying each other and getting on your last nerve. Avoid the headache and the likelihood of impulse purchases by ordering online and taking advantage of free click and collect services.
Share your thoughts
What is your relationship like with money? Please feel free to share your thoughts in the comments below, we’d love to hear from you.
Self-made, single mother millionaire Yemi Penn is a name to note. Not just because she has achieved a level of business success unexpected, for an individual made homeless aged 24 having fallen pregnant. But because the legacy she is intent on leaving in the world goes well beyond imparting business tools. Yemi Penn is living testament to the power of owning our story, stepping out of our shadow and finding our voice. Today Yemi is a Life and Business Coach and Management Consultant who has provided leadership and strategic direction to a range of clients and industries.
Her first book, ‘Did you get the memo?‘, is a powerful effort to empower individuals to reclaim their stories and experiences and transmute pain into power. Yemi’s perspective, stems not just from philosophy or coaching techniques but from lived experience.
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