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Mothers cope with financial stress

Published: Thursday, Nov. 15 2012 2:56 p.m. MST

Seven of 10 moms reported feeling overwhelmed by financial burdens in a study done by Chase Blueprint.

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Seven out of 10 moms reported feeling overwhelmed by financial burdens in a study by Chase Blueprint. Here are seven suggestions that The Dollar Stretcher, a frugal living website, offers to deal with financial stress that mothers face.

Live within your means

Learn to recognize what you can go without. While the newest trends and technology can be fun, they are also pricey.

"Financial security is not about income, it's about control," Rachana Bhatt, marketing director of the Chase credit card division, told The Dollar Stretcher. "Having a plan in place gives you a sense of control and confidence."

Personalize your bookkeeping system

Whatever it is, just make sure it works for you. Bookkeeping allows the mom to visualize where the money is being spent. Forty-three percent of moms reported using mobile banking, which allows on-the-go, daily banking.

Stay on top of credit

While saving 20 percent off of an initial purchase by signing up for a store credit card may seem appealing at the time, having multiple cards ruining credit is not.

Work with your partner to teach your children

Ann Lundberg, vice president of sales for CafeMom, said parents who have the same plan can pass on financial responsibility to children.

"The numbers suggest that not agreeing is one of the biggest barriers to financial security," Lundberg says. "If you disagree with your partner, how can you control your own plan?"

Talk with other moms

Find out what has worked for your friends. Talk to them about your plans to receive feedback.

EMAIL: alovell@deseretnews.com

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