5 Tips for Moms: Achieving Financial Freedom in 2023 (2024)

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Financial freedom via the FIRE movement has been gaining popularity in recent years. The idea is to save as much money as possible and invest it wisely so that you can retire early and live off of your investments.

While achieving FIRE may seem like a daunting task for anyone, it can be especially challenging for moms with young children.

There are a few reasons why it might seem harder for moms to achieve financial freedom with FIRE.

First, childcare can be expensive.

Second, moms often have to take time off work to care for their children, which can lead to a loss of income.

Third, moms may have other financial obligations, such as student loans or a mortgage, which may be more challenging to pay off when you’re focused on raising a family.

In this article, I’m going to give you 5 simple tips you can use today to help you achieve FIRE, plus a few other key tips that can help you in the long term on your journey.

Introduction: A Journey to Financial Freedom

As a mom of two young children myself, I can attest to how challenging kids can be: financially and otherwise.

While my family has had the good fortune of being able to balance our childcare ourselves, childcare is incredibly expensive, if it’s even accessible.

In Oregon (where we live), for instance, we live in a region that’s known for being a childcare desert. As in, there are limited options for childcare, and the options available are incredibly expensive and not very good.

Even if you have good, affordable childcare, balancing childcare needs can come at the cost of long-term income.

Kids also have a lot of needs- from diapers to clothes, and a number of other things. I don’t know about you, but my kids come first when it comes to their needs, and achieving financial freedom is further down the list of priorities when you’re a mom.

While my family hasn’t achieved financial freedom with FIRE yet, we are well on our way to achieving many of our FIRE goals. Despite having young children, we still managed to pay off our hefty student loans among other debt, and make significant contributions to investments.

We’re also at a point in our lives where we can live off of one income, though that would certainly slow down our progress toward financial freedom.

To be fair, without kids, we probably could have already achieved FIRE, but I wouldn’t trade them for anything, even financial freedom.

How Can Moms Achieve Financial Freedom?

Despite these challenges, it is possible for moms to achieve FIRE. It may take longer to achieve financial freedom than our child-free counterparts, but it’s absolutely still possible.

Here are 5 tips to help you on your journey:

1. Set realistic goals for your financial freedom journey.

The first step is to set your own FIRE goals. How much money do you want to save? When do you want to retire? Having specific goals will help you stay motivated.

Don’t expect to be able to retire at 30 if you have a lot of debt and are spending more than you make. Start by setting small, achievable goals, such as saving $1,000 per month or paying off your credit card debt. Once you have accomplished these goals, you can start setting bigger goals.

2. Create a budget.

Once you know your goals, you’ll need to create a budget to help you track your spending and make sure you’re on track with your FIRE goals. There are many different budgeting tools available, so find one that works for you.

3. Cut back on expenses.

Take a close look at your spending and see where you can cut back. Are there any subscriptions you can cancel? Can you cook more meals at home instead of eating out? Every little bit helps.

This doesn’t mean you have to live like a pauper, but it does mean being mindful of your spending and making choices that will help you save money. For example, you can find ways to get free or low-cost entertainment.

4. Increase your income.

If you can, find ways to increase your income. This could mean getting a part-time job or asking for a raise at work.

Now I know this is easily said and much more difficult to do in practice, especially for moms that may need a more flexible work schedule, but consider any options that may be available to you.

You may also want to get creative with your income. There are many ways to make money outside of a traditional 9-to-5 job.

You could start a side hustle, sell products or services online, or invest in real estate. These avenues might fast-track your progress toward financial freedom even more than a traditional income.

5. Invest wisely.

Once you’ve saved some money beyond your emergency fund, you’ll want to choose wise investments. There are many different investment options available, so do your research and choose investments that are right for you.

Psst… if you’re interested in learning about how to get started investing in the stock market, I recommend you read 5 Simple Tips to Help You Start Investing in the Stock Market.

Besides the article, I also recommend reading The Bogleheads Guide to Investing.

And if you’re really serious and want to know the ins and outs of stock market investing, I recommend reading A Beginner’s Guide to the Stock Market.

Achieving financial freedom is a challenge, but it’s definitely possible. If you’re a mom with young children, don’t let the challenges discourage you. Just set your goals, create a budget, cut back on expenses, increase your income, and invest wisely.

Additional Tips

Here are a few additional tips for moms who are trying to achieve financial freedom:

If you have a partner then get them on board.

It’s important to have your spouse’s support if you’re working to achieve FIRE. To maximize your chances of success, your partner will need to be on board and willing to make sacrifices.

Get organized with your goals for financial freedom.

The first step to achieving any goal is to get organized. This means creating a budget, tracking your expenses, and setting financial goals.

Psst… I recommend using ClickUp to help you stay on track with your FIRE goals.

Simplify your life.

The less stuff you have, the less you have to spend money on.

Prioritize experiences over things.

Instead of spending money on material possessions, focus on experiences that you can share with your family.

Don’t be afraid to make changes.

If you’re not on track to reach your financial freedom goals, don’t be afraid to make changes to your budget or lifestyle.

Find a support system.

Having a support system is essential for anyone who is trying to make a big change in their life. This could include your spouse, friends, family, or a financial advisor. Having people to talk to and support you will make it easier to stay on track and reach your goals.

Don’t be afraid to ask for help.

There are many resources available to help moms achieve FIRE. There are books, websites, and even online communities (like this one!) where you can get advice and support.

If you have questions or need support, you can always reach out to me directly on the Contact page.

Don’t give up.

It may take some time, but it’s possible for moms to achieve FIRE. Just keep working towards your goals and don’t give up.

There will be times when you want to give up. But if you keep working hard and keep working toward your dreams, you will eventually achieve your goals.

Achieving financial freedom may seem like a daunting task, but it is possible with hard work and dedication. If you are a mom with young children, don’t let anyone tell you that you can’t achieve your goals. With a little planning and effort, you can retire early and enjoy your life with your family.

Achieving FIRE is a journey, not a destination. It takes time, effort, and dedication. But if you’re willing to put in the work, it can be a rewarding experience.

Think achieving your FIRE goals will FIRE Your Life? Check out the posts page for more ways you can FIRE Your Career and achieve financial freedom.

FIRE Your Career: Achieve Financial Freedom Through Your Career & Spend MORE Time Doing What You Love.

Recommended reading:

5 Simple Tips to Help You Start Investing in the Stock Market

Products I recommend in this article:

The Bogleheads Guide to Investing (best intro to investing book I’ve read)

A Beginner’s Guide to the Stock Market (advanced / comprehensive investing book)

ClickUp (my recommended project management tool)