What is Financial literacy? Why is it important in the life of a mother in academia? Financial Literacy is having the knowledge and skills to make good decisions when it comes to handling money. Although it is very often overlooked, financial literacy has a huge effect on mothers who find themselves in academia. The need to plan around academic schedules and still take care of a child or children at the end of the day, is a job that not many can accomplish. Juggling these responsibilities also leaves the huge burden of financial strain undermined. Doctoral Mothers face many academic hurdles when going through their journey but dealing with financial strain can be something truly exhausting. What if there were a way to alleviate one huge factor of stress?Â
Budgeting is an area in financial literacy that is one of the most important tools for any adult in general. For mothers in academia, planning and creating an emergency fund should be something fundamental to their lives. There are many who have a fluctuating income and may suffer from inconsistency when it comes to their finances. It is important to have knowledge of budgeting to be able to save money for a rainy day or for an occasion where money is necessary to remedy a situation. The amount of expenses throughout a doctoral mom’s journey can truly feel endless. To support yourself as well as your family throughout this process it is crucial to gain control of your finances.
Mothers in academia often find themselves worried about their future as well as the future of their family. When looking towards the upcoming times, it is important to take some actions to be able to have financial stability. The need to provide care for a child while handling personal finances and financial strains created by the doctoral journey is something that can throw stability out of control. Acting now by applying to grants and scholarships can help with alleviating the pressure of a shaky financial future by being able to allocate extra funds to things like investments. Mothers may find that allocating money for long-term goals through things like investing will be a hassle but can pay you back with peace of mind. Â
Financial literacy is important to the journey of a doctoral mother as well as every mother in academia. There are many mothers that are struggling because of their lack of knowledge regarding financial literacy. Although the process can be exhausting there are many simple tips that can help alleviate the financial strain throughout this journey. At doctoral mom there are scholarships, workshops among other methods of learning how to stabilize your finances.
Meet the Writer
My name is Arturo Padilla, and I am currently attending Saint Xavier University in pursuit of a degree in finance. I am from a small suburb town called Calumet City in Illinois and love to spend time at my local library. My favorite hobbies are investing in the stock market and learning new things like playing instruments. My goal in life is to become the best version of myself and to take advantage of any opportunity that life allows me to receive.Â
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