Three Financial Considerations for the Stay at Home Mom
(The following guest article is by Jason at WorkSaveLive. If you would like to guest post for us please see our guidelines. Editors’ Note: My wife has been a stay-at-home mom since our son was born in 2001. It was a great choice for us and something we don’t regret.)
Many people have called mothers, or any parent, who stays at home both the Chief Operating Officer and the Chief Financial Officer of the household. Even if a stay at home mom does not make all the monetary decisions, she is often tasked with saving money, making ends meet and stretching a dollar to do the job. Here is a look at three financial considerations unique to the stay at home mom and some tips for dealing with each.
Peter, Paul and the Grocery Store
With mouths to feed and lunches to make, it does not really matter how much is in the checking account. Families need food, and often a mom has to figure out how to make that happen. You do not have to rob Peter to pay the food bill, though. Some ways of stretching the budget to ensure quality, healthy meals include:
• Making the most of non-dollar payment sources like coupons.
• Creating a meal plan for several weeks at a time, which allows you to stock up on appropriate items when they are discounted.
• Buying in bulk and storing food in airtight containers to cut back on waste.
• Shopping fresh and locally to avoid transportation costs.
• Getting creative with leftovers, like using the leftovers from baked chicken to make both chicken salad and chicken noddle soup.
Timing a New Arrival
Couples may wonder when is the right time to have a baby. Although the traditional answer is that no time is perfect, there are some times that are better than others. A mother who is juggling two small children and an increasingly tight budget may not want to plan for a new arrival. A couple who has purchased a larger house for their family of three and has extra money at the end of each month may be ready for their next child.
Of course, babies are not always planned, so do not let your financial situation cause a panic if something does happen. Simply buckle down and find some ways to add to income or save on regular expenses. Cutting out cable might pay for diapers, for example.
Working from Home
When ends simply cannot meet, then a stay at home mom may need to consider finding another source of income. While many turn to full or part-time work outside of the home, there are a growing number of moms working from home. At-home work options include:
• Content writing
• Customer service and phone support
• Data entry
• Crowd sourcing tasks, such as writing reviews or entering search terms, and
• Google rating
Moms with degrees or special skills may also be able to turn their abilities into a small side business. From baking cakes to sewing doll clothes to sell at etsy.com, anything is a potential income source as long as you are willing to do a bit of work and market yourself.
If moms really are the CFO of the home, then they need to do what CFOs across the nation are doing during economic downturns. They need to analyze the financial situation, find areas to cut costs, make sound decisions on bringing in new people, and increase income when necessary.
Author Bio: Jason is the founder WorkSaveLive.com and the author of the free How to Become Rich e-course where he helps guide people towards the path of building wealth.If you enjoyed this post, make sure you subscribe to my RSS feed!
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