saving money as a stay at home mom can be a challenge sometimes. It’s very easy for you to get caught up with day to day family life and life in general.
Sometimes you might feel as though you don’t have time for anything, but if you don’t sit down and focus on your future from time to time, then you may end up making mistakes that go on to affect both your future and that of your family’s.
Here are some ideas to help you secure your future as a stay at home mom
#1 Have clear goals
Many times you will find that as a stay at home mom you feel that your dreams at put on hold so you can take care of your family.
Trust me when I say this. The hardest job in the world is being say at home mom. Your are the jack of all trays the do it all amd for that I admired you.
Because you are so busy and on the go all the time it’s a good idea to have goals and a little to-do list or a planner just to jot down what is going to go on on a particular day. This will prevent you from overwhelm.
Having clear goals of what you want to accomplish in the future will help you stay focus on the present.
#2 Have a budget
This is very important since many moms think that because they are home they don’t spend as much money but that is far from the truth.
In my planner, I break my expenses into
- kids needs (diapers, clothing, etc)
Try to cut as much as possible for example I got rid of my cable and got netflix and roku and to be honest it has been working out great since I ahve more control over what my kids are watching.
How to Make money from home
DO you have a talent? something that you are good at? if so in the world that we are living in you can make money from home.
I can tell you that if you do decide to work from home its not going to be an easy task but its doable.
You can find a job that is flxible enough and that you can do around your kids schedule.
#3 Using Online resources
Use Ebates anytime you are shopping online because they give you money back or as I call it Christmas money.
Check them out because they give a percentage back per purchase automatically.
Use a cash back credit card
If you already have one use it it’s great. I have my BJs credit card and it’s great because I save the money for the end of the year and I usually accumulate $300 dollars that is good money for presents.
#4 Meal plan
This is my favorite thing and the one I hate the most…lol.
You can go crazy and spend a lot of money on food but if you have a menu plan for the week and only buy what you need you will be on a good path.
Believe me as a stay at home mom you can spend a lot of money on food. That is why I use coupons and collect nonperishable items.
I buy in bulk whenever possible. Just because when I do this I know I’m getting a cheaper deal and with kids you know very well we need them.
#5 Get Life Insurance
You might insure your car, your home and even your pet, but if you’ve never thought about life insurance before then you could be making a huge mistake.
This is especially the case if you have dependents because you need to have peace of mind knowing that if something happened to you, they would still be able to live comfortably.
If you have children, think about how long they would need your financial support for and also look into taking out some kind of cover from your employer too.
By doing this, you can easily protect yourself and you can also give your kids the peace of mind they need to feel confident.
#6 Save for college
Going to college can be expensive to say the least, so it’s important that you save up in advance. When you do, you’ll be able to give your kids the assurance they need, and you’ll also be more than prepared.
If you want to help yourself here, then it helps to open a savings account. When you do, this will help you to pay for your child’s education in the future.
#7 Get Critical Illness Coverage
Critical illness cover essentially means that if you are ever unable to work because of an illness then your family would be covered.
You should note that the cost of critical illness will be more expensive when compared to life insurance alone, so if you can’t afford this then it helps to choose a lower premium instead.
You should always make sure that you have your own savings, as well as a savings account for your child.
You never know when you are going to need it and you also never know when something bad is going to happen to someone close to you either.
Sure, there are great providers out there such as CBS Disability Services who can help, but you still do need some level of financial support. If you don’t have this then you may find that you are unable to support your family.
Another way that you can protect your family would be for you to make an investment.
When you do, you will be able to take advantage of the long-term gains that come with it and you will also be able to leave more behind for your family too.
This is a fantastic way for you to really make the most out of your finances and it will also help you to have more security too.
If you are worried about your investment being too risky then make sure that you have a diverse portfolio and also make sure that you take your time when making decisions.