Categorised | Family

Money Management Advice For Stay At Home Parents

Having kids always puts a lot of financial strain on you because there is an endless list of things that you need to pay for. You’ve suddenly got to cover the cost of diapers, clothes, food and toys and to make things harder, one of you is going to have to stay at home for a while to look after the new baby. It’s so hard to manage your money as a stay at home parent because you’re already working double the hours you normally would and nobody is paying you for it. That makes it a lot harder for people to manage their money. But that doesn’t mean it’s impossible and if you know what you’re doing, you can attain financial freedom as a stay at home parent. Here are some great tips to help you out.

Protect Your Children Financially

Nobody wants to think about it but there’s always the chance that something bad could happen to you and your partner. It’s not likely but you still need to prepare for that eventuality. It’s important that you make sure that your kids are provided for in the event that something happens to you. As soon as you become a parent, you need to write a will so your kids are protected. It’s also important that you’re putting money aside each month into a savings account for their education in the future.

Allow Equal Access To Money

When one partner is earning and one is staying at home with the kids, it can lead to some resentment between the two of you. Especially if you’re keeping the money separate. The person that is at home will feel like they can’t spend any money. It’s a lot easier for both of you if you just share all of the money that you have equally and consider it both of yours rather than thinking about who is earning what.

Earn Money On The Side

Just because you can’t go out to work right now, that doesn’t mean you can’t earn some money still. Research how to make extra money online and you’ll find all sorts of things that you can do. You could fill out online surveys, start your own blog or offer freelance writing services. There are so many options for earning money from the comfort of your own home. If you can do these things in those quiet moments when the kids are asleep, you can make it a lot easier to manage your money.

Earn By Saving

You might not be able to earn a full salary but you can find ways to save on household expenses and then use some of those savings on yourself. You could find coupons to save on the weekly grocery shop or call up your service providers to haggle with them and get a better price. All of that stuff takes the pressure off your finances and makes budgeting a lot easier.

Money management for stay at home parents is always tough but it doesn’t have to be impossible if you follow these steps.  

 

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