Money Management For Stay At Home Moms is achievable for every family. Being home and financially stable is possible. Even though it might seem like a pipe dream at times, there are some ways to make it a reality. For more tips about being a stay at home mom, visit our page Happy Stay At Home Mom.
You don’t need to make thousands upon thousands of dollars each month, you just need to manage the money you do have effectively. We’re going to show you exactly how to do just that!
Let’s get right into it.
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The Top 5 Money Management Tips for Stay at Home Moms
1. Have a Plan
First things first, you must have a plan for your money. Where do you want your money to go? Is there anything you want to save for? Do you want your children to have a college fund?
there is no need for your and your friends to have the same dreams.
Once you know your financial environment goal, it’s important to start budgeting. This is one of the only ways that you’ll ever properly manage your money.
If you have never written a budget as a stay at home mom before, it may feel quite scary. But please don’t let that put you off! It’s not as hard as it looks.
Printable Financial Planner Monthly Budget Worksheet Budget
All you need to know is how much money you have coming in and how much you have going out. Then, you can start planning each month’s income appropriately — including adding regular amounts to your saving pot!
There are plenty of budget templates to get you started. Some are free, some aren’t but they all help you do the same thing. The money trackers will ensure you don’t miss a bill payment ever again and give you a concise way to sort out your finances. After all, you won’t want to spend ages on it when you have kids demanding attention!
3. Pay Off Debt
If you have any debt to pay, this should be included in your budget at regular intervals (and never late!). Debt collectors, as you may well know, don’t take too kindly to late or non-existent payments.
It can be a terrible experience to be under a ton of debt but all isn’t lost. After all, part of learning how to be independent is being debt-free. Just follow these tips and you’ll be out of the woods in no time.
Top Tips for Repaying Debt
- Focus on The Debt — When you made your budget, you likely focused on saving over debt repayments. While we admire that (who wouldn’t want a stack of cash in the bank, right?), paying off your debt should be the main focus for now.
- Sell unused toys — If your kids have items they don’t play with anymore, sell them! Then, use the money to pay off your debt.
- Don’t shop brands — Buying branded goods at the supermarket is a sure-fire way to overpay on staples. Switching to a store’s own brand will work wonders.
4. Meal Plan
Meal planning was probably a lot easier when you didn’t have little ones running around. But, it’s fairly simple to adapt your cooking to suit your family.
The trick is to not let yourself run around like a headless chicken at home or in the grocery store. Not only does this cause undue stress since you don’t know what you’re cooking every night, but it also results in higher spending at the store.
So, pick a night that suits you to plan the week’s meals. In our opinion, doing this on the weekend for the following Monday to Sunday is best. That way you have time to head to the grocery store and pick up the items you need. Just don’t stray from your pre-determined ingredients while you’re there!
Oh — and don’t take those fancy, aesthetically-pleasing meal plans you see moms on Instagram make. There’s no need. Grab your phone and jot it down. Try not to compare yourself, you’re doing great!
5. Plan for The Unexpected
Debt, check. Saving on food, check. Now, you need to have an emergency fund.
As we know, life likes to throw us unexpected curveballs. What was the likelihood of a global pandemic, right? Well, you need to be prepared to adapt to these situations at all times.
You can do that by setting money aside each month to put into your “Emergency Pot”. This way, you’ll never be worried about your financial future.
The Bottom Line
There you have it! Managing your money as a stay at home mom will quickly become second nature. But for now, focus on our tips and you’ll be on the route to financial freedom!