Financial Tips for Stay at Home Moms

As much as a love being a stay at home mom, things can be tight…and a little daunting at times. It will be six years that I have been home at the end of March. The position I held in Information Technology was eliminated at the company I was working at…there was not warning. One week before this occurred we had traded in our paid-off car for a used car with payments and one week after this I was scheduled to have a donor egg embryo transfer. We were on my insurance, which would be ending the end of April. We were in quite the pickle!

financial tips for stay at home moms


Everything worked out fine, however we were down to one salary with an additional car payment and two additional mouths to feed. Since that time, I have gone through periods of looking for a business I can do from home to help out financially. I think, I have finally found what I want to do when I grow up – blogging and a Stampin’ Up Demonstrator. I love doing both of those things and have found success in both as well.

Here are some financial tips for stay at home moms:

You never know when disaster is going to strike, so it is important to prepare for those emergencies ahead of time. Below are some financial tips for stay at home moms.

Take out a life insurance police on yourself: Life insurance policies are not just for the those who work outside of the home. What you do inside the home is valuable as well. You need to take into consideration if, heaven forbid, something were to happen to you how much would it cost to pay someone to do what you provide. Things such as childcare, before and after school childcare, cooking, cleaning, and driving them to their activities are all things that would need to be taken care of should the worst happen. Getting life insurance quotes online is a snap nowadays.

Prepare for job loss: Since you never know what the future holds with your spouses job, you always want to be prepared if that job went away. The rule of thumb used to be to have enough money in an “emergency” fund for six months of expenses. Now they have increased that to at least nine months of expenses. Because it is taking people longer to find a job, the original six months of expenses is no longer viable.

Right now we are dealing with something in our own house with my husbands accident at the end of December. He has been out of work since that accident and is now on disability that will be ending next month (March). He will hopefully be back at work on April 1st, but has had some other complications so we do not know. You just never even know what type of freak accidents are going to take you out of work.

Have long-term disability: Luckily, this is something we have this time with Rob’s injury. We learned this the hard way a few years ago when my husband was previously injured. Make sure you have a long-term disability policy through your employer. My husband has one through his full-time employer, but his part-time employer does not have any benefits. Not having that coverage while he was out of work for two months was extremely stressful on us financially. Right after that occurred we opened a policy with AFLAC. Honestly, flukey things happen – better be safe than sorry!

Have a budget in place: Create a budget with your husband that you both can agree on. Stick to that budget since that will help you to stay on track with your savings. Being able to stay home can be financially benefit by saving money on daycare, but it can be more beneficial by reducing your expenses. Also, take out it cash what you have budgeted for groceries so you can stay committed to that amount.

Being home with your children can be a very rewarding experience, but it can also be a scary place to be. It is important to be prepared to protect yourself and your family.

About the Author

A Mommy blogger who loves working from home while raising her 9-year-old daughter and 5-year-old boy/girl twins with her husband. I have a passion for learning and enjoy anything having to do with the technical side of blogging. I am also always working on self-improvement and being the best mom I can to my children. I am also a bit of a coffee addict! ❤


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