Becoming stay at home mother will be difficult for some and is a dream for others.
For many mothers, children are most important, but on the other hand, many mothers think that it is a thankless job.
Stay at home mother is one of the life challenging events with plenty of adjustments.
Apart from your responsibilities like taking your kids to school, picking your kids from school, keeping your house clean, preparing food for your family, doing grocery shopping and laundry work, taking your kids to dancing classes, music classes, etc., the other main job for stay at home mother is managing the money.
The major responsibility for you (if staying at home) is planning your family needs financially. Before entering the world of stay at home mothers, study the situations that will arise in this new job and the financial impact on your family.
Before leaving your job, try to adjust with one income for three months and save your second income. You may fear that you are losing second income by becoming stay at home mother, but with proper planning, you can achieve the goals that you have set for your children.
First and foremost thing is you should have a financial plan and review of it frequently. Sketch your financial and household needs to reach your financial goals. Here are some tips that help you manage your income.
Planning your budget is most important either it is single income or double. You should plan your budget in such a way that a single income should cover the expenditure of household and also long term and short term savings.
Put your sixty percent of income to your household expenditures, save ten percent of your income for the future of your child (for study purposes, etc), twenty percent of the income for long term savings like retirement plans, etc, and ten percent you can spend on anything that you need.
Even though it is a difficult task to control your expenditures, it is worthy budget plan if you follow this.
It is necessary for you to have a separate account on your name if you are a stay at home mother and you need to set a goal of expenses and stick to it.
Before going for any life insurance, estimate your expenses by figuring out the amount of money that will be needed for your family, such as expenses for housekeeping, childcare, cooking, etc.
Depending on the expenditure, select the insurance plan. Also, before you leave your job, apply for independent disability insurance policy, medical insurance, etc.
If you have chosen to pay full attention to your children then you have taken a right decision of becoming stay at home mother. Do not worry that your second income has stopped because aside from proper financial planning you can earn money from home.
So, as a stay at home mother you can start a business from home, raise your children, and have a profitable income to secure your family.