Don’t feel guilty about having input into family finances.
- Women are a valued part of the household. Even if there is a division of labor and responsibilities, women still have a say in how the money is spent, invested, and used.
Understand your spouse’s paycheck and benefits.
- Health insurance.
- Life insurance.
- Disability insurance.
Contribute to your own retirement account.
- Individual Retirement Account (IRA) is for earned income, but if your spouse has earned income, you can make a contribution for the spouse.
- Contributions are $6000 or if over 50, $7000.
- These assets are saved in your own name.
- There is a tax break for contributions.
Life insurance is needed for a SAHM.
- Replacing the duties of a mother is very expensive.
- Life insurance will help the financial risk of mom dying.
- Even if you do have life insurance, be sure you have enough insurance.
Start the conversation about money with your spouse.
- Prepare to have healthy money conversations.
- Start small.
- List out what you want to know and why.
- Progress not perfection