It’s very important for SAHMs to not allow a spouse to take control. Always stay engaged in the money conversation.
A man is NOT a financial plan.
It’s important to know the investments, purchases or ventures that are taking place with the family money.
Learn your money personality.
- Risk taker
- Security seeker
Know your worth.
- It would cost a minimum of $160,000 a year to replace all the duties of a mother.
- A common mistake is that SAHM is either not insured or underinsured. To replace the duties of a mother would be extremely costly.
Stay in the conversation.
- Even if you divide and conquer household duties, be sure to stay in the money conversation.
- Engage with your children to be sure they know that talking about money is good and healthy to do.
- Be sure there is financial transparency as to where all the money is in the household.
- Have a major credit card in your name.
- Have a separate bank account with money for yourself.
- Be sure you have a spousal IRA for your own retirement.
- Make sure your name is on the house.
- Be sure you have your own credit score and history.
- Know your children will not be little forever so be sure to make a plan for when kids go to school.
- Stay in the know.
- Assess your own skills or where you need to upskill.