Stay At Home Moms and their Money Mindset

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. 

1. 1. Spender.
   2. Saver.
   3. Risk taker
   4. Security seeker
   5. Flier

Know your worth.

1. It would cost a minimum of $160,000 a year to replace all the duties of a mother.
2. 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.

1. Even if you divide and conquer household duties, be sure to stay in the money conversation.
2. Engage with your children to be sure they know that talking about money is good and healthy to do.

Stay independent.

1. Be sure there is financial transparency as to where all the money is in the household.
2. Have a major credit card in your name.
3. Have a separate bank account with money for yourself.
4. Be sure you have a spousal IRA for your own retirement.
5. Make sure your name is on the house.
6. Be sure you have your own credit score and history.

Stay marketable.

1. Know your children will not be little forever so be sure to make a plan for when kids go to school.
2. Stay in the know.
3. Assess your own skills or where you need to upskill.
4. Learn.