I think many people go through life without a financial plan. If you look at all of the foreclosures happening, a lot of these people jumped into home ownership without thinking if they could afford being a homeowner. Or becoming a stay at home mom when living on two incomes is already difficult.
Suze Orman shares How to plan for tomorrow in Oprah's magazine.
Anticipate- If you do an adjustable rate mortgage make sure you can afford the highest rate. Or consider saving for a larger down payment so you can actually afford the house.
Address - If you do get yourself in a financial mess, own up to it. Make a plan on how you are going to get out of it. Money problems are a leading cause of marriage problems. Address them together as a couple and don't stick your head in the sand.
Adjust- What steps can do you do to get out of this financial mess? Can you starting working part time if you are a stay at home mom.
Be smart about your money and doing some planning can really help you avoid the squeeze.
Showing posts with label stay at home mom. Show all posts
Showing posts with label stay at home mom. Show all posts
Sunday, January 20, 2008
Tuesday, January 08, 2008
So you want to be a stay at home mom-money tips
This week marks 6 years that I have been a stay at home mom. It was a huge adjustment to me both personally and financially. I was not prepared at all even though I was almost 6 months pregnant with my baby. My head was stuck in the sand big time. I knew I wasn't going back to work but had my head totally in the sand on how we going to survive financially. I had anxiety over our money situation.
If you are looking to do the transition to be a one income household or stay at home mom, be smart and start preparing. 6 months in advance.
1) Do both partners want this
2) Make 2 budgets one with both Mom and Dad working and a second with Mom staying home. Use the Mom's True income to see if staying home is really an option.
3) Pay off any outstanding debt- you should be going into the one income family with no new debt. No credit card debt or car debt.
4) Save up a big emergency fund at least 9 months of expenses-12 might be better
5) Do a practice run (live on 1 income before taking the plunge)
Common mistakes
Don't depend on getting a work at home job Good paying ones are hard to find unless you are very skilled.
If you are not a frugal person and need your Dunkin Donuts or Starbucks coffee each day, you may not be able to cut back. Take a realistic at yourself-that is why the trial is so important.
Need to be out every day with the kids spending money going to the indoor playgrounds .
That the mom comes home even though she is making more income than Dad.
If you are looking to do the transition to be a one income household or stay at home mom, be smart and start preparing. 6 months in advance.
1) Do both partners want this
2) Make 2 budgets one with both Mom and Dad working and a second with Mom staying home. Use the Mom's True income to see if staying home is really an option.
3) Pay off any outstanding debt- you should be going into the one income family with no new debt. No credit card debt or car debt.
4) Save up a big emergency fund at least 9 months of expenses-12 might be better
5) Do a practice run (live on 1 income before taking the plunge)
Common mistakes
Don't depend on getting a work at home job Good paying ones are hard to find unless you are very skilled.
If you are not a frugal person and need your Dunkin Donuts or Starbucks coffee each day, you may not be able to cut back. Take a realistic at yourself-that is why the trial is so important.
Need to be out every day with the kids spending money going to the indoor playgrounds .
That the mom comes home even though she is making more income than Dad.
Wednesday, May 02, 2007
What stay at home moms earn
Salary.com has come out with it's annual assesement. This year, they say the work of a stay-at-home mom would command an annual salary of more than $138,000 dollars. That's up about three percent from
last year at $135,000.
For working mothers outside the home, the amount is put at more than $85,000 dollars this year. That is on top of any money earned in the workplace.
Of course, it is priceless to be able to stay at home with your children. Make Staying Home With Your Kids a Reality: A Six Month Plan
is a good step by step plan.
last year at $135,000.
For working mothers outside the home, the amount is put at more than $85,000 dollars this year. That is on top of any money earned in the workplace.
Of course, it is priceless to be able to stay at home with your children. Make Staying Home With Your Kids a Reality: A Six Month Plan
is a good step by step plan.
What stay at home moms earn
Salary.com has come out with it's annual assesement. This year, they say the work of a stay-at-home mom would command an annual salary of more than $138,000 dollars. That's up about three percent from
last year at $135,000.
For working mothers outside the home, the amount is put at more than $85,000 dollars this year. That is on top of any money earned in the workplace.
Of course, it is priceless to be able to stay at home with your children. Make Staying Home With Your Kids a Reality: A Six Month Plan
is a good step by step plan.
last year at $135,000.
For working mothers outside the home, the amount is put at more than $85,000 dollars this year. That is on top of any money earned in the workplace.
Of course, it is priceless to be able to stay at home with your children. Make Staying Home With Your Kids a Reality: A Six Month Plan
is a good step by step plan.
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