What Stay-at-home Moms Need to Know About Money

Hey there, stay-at-home mamas! It's time to break free from outdated stereotypes and reframe your relationship with money and finances. Money isn't just for men, even if they are the ones earning all or the majority of the income—stay-at-home moms can play a powerful role in managing their family's financial wellness trajectory. In this article, we'll explore why it's crucial for moms to be financially involved and confident, and how you can set the stage for a brighter financial future for yourself and your children.

1. Stepping Into Your Power Around Financial Decision-Making:

Attention, stay-at-home moms! It's time to step into your role as a financial leader in your family. The common narrative is that the partner who is bringing in the income (at least if that partner is a man!) gets to decide where and how the money is spent. But your contribution as a stay-at-home mom has HUGE financial impacts. It benefits your partner, and it negatively impacts your own earning ability over your lifetime. [It also makes you more at risk for financial abuse, which is one form of domestic abuse.] If you are already making this sacrifice, you do not also have to sacrifice your voice and input on your family’s financial wellness. Your insights and opinions matter when it comes to making financial decisions. Don't let anyone keep you in the dark or make you feel like you need to ask for money like a dependent instead of a fully functioning equal. Take an active part in discussions about budgeting, savings goals, and investments. By being involved, you ensure that your family's financial path aligns with your shared vision and values. I recommend at least once a month “money dates” for all people in partnerships, but ESPECIALLY if you are in a relationship where one of you is staying-at-home with the kids. The other important conversation you need to be having is what your shared financial life will look like if/when you start earning an income again.

2. Embracing Financial Confidence and Knowledge:

Moms, it's essential to cultivate a sense of financial confidence and knowledge. Educate yourself about personal finance concepts, from budgeting and saving to investing and long-term financial planning. Attend workshops, read books or online resources, and connect with other moms who are on a similar financial journey. As you gain knowledge, you'll become more confident in managing your family's financial affairs. Remember, you have the ability to learn and grow, and with that comes the power to make informed financial choices. Here is a list of my favorite resources.

99% of people would benefit from creating and maintaining a budget, which is the world’s most boring word, but really means having a spending plan and having full awareness of the way money is flowing into and out of your life. You can learn to budget using YNAB, my favorite tool. Here is a quick tutorial to get jump started, and you can check out the TONS of free resources YNAB has including getting started webinars weekly and this getting started guide on YouTube.

3. Passing on Financial Skills to Your Children:

As moms, we have the incredible opportunity to instill valuable financial skills in our children. Teach them about the importance of saving, budgeting, and making wise financial decisions. Let them be involved in age-appropriate discussions about money and show them how to set financial goals. Encourage entrepreneurial spirit and the value of hard work. By equipping your children with these skills, you're giving them a strong foundation for their own financial well-being as they grow up.

Mama, you are a force to be reckoned with when it comes to your family's financial journey. Take charge of financial decision-making, and don't hesitate to voice your thoughts and ideas. Embrace the opportunity to expand your financial knowledge and develop confidence in managing your family's finances. As you become financially empowered, you can pass on these skills to your children and set them on a path of financial success. You have the ability to create a brighter financial future for yourself and your family.

Coaching

If you want additional coaching around money management, budgeting and financial wellness, I work with primarily women, most of whom are moms, and many of whom are small business owners. You can read more about my coaching here.