If you choose to be a stay-at-home mom, it definitely does not mean that you are losing a grip over your finances. In fact, there is a lot you can do for yourself and your family. Read on to know more.
Photographs: Eye.Ess.Ohh/Creative Commons
If you have crossed the bridge, you would know. Choosing to stay-at-home for your baby, is one of the most difficult and important decision of your life. A lot of sacrifices are involved and time and money are at stake. So what is it that you can do, when it comes to financial planning as a stay-at-home mom?
One side of the scale involves being at home to spend quality time with your baby, watching them grow and influencing their upbringing in the best possible way. The other side of the scale involves going to work to ensure that you don’t compromise on anything when it comes to giving the best to your child. Everybody has their own reasoning to justify the choice made in this case.
1. Plan for committed expenses
EMIs, insurance premiums, SIP amounts, etc all come to haunt you before their deadlines. Don’t let these monthly payments interfere with your peace at home.
Choosing to be a stay-at-home mom involves planning. It’s a different phase of life and calls for financial and mental preparation.
Make a list of all the expenses which fall under the committed expenditures category for you. Now chalk out a provision to keep them going.
2. Loans and scores
While choosing to be a stay-at-home mom will get you a high score in the mommy category, do not ignore your CIBIL score. Keep a check on the credit card bills and make sure you don’t miss repayment dates.
Also, if you have already availed loans, ensure repayments are smooth. Your baby will keep you busy 24/7 so keeping a track of dates and deadlines is going to be difficult. Hence schedule important things in such a way that you don’t miss out.
3. Explore new ways to make money
The luxury of spending time your way is what you have chosen. So why not make money while doing it. There are more than one way to make money while being a full-time mummy.
Check with your ex-workplace if you can put in a couple of hours from home every day. That way, you will continue to make money from the comfort of your home and stay in touch with what’s happening at work as well. Organise camps for things that you are good at, for example writing skills, art, photography etc.
Start blogging or even run a home food service. These are just a couple of lucrative options and sky is the limit for you.
4. Penny saved is penny earned
Put your thinking hat on and develop a creative perspective towards saving. Look out for simple tasks which you had outsourced earlier and which can be handled easily, now that you are at home. This is also an opportunity to manage household expenses better.
Wastage can be minimised by proper management and planning. Also, hunt for substitutes for items which you think are expensive and cheaper alternatives may work equally well.
You will be amazed at how much you save by simply being more conscious towards your expenses.
5. Smart moms make intelligent investments
If you want to see your investments grow, they need to be looked after and guided. Working life hardly offers the luxury of time to invest in reading, staying updated and tracking investments. Hence, experts are hired and we conveniently surrender to the thought that we have done the best we could.
But that’s far from the truth. Knowledge is power. A stagnant, always-playing-safe-by-the-old-rules approach will hardly fetch fantastic returns. In your new role as a stay-at-home mommy, take charge of investments. Be innovative, read more, invest wisely and become your family’s financial advisor!
Never let your magic lose its charm after being a stay-at-home mom. Be in control of your finances and show the world how it’s done. Right from the comfort of your home, with an alert and sharp mind calculating numbers and planning ahead while making baby food. You are indeed a multitasking goddess and superwoman!