Tuesday, March 28, 2017

SAHMs: Money Management Challenges

Managing money when you're a stay at home mom can be difficult. You only have one income coming in, which can mean that money is tight. Even though you're not the one working, you might end up being responsible for the household budget. Or you could have the opposite problem and feel like you have no control. It can be strange to manage money when you're not currently earning it. Many of the issues you experience are common, and there are ways you can deal with them.

Feeling Like It's Not "Your" Money

A lot of stay at home parents have a complicated relationship with money. Sometimes, you might feel guilty about spending on anything other than necessities or feel like the money isn't yours. But it's important to remember that you're a family and you make your own contributions, even if they're not financial.

Being in Charge of the Household Finances

As the SAHM, you can sometimes be left in charge of household finances. The perception might be that you have the time to do it or you're more familiar with your budget. If you feel like it's too much responsibility, ask for your partner to be more involved.

Feeling Like You Don't Have a Say

You can also have the opposite problem. If you don't get a say, you need to fight for your right to be more involved with your family finances.

Dealing with Debt as a SAHM

Dealing with debt is always harder, and it can be more difficult with just one income. The best thing to do is have a plan for paying off your debts.

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