2.05.2019

Financial management for mom's


According to US Census Bureau research, women earn 80 cents for every dollar a man earns.  This gap in paychecks is made worse because women take time off work to have children, which means over their lifetime there are less able to save as much as men can. This can have a significant effect on their lives, and for some women who have to struggle on their own because of divorce, for example, the long term consequences can be financially disastrous.

A stay-at-home mom could suddenly find herself single because of the breakdown of a relationship or because they become a widow. The main wage earner could be seriously injured or become unemployed, but even if she goes back to work, the mom will not earn as much as a man in the same job.

Insure The Main Wage Earner

It is best to make sure that the main wage earner in the household is insured. They should be covered for disability in case of an accident or illness and there should be life cover in case of a death. The insurance will help to replace the income of the primary wage earner if a disaster happens.

Protect Yourself

If you are not married to your spouse, it is important that you protect yourself in case your relationship ends, getting a cohabitation agreement, or some kind of legally-binding document that lays out exactly who is entitled to what should the worst happen is the sensible thing to do for you all.

Consider Family Finances

The way couples handle their finances varies greatly. Some leave one spouse to pay all the bills and others have an agreement that specifies who will pay what. There are couples that have joint accounts but some prefer to keep their money separate. All this is a matter for the couple to decide, but it is important that they both understand the household finances, including the details of any debts and any investments.

If a financial advisor is engaged both parties should be involved in any meetings and decisions so that if the occasion happens where the mom finds herself on her own, she will be aware of the families financial situation.

Earning Potential

Whichever partner stays at home to raise the children, they could have some potential to make some money by working from home.  This can help to keep them up to date with the line of business they have always worked in. It could be as a freelancer or by finding a job that lets them work remotely.

More and more moms are starting their own online businesses as they have realized that they can make some cash when the children are at school or in bed in the evenings. Some of them have been very successful and apart from the money they have earned, they have found the experience personally rewarding.

Moms who have been out of the workforce for a while can lose their confidence when it comes to getting a job. Technology and new innovations have made the workplace a different world. There are online resources where they can hone their skills though, and this will help to give them their confidence back.

Most moms do a grand job raising their children, but there are times when finances can be a problem for them and then they should ask for help and advice if they need it, as friends and family will always be there for them.

1 comment

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    ReplyDelete

Thanks for the blogging Love

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