As a busy stay-at-home mom or dad, managing your money properly usually falls on the back burner. You get so busy that you feel like there couldn’t possibly be time to do anything else. Today, I am going to teach you how a stay-at-home mom or dad can manage money like a boss.
If you don’t have the tools you need, managing your finances can feel like you are trying to find your way out of a dark cave. It can be frustrating and overwhelming. However, please don’t think that managing your finances is too difficult – it’s simple!
You might be surprised when I tell you that some of the super simple tools I personally use are free apps that I’ve downloaded on my phone! I’ll leave the list of them at the bottom of the post.
I’ve been a stay-at-home mom for over a decade, so I know about everything that comes with the stay-at-home job title. From the laughs to the complete exhaustion, I’ve experienced it all.
Unfortunately, when I became a stay-at-home mom, I didn’t know how simple it was to manage our finances. For years, my husband and I blindly managed our finances and hoped that we were able to pay our bills at the end of the month (which required a lot of overtime.)
It wasn’t until a few years ago that I learned how to manage money like a boss. I was able to easily track our money with a budget, earn money, save more money, invest, track our net worth, and most importantly, change my mindset.
You can easily do the same. Below, you can learn how a stay-at-home mom or dad can manage money like a boss.
Break Your Current Stay-at-Home Mom or Dad Mindset
The number one thing that a stay-at-home mom or dad can do to manage money like a boss is to change your mindset about yourself and money.
A lot of times, stay-at-home parents feel like they aren’t able to contribute financially. That is simply not true. In fact, I think you are at more of an advantage to increase your financial IQ than your working spouse.
The truth is that money is just a tool and you shouldn’t have an emotional connection with it. When you accept that money is really just a piece of paper that could be worth nothing tomorrow, you are going to be more successful.
Think about all the lottery winners who have claimed bankruptcy afterward. Money does not solve financial problems, but your mindset will.
You need a strong mindset. The best advice I can give you to strengthen your mindset would be to read the book “Rich Dad, Poor Dad,” by Robert Kiyosaki. “Rich Dad, Poor Dad,” changed my life and I think every person on this planet should read it.
In Kiyosaki’s book, he talks about the advice that he got from his friend’s “rich” dad and compares it to the advice he got from his “poor” dad.
You can get it on Amazon here: Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!
Create a Budget
Budgets don’t have to be a ball and chain that you strap to your leg to stay on track.
When you create a budget, you are simply creating a visual that shows you how much debt you and your spouse have and where your money is coming and going. You can adjust your budget at any time.
A budget is also a motivational tool because budgets allow you to easily refer back to your past to see your financial changes and how your money management has improved.
If you don’t already have a budget that you love, we created “The Perfect Budgeting Planner + ‘How to’ Video” to help you get started. You can download the budget from our free resource library and you can get the password from the form below.
Create a Plan
Write down your short term and long term financial goals. Then, you need to break down the steps you need to take to achieve those goals.
Some of those steps should include things like:
- Creating an emergency fund
- Getting debt-free
- Automatic investing for retirement
In order to continue growing financially, you should always have a plan – no matter where you are in life. Whether you are a stay-at-home mom or dad trying to manage money or retired with plenty of money – a good plan is a necessity.
Do the Easy Stuff (Be Smart and Use Your Smartphone)
There are so many amazing apps that can make managing your finances easier. Last year, I easily made at least 700 extra dollars with apps in my free time. I also used apps to track our net worth and invest for retirement.
Taking advantage of apps is one of the best ways stay-at-home moms and dads can manage money like a boss. Why? Because if your kid is sleeping beside you and you can’t move – you can still probably move your fingers across your phone and take advantage of personal finance apps without even waking up your kid.
That’s multitasking. Or, maybe, you are being forced to watch yet another episode of “PJ Masks” or waiting for your kid to finish sports practice – these are all great times to have your finances at your fingertips.
Not all apps are winners though.
I created a free download called, “The Five Personal Finance Apps That Will Help You Reach Financial Independence” to help you get started with apps.
The freebie is in my resource library and I explain how I have used each app to help improve and manage my own personal finances. You are welcome to download it. You can get the password from the box at the bottom of the page.
Save More, Earn more
You want to start thinking about additional ways that you can save and earn more money.
For example, if you have a baby or toddler, research how to coupon diapers or start using reusable diapers. You can also shop second hand, meal plan, negotiate your bills, etc.
There are tons of ways that you can save money. We actually created “The Essential Money Saving Checklist,” saved in our resource library, which includes tons of ways to save additional money that most people don’t think about.
Saving money is good to do, but there is only so much you can save. Fortunately, the amount you can earn is limitless. As a stay-at-home mom, I’ve made money with my smartphone (as mentioned above,) with photography, babysitting, and other side hustles.
As a stay-at-home parent, you can earn extra money too. You can earn money with the apps in my download, starting a side hustle, selling things online, and more! The possibilities are endless with a little creativity.
If you do not have consumer debt, you should automatically be investing your money into retirement accounts. Even if you are a stay-at-home mom or dad, you can have a Spousal IRA if your spouse qualifies.
Also, in “The Five Personal Finance Apps That Will Help You Reach Financial Independence” freebie, I explained how I’ve created an investment portfolio for free.
I want you to know that there are many types of investments.
In my opinion, the best type of investment is in education. For some, that may mean going to the library and checking out a book that is going to teach you something you need to learn. For others, that may mean to go take some college classes so that when your children get older, you have some workplace skills.
You can even take online courses to learn new skills and increase your financial IQ. Always remember that knowledge is king.
Get My List of “The Five Personal Finance Apps That Will Help You Reach Financial Independence” and more!
When you get the password, you can download our list of The Five Personal Finance Apps That Will Help You Reach Financial Independence and anything else you wish to in our resource library.