There’s no doubt that living on one income can be tough for families. If you feel the need to contribute financially as a stay-at-home mom, I’ll show you how today.
It’s important to understand the financial benefit you provide simply by staying home. Oftentimes, SAHMs feel insecure because they don’t bring in any money.
The truth is, what you do at home is worth more than money can buy.
I do understand the need to contribute financially to your household, so I’ll share some tips on how you can do that today.
Keep reading to find out more!
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How to contribute financially as a stay-at-home mom
Understand the financial value of a stay-at-home mom
As stay-at-home moms, we have many job descriptions. We’re the chef who makes sure food is always on the table when the kids are hungry.
We’re the personal shoppers who go shopping for any essentials that our family needs. We’re teachers, counselors, the cleaning service, childcare experts,s and more.
check this article I wrote about it to learn more about all the duties of a stay-at-home mom.
The juice company welch conducted a survey of about 2000 moms. They found that being a mom is equivalent to working 2.5 full-time jobs (source).
As SAHMs, our days typically begin at 6 AM and end at 9 PM. That’s a 15-hour workday. If you were getting paid minimum wage (about $15 dollars an hour where I live), you’d be making around $4,500 dollars a month.
That’s why you need to understand your financial value as a stay-at-home mom. If someone else was doing the job you’re doing, they’d be making a lot of money off you every month.
Being a stay-at-home mom has other financial benefits. The biggest one is that you’ll save money on childcare. Check out this article to read more about all the other benefits of being a SAHM.
Build your credit
As a stay-at-home mom, you’re part of a strong family unit. This means that you need to have good credit if you want to contribute financially to your family.
Having a good credit score will benefit your family in various ways.
The first is that you’ll be able to get a loan when you need one. Some loans you can get include a small business loan, car loan, mortgage, etc.
You’ll be easily approved for a credit card if you need one to start a small business. As you can see, having good credit is essential for building financial wealth as a family.
This article will teach you about various ways you can build your credit as a stay-at-home mom. In it, I interviewed a financial advisor, and he gave me a lot of insight on this topic.
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Run a business
Another way you can contribute financially as a stay-at-home mom is to run your own small business.
There are two types of small businesses you can run as a stay-at-home mom. One is a work-from-home business, and the other is an online e-commerce business.
Some examples of a work-from-home business include hairdresser, barber, tailor, in-home daycare, etc.
Some e-commerce businesses you can do online include selling digital printables, print-on-demand clothes, creating and selling ebooks, etc.
I wrote this detailed article on various e-commerce and work-from-home business that stay-at-home moms can do. Make sure you check it out.
Get a side hustle
If you feel like running a business will be too time-consuming for you, then you can consider getting a side hustle.
Side hustles are things you can do in your spare time to get some extra income.
Some side hustles that you can do as a stay-at-home mom include taking surveys online during your spare time.
You get points that add up when you take surveys, you can redeem your points for money when you reach a certain number.
Other side hustles you can do include becoming a secret shopper, selling your photos to stock photo companies, and becoming a product tester for companies like Shiftsmart.
Check out this article to find out about other side hustles you can do to make money today.
Plan for your retirement
Contributing financially as a stay-at-home mom doesn’t just involve bringing in money. It also involves having a good retirement plan that’ll set your family up for life.
There are several ways you can plan for your retirement as a SAHM.
Some of the things you can do include: opening a spousal IRA, investing in mutual funds, opening a solo 401K, etc.
This article will teach you all you need to know to plan for your retirement as a stay-at-home mom.
When you’re old and retired, the money you put away will help your family live a comfortable life in the future. So start planning for retirement today.
Get a work-from-home job
Sometimes, the best way to contribute financially at home is to get a work-from-home job.
There are many work-from-home jobs that a stay-at-home mom can do. The most common ones are data entry clerks and customer service representatives. One place to find work-from-home job opportunities is through Facebook groups.
Facebook groups like WAH job factory, WAH Job Queen, and Ditch the 9 to 5, all post open positions about companies that are hiring.
It’s great that you want to contribute financially to your family. I just want you to remember that being a stay-at-home mom in itself is work already. Don’t feel the pressure to also bring in an income as well.
If your family really needs it, then consider the methods I’ve listed above to find some extra income.
I hope this article has given you some insight into how you can contribute financially as a stay-at-home mom.