Archives for May 2017

How to Afford Being a Stay-at-Home Mom

May 29, 2017 | Leave a Comment

When I was pregnant with my first child, every day held excitement about the future. But I couldn’t quite shake the weight I felt on my shoulders when I thought about returning to work six weeks after her birth. I wanted so desperately to stay home, but simply couldn’t imagine how to afford being a stay-at-home mom.

It just doesn’t come up much in school, does it? “Living On Half Your Income 101.” Yeah, not so much. Today’s culture often says things like “Put it on credit” or “You deserve more” or good ‘ole “YOLO.” But some dreams involve spending and earning a whole lot less.

And they sure are worth it.

See, my husband and I really needed a roadmap, some kind of guidelines to help us navigate these tumultuous waters.

If that’s you, then let me encourage you. Our “get-your-financial-act-together” journey started in 2011. In 2012, my husband and I paid off $22,000 to become debt-free right before our daughter’s birth. We stockpiled as much as we could into our emergency savings and learned to continually live within our means (MUCH harder than it sounds!).

This led to one of the happiest days of my life. It was in May of 2014. I was 30 weeks pregnant with our second child and kept having labor symptoms when I’d work on my feet all day at my job. Rather than risk a premature delivery, that became the catalyst for our leap of faith.

That was the day I quit my job and officially became a stay-at-home mom. I waddled to my car with astonishment stamped on my face. It really was happening.

You need to understand the primary reason for this astonishment. We would now be living on less than $2,000 a month. It seems impossible that we could have done this (especially if you knew how bad we were at budgeting when we were single!). The thing is, we hustled our hineys off and no longer had debt. We’d been budgeting like paupers and renting from family instead of rushing into a home we couldn’t afford.

Even on such a small income, we really were ready. Hence my amazement.

Every dream is different. And that’s OK.

Your dream may not be to stay home. That’s totally fine! If you love working outside the home, then embrace that and enjoy your work. Nor are you required to generate an income if you do decide to stay home full-time. Let’s just get that out there.

So many of the steps we took as a couple had very little to do with me making extra money from home. They set an important foundation that centered around three major components:

Communication
Changing habits
Financial freedom

Let’s pull back the curtain a little further and explore what I mean.

How to Afford Being a Stay-at-Home Mom

Here are some practical first steps you can take in your journey toward spending more time with your kids!

Step #1: Kick debt to the curb.

When my husband and I committed to paying off our outstanding debt in two years instead of seven, we forced ourselves to:

Budget every month
Snip our credit cards and always pay with debit or cash
Live intentionally on less
Communicate in healthier ways about money

For example, the biggest way my husband and I melted debt was to intentionally begin living on his income. It took months, but eventually, we were able to apply every dime from my paycheck toward debt.

After that, our small income became that much more powerful. Imagine what you could do with your money if you didn’t have any payments. That one thought spurred us on.

Step #2: Save for the unexpected.

Saving for emergencies is the most powerful way you can create financial stability in your home. Smaller emergencies like an oil leak can be covered in the “auto repair” portion of your budget. But what if your income-generating spouse loses his job? That buffer is the difference between you remaining a stay-at-home mom through that transition or scrambling for work alongside your partner.

A great place to start with a savings buffer is $1,000. More can be accumulated once you’re out of debt, but that first $1k is your Kevlar vest against calamity.

Step #3: Act.

We covered the basics. Whether you’re a mother or would like to be one someday, you can begin this journey today. It’s time to choose your next step and ACT.

A great place to start is a conversation with your significant other. This plan requires openness and commitment from both of you. It’s also going to take time. Best to start the conversation now.

For example, when I messed up the budget, I knew I could approach my husband about it instead of burying my head in the sand like I’d done in the past. We worked through many problems that way. Extend grace. Talk about your dreams. Re-commit.

Another great next step is to further your education. Try joining a Facebook group that centers around whipping your family finances into shape. The added support is tremendous. Here are two great groups you can join:

Build on the foundation.

If you’ve read this far, it means you’re dead serious about your dream of becoming a stay-at-home mom. That’s awesome.

I believe you can do it, but this is just the framework. It’s not going to keep the rain or wind out of your house. To add siding, insulation, a roof, and even some shiplap if that’s your fancy, then I strongly encourage you to check out my eBook called “The Stay-at-Home Mom Blueprint.” In it, I expand my story on climbing out of debt and achieving my dream of staying home. I also walk you through 150 practical strategies that my husband and I used (and still use today) to communicate better, chop debt, and save money.

This is the roadmap I wish I’d had when we first dreamed of transitioning into a single-income family.

Also, if you do want to earn money from home, “The Stay-at-Home Mom Blueprint” includes dozens of ideas to sell your stuff, earn gift cards or cash from home, or build an online business. My business didn’t happen until nearly two years after I became a SAHM. Since then, I’ve made nearly $20,000 just working part-time as a freelance writer. I know without a doubt that this business wouldn’t have happened if I hadn’t safely transitioned into a stay-at-home mom first.

Ready to take your journey toward staying home to the next level?

Grab your copy of “The Stay-at-Home Mom Blueprint” today.

Your Turn: What advice would you give someone on how to afford being a stay-at-home mom? Share with us below!

This post may contain affiliate links.

Image Credit: AI Photography

Hungry for more financial tips for stay-at-home moms? Look no further!

How to Shape Your Child’s Money Personality

May 24, 2017 | Leave a Comment

Children need our guidance for everything they do. Children cost us a lot of money and it seems they always need something, even well into their college years. You may not think of fiscal responsibility when describing your children’s needs, but this too is something they’re going to learn from you — whether you intend to teach them or not.

It’s important to start teaching financial responsibility to your children as soon as they start noticing and asking about money. It is common for children to think money is plentiful and infinitely available. “Money doesn’t grow on trees,” we will all tell our children at one time or another.

How are they going to learn this? Regardless of your income, you should start teaching your children the value of money and help them develop financial responsibility. Here are a few ideas you can employ to help you accomplish this.

Create Want and Need Lists

Help your children learn the difference between needs and wants. Have your children identify things they need in life — like food, clothing and shelter — versus the things they want, like video games, electronic devices and spinners. Teach them that needs come first and that wants can be assessed and evaluated before purchasing anything.

Teach them about doing without in lean financial times and what compromises a limited budget might force you to make.

Teach Earning

Teach your children that money is not given, but earned. Let them learn the value of a dollar by giving them paid assignments in addition to their expected chores. Don’t overwhelm them. Give them something they can accomplish, like cleaning the yard up after the dog or raking the leaves into yard waste bags. Putting dishes away is a simple chore. Make it a challenging but reachable goal which pays off for them.

Teach Spending

Talk about wise spending and mistakes you have made. Share the story about blowing your crisp $5 bill on a stuffed rabbit you had to have on an impulse buy. Let your children know you can’t buy everything you want and show them some of the sacrifices you have made. Go shopping and look at things you would love to have but can’t afford, or that simply wouldn’t be a good idea to buy considering your budget.

Teach them that buying a car means buying gas, insurance, paying for maintenance and a host of other things they won’t automatically think to budget for.

Teach Saving

Buy a piggy bank or some other bank or jar to throw coins into. Have them guess how much money they have. Make goals for an amount to save. Help them identify something they can buy when they reach that goal. Counting money teaches them math skills, and the more they save, the less they’ll want to spend their money.

Teach them the importance of having an emergency fund for unexpected expenses, which will inevitably arise. If the money starts building up, go to your bank or credit union and set up their own savings account.

Teach Charity

Have your children go through their toys and clothes and determine which things they no longer want or need.

Talk about the potential use and appreciation still offered by the item and why it should not be thrown in the trash. Let your child decide to make the tough decisions. Practice this regularly to teach them to avoid clutter. Have your child accompany you to a Salvation Army or Goodwill to donate the items.

Encourage Work

You might pay them for doing a little extra around the house, or maybe you are a family which offers weekly allowances. At some point, a neighbor or friend may need a helping hand with some task they don’t want to do themselves. Shoveling snow from the driveway, cutting the grass, raking leaves and babysitting are common first jobs for children.

If you feel they’re ready and responsible enough to do such tasks, welcome the opportunity for them to earn money. This will give them a sense of accomplishment and further teach them the value of money.

Double Their Money

Perhaps your child has earned some money from babysitting or doing yardwork. Birthdays can produce a windfall of $20 bills from family and friends. Rather than watch all of that money get squandered on candy, iTunes gift cards and impulse buys, give your children a chance to double their money.

Offer to deposit all or any of the money they wish to save into their savings account and match it with your own funds. Let them work it out themselves. Let them decide whether giving up their money is worth doubling it for the future. Maybe they will come up with a plan to deposit half, so they will have the full amount in the bank and the rest to spend.

Whether you end up with a saver or a spender may not be entirely up to you. Children have their own personality traits and obviously inherit the best and worst from you and your spouse. As with any other lesson in life, all you can do is teach and lead by example. Help them make decisions, but try to make sure they’re deciding for themselves. This will teach them responsibility — financial and otherwise. Maybe your children will be role models for you some day.

Anum Yoon is a personal finance blogger and writer who runs Current on Currency, a blog for anyone who is seeking friendly money advice.

James Hendrickson

James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.

10 Steps to Create a Successful Stay-at-Home Mom Budget

May 22, 2017 | Leave a Comment

Do you dream of becoming a stay-at-home mom but your family depends on your income? Your dream may not be impossible. It starts with a plan, a lot of self-compassion, and determination. I know from experience. Our most effective tool on our journey to a single-income family with an at-home parent started with a stay-at-home mom budget.

I’d like to show you how.

In 2014, I gave my notice at my job just a few weeks before having my second child. With only my husband’s income, we now had less than $2,000 per month to live on. That may sound impossible, but we spent years preparing for that day. It’s amazing how little income you can live on when you don’t have a car payment or student loan debts. It’s amazing how free you feel when you make such an empowering decision like staying home with your children. I

It’s amazing how little income you can live on when you don’t have a car payment or student loan debts. It’s amazing how free you feel when you make such an empowering decision like staying home with your children.

I wish that for you.

This list of steps will show you exactly how we beat the odds and successfully transitioned into a single-income family of four.

10 Steps to Create a Successful Stay-at-Home Mom Budget

Let me just say we stunk at budgeting before my husband and I got married. Like really stunk at it. I even worked as a teller and couldn’t keep my finances straight. I can laugh now, but it caused its share of anxiety in me at the time. I dreamed of staying home with my children someday, but our debts and sloppy spending made it felt unachievable then.

These 10 steps revolutionized so much more than our budget. It reshaped my mindset about money, my role in our marriage, how we communicate, and how we plan for the future. Check ’em out:

Take a financial snapshot.

Look at what you’ve been spending, how much you owe in debt, what you have in savings, and what you earn each month. It takes time, but this is a great starting point for anyone looking to improve their finances.

Before you ever write another budget, make sure you’re aware of where your money is really going.

Calculate how much you NEED to live on each month.

This number is vital. It’s not how much you spend on cable or fast food or extra clothes for the kids. This is the total you need, absolutely need, each month to keep the lights on, put gas in the tank, and feed the family.

A great way to calculate that number is to add up your monthly bills. They’re typically a set amount. Then, include things you typically buy in a month like food and gas. This is the baseline for you to plan your stay-at-home mom budget. You know this much needs to come in. If you and your spouse currently bring in more than that, then let’s talk about some ideas for that extra money next.

Build up a buffer.

When you reduce your family income, it’s paramount to have an established savings account for unexpected expenses. Millions of families live paycheck to paycheck with no clear financial plan for the next blown transmission or trip to the ER. You can set yourself apart from that statistic. Choose an account today and commit to putting away $1,000 for emergencies only as fast as you can.

Demolish debt.

Eliminating as many monthly payments from your life as you can before you become a stay-at-home mom is huge. If you’re already home with the kids, it’s still as important as ever.

For example, my husband and I started applying more and more of my paycheck toward student loan debt. What we thought would take seven years took less than two. Intentionality will bring about big results in your life.

Meet regularly with your spouse or accountability partner.

While my husband and I were paying off extra toward debt and saving for emergencies, we met regularly to discuss our budget. We still do. It isn’t always easy, but carving out a 15-minute window once a month to make sure you’re on the same page will reduce your stress and set up your stay-at-home mom budget for success.

Need some help creating a budget? Here are several free downloadable budgeting forms.

Sleep on big financial decisions.

Give yourself a 24-hour window before you make any purchase more than a set dollar amount. This is especially important for houses, automobiles, furniture, and the like.

Leave room for fun.

Even though you’ll have less money in the budget once you’re a stay-at-home mom, it doesn’t mean you can’t have fun. If it’s in your spending plan (and preferably not on a credit card), plan for fun outings or date nights or taking the children to the zoo. I even recommend a little fun money for you and your significant other to spend however you wish. A little freedom helps you life when finances tighten up.

Don’t compare yourself with others.

With social media, it’s almost impossible to not compare your life with others’. Remember this, though: It’s entirely possible they’re in debt up to their armpits and you don’t know it. Remember your reason for wanting to stay home. It may mean you have to live in a smaller house for a while, but the trade-off is more time with your kids.

Employ self-compassion when you fail.

You will fail. Your spouse will fail. Rather than give up and quit budgeting, give yourself some grace and try again. I’ve derailed more budgets than I can count. Working through that frustration and stress was like working a muscle. You will grow your abilities, too.

Focus on your behavior, not your numbers.

Ever read that quote about personal finance being 80 percent behavior and 20 percent head knowledge? It was true in my case. When I stopped chasing my credit score and started chasing a debt-free mindset, my account balance changed dramatically. What are some behaviors you can focus on that’ll help you establish a functional stay-at-home mom budget?

“What’s my next step?”

Hopefully, this article gave you some ideas on how to begin this journey. It’s meant to inspire and educate, but one blog post can only offer so much.

What I needed on my own journey toward staying home was a financial roadmap. Much of my husband’s and my experiences were trial and error (and more errors and some more errors). Beating the odds in 2014 lit a fire within me to help other women achieve this dream.

That’s why I created a companion eBook to this article called “The Stay-at-Home Mom Blueprint.” It’s packed with 150 ways to chop debt, save money, earn a side income from home, and implement a financial plan that WILL enable you to spend more time with your kids.

This eBook contains everything I wish I’d known when I started my journey, from surviving our first messy budget as newlyweds to figuring out coupons to earning my first $10,000 with my at-home writing business.

If this is your dream to spend more time at home, then I wrote this for you. Look, it’s not easy. We spent years making this transition without a guide like “The Stay-at-Home Mom Blueprint.” Even so, it was worth it. Your journey will be, too.

May this resource empower you to take these steps to achieve what matters most to you.

Ready to grab your copy? Find “The Stay-at-Home Mom Blueprint” available here.

What’s your number ONE hurdle that prevents you from spending more time at home? Tell us about it in the comments below!

This post contains affiliate links.

Are you a stay-at-home mom? Make sure you bookmark or pin some of these resources for later!

How to Save Money – 35 Top Ways for Parents to Save Money

May 15, 2017 | 2 Comments

No matter what you earn in a year, if you’re raising a child, then saving money is going to be a huge part of your life. You’ll save for diapers, school supplies, soccer cleats, and college. To help in your frugal efforts, here is a master list of how to save money.

Many of these tips came from real parents discussing this important topic via SavingAdvice.com.

How to Save Money – 35 Top Ways for Parents to Save Money

This is one of those articles that can be a useful resource for you, time and time again. As you read through, there will be things you can apply to your life today, but some tips may not apply til later. I suggest you bookmark or pin this post to ensure you have access to you it later.

Switch to bank accounts with no fees.
Cancel unused memberships.
Cancel subscriptions. Examples include magazines, newspapers, online entertainment, dating, or networking memberships.
Skip the cafe and bring home brewed coffee to work.
Eat out less; cook at home more.
Save money on your electricity bill. Install a smart meter (some libraries loan them out for free) to measure how much electricity your appliances are using. You could be saving more by simply unplugging what you can.
Contact your cell phone provider to ask how to save money on your bill. They may have a discount plan to offer.
When other phone companies cold call you, ask if they can beat your current company’s price.
Are you looking at a phone for your child that’s only to be used for emergencies? Try buying a prepaid phone rather than something on contract.
Comparison shop. This is huge for every major purchase in your life – from cribs to colleges.
Don’t buy “convenient foods” when you can make something from scratch. Frozen meals are quicker to prepare but you pay for the convenience and they’re often much less healthy for you.
Buy in bulk versus smaller quantities at traditional supermarkets (Costco, Amazon’s Subscribe and Save).
Batch your meals on the weekends. By preparing a large quantity of breakfast or snack foods during the weekend, you’re setting up your week to be more frugal and freeing up a considerable amount of time.
Save those pennies and dimes. Designate a family piggy bank for all your coins. When it’s full, go do something fun together.
Don’t balk at used items. Yard sales, thrift stores, and online garage sales may have just the items you’re looking for at a fraction of the price. Children’s clothing is a prime example, especially when they’re very young. They grow so fast!
Whenever you can, shut off your heat or air conditioning and throw open those windows. You’ll save a considerable amount on your utility bill in the long run.
Get creative with transportation. Can you carpool, ride a bike, or even walk to work? These may seem like extremes, but they’re also fantastic ways to save money on gas as well as preserve the life of your vehicle.
Reconsider that credit card “deal.” As popular as it is to accumulate airline miles or to snag that 30% savings at Kohl’s consider the long-term drawback your experiencing.
Be mindful of your spending habits. If you’re bringing home a paycheck, but there’s nothing left at the end of the week to drop into savings, then it’s time to dig in and evaluate what you’re really spending.
Clip or download coupons. Apps like Cartwheel or Paribus or RetailMeNot can give you convenient methods for saving on weekly expenses.
Wait at least 24 hours before making a large purchase. Give yourself a chance to come down from your “fever” to make a more thought-out decision.
Check your wallet. By knowing how much money you have before you walk out the door, you’ll be aware of what you can and cannot spend throughout that day.
Pack your lunch.
Find some free hobbies.
Identify wants versus needs.
Lower your car insurance by combining policies or paying it annually instead of monthly.
Learn how to save money on child-related taxes. See a full run-through of your options here.
Launch a “No-Spend Challenge”. Choose a spending category (i.e. fast food) and set a time for not spending any money in that category.
Try the 52-Week Money Challenge. Learn how to save over $1,300 a year here.
Use a monthly budget. I know from experience that this will help you conquer debt more quickly and save money before you ever spend money elsewhere.
Find deep discounts on Amazon merchandise through SnagShout.com.
Don’t spend your tax return; save it.
Automate a monthly transfer into savings. You’re much more likely to stick with it!
Pay $100 extra on your mortgage each month. This doesn’t save money in the short-term, obviously, but you’ll save thousands in interest over time.
Get accountability. However you’re saving money for your family, one of your most powerful tools is support. Not only does my spouse hold me accountable on a continual basis, but I love feeding off the positive energy in a supportive Facebook group of like-minded savers called “Your Debt Freedom Family.” We only discuss things related to our families and our finances – no spam or marketing. If you’d like to join, you can do so here!

The biggest progress I made when I was trying to figure out how to save money as a parent was remembering my “Why.” In my case, it was the little one growing rapidly in my tummy. She didn’t know it at the time, but my first child gave me strength, every day, to cut back, live on the budget, and save. It was worth it for her.

What’s one money-saving tip you’d add to this list? We’d love to hear about it in the comments below!

Are you a stay-at-home mom? Check out these bonus resources just for you!

5 Free Printable Baby Shower Games

May 8, 2017 | 4 Comments

You’ve graciously offered to throw a baby shower for someone. Perhaps it’s a friend, coworker, or family member. Well done! It’s a fun time, but planning can be stressful. That’s why I’ve put together a roundup of free printable baby shower games to make the most of the mom-to-be’s special day.

5 Free Printable Baby Shower Games

Name That Baby

This is a game we used at my baby shower. Simply pass out the printable forms with a list of animals and have each guest write the names of baby animals of the same breed. for example, goose and gosling.

Find your printable sheets for “Name That Baby” here.

Name That Nursery Rhyme

This single sheet lists several first lines from famous nursery rhymes. Test your guests and see who gets the most right! The printable sheet and answer key are both at the link below:

Print off your copy of “Name That Nursery Rhyme” here.

Baby Bingo

Baby Bingo is a simple and fun game shower guests of any age can play. Print off several of these bingo cards – blue or pink. Make sure you have game pieces, candy, buttons, or coins for players to use for their cards. In each box, write what the expectant mother could potentially receive at her baby shower. For example, diapers, baby blanket, or lotion.

Call out each item and see who calls “Bingo” first!

Choose your printable “Baby Bingo” cards here.

Baby Shower Scavenger Hunt

A great ice breaker that helps people interact with one another is a scavenger hunt. Ask your guests to form into teams of two or three, then give each team a copy of the first clue. The rest of the clues have been hidden by you throughout the house.

I like this version of a scavenger hunt for a baby shower because each clue is fill-in-the-blank, making the clues more solvable and moving the game along at a nice pace. Make sure you have enough prizes for each team member to receive!

Get your “Baby Shower Scavenger Hunt” clues here.

Baby Shower Charades

Could you stand up in front of your friends and describe “Mary Had a Little Lamb” without using words? Try this fun version of charades that centers around popular nursery rhymes. Cut up each choice and have each guest draw one out of a hat to act out.

You can choose a different theme for charades, of course. You can have your guests act out baby-related things like going into labor, swaddling a baby, or having your water break. Oh, the possibilities for fun…

Print off your nursery rhyme-themed “Baby Shower Charades” here.

If you’re looking for more free printable baby shower games or need help putting together your theme, invitations, or snack ideas, then be sure to check the wealth of resources on Pinterest. These five games should help your guests break the ice and enjoy their time making memories and honoring their friend.

Next Up: “5 Quality Baby Items That Are Worth the Investment”

Which baby shower games have you played? Share a favorite with us below!

Image Credit: jdurham (MorgueFile)

Planning on staying home after your baby is born? Check out our top financial resources for stay-at-home moms: