Five Financial Tips for Stay-At-Home Parents
Putting your career on hold to be a stay-at-home parent can be
rewarding, but this decision may come with significant lifestyle and
financial changes. It's important to review your family's spending
patterns and to set goals when transitioning from two household incomes
to one. Here are five tips for parents undergoing this change:
1. Estimate your timeframe. Look
into the future to decide if this change might be permanent and create
your financial plans accordingly. If you plan to go back to work,
establish the amount of time you expect to be at home and ensure that
you're still able to maintain your financial goals during this period.
If there is a gap, you may want to explore other employment options like
working part-time or contracting work. It's also a good idea to stay in
contact with your professional network in case you do decide - or need -
to go back to work.
2. Make sure you're insured. Examine
your spouse's insurance benefits and make sure that you and your
children are still adequately covered in the absence of your benefits.
If possible, plan to have life and long term care coverage for yourself
and disability insurance for your spouse in the event that something
would happen to either of you and you're no longer able to work or care
for your children.
3. Understand your value. A
single-income family doesn't mean that only one spouse is contributing
financially. As a stay-at-home parent, you save your family many costs
associated with working-parent households like daycare, cleaning
services and other expensive convenience products and services. You may
even find that in your new role you have more time to devote to
money-saving activities like comparison shopping and cooking rather than
dining out.
4. Keep your goals on track. Your
household budget may need to be adjusted with your decision to become a
single-income family, but don't neglect your long-term goals. Consider
working with a financial advisor who can help plan a family budget,
prepare for the retirement of both spouses and to set realistic
financial goals based on one household income.
5. Communicate with your spouse. It's
important to communicate your plans, desires and financial concerns
with your spouse. Together, acknowledge the benefits and challenges that
will accompany the decision to become a stay-at-home parent. Make sure
you are aware of any possible career or salary changes that may arise in
the near future for your spouse before you commit to staying at home.
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