Most stay at home mums chose this life not because they so much wanted to but gave up their careers to take care of the kids. Some work or study from home juggling between kids and their work/studies, others with no particular occupation.
And it is only human that some feel the sense of guilt of having to contribute nothing to the finances of the family with the caretaker role that has been imposed on them. For many, however, the mere desire to stay with the kids at home nullifies the need for money. This does not mean that issues related to finances won’t crop up, despite much content with this decision.
Working around it
However, if this is what the couple wants, they could try to work their way around it. This could translate to say minimizing on expenses like date nights, family vacations, following a tight budget and other modest ways than they are normally used to. Families should constantly assess their needs and values. If families are wanting to do this, but every month end up feeling likes their finances have been a victim of the family’s expenses, it will be much more beneficial to start looking for ways to look after your family’s financial future for the long-term.
This is where stay at home mums come in. Through control of the families bank accounts by budgeting and helping the family prepare for unforeseen changes, they can be tasked with this crucial responsibility leaving the other partner to focus on other issues.
Reasons Stay at Home Mums can Handle Family Finances Effectively
As many of us know, stay at home mums who do not have other pressing issues to attend to such studies or working from home do tend to have some bit of time on their hands. This can be an upside on its own in the sense that they can use some of this time to vigorously evaluate the spending culture of the household.
As pointed out above, they can monitor where most of the finances have been going to what expenses and which can best be done away with, at least for the time being. Not only that, mum can best manage money for things household items, groceries and other needs related to the kids that fall under her responsibilities.