Five Fabulous Financial Tips for Stay-At-Home Moms!

Being a homemaker is an incredibly rewarding career, and six million women in the U.S. have chosen to stay at home these days. And more and more often these days, the homemaker is also charged with managing the family’s finances. Here are five important things that you should do to protect your family and yourself.

1. Remember how valuable you are! Regardless of your reasons for being at home, managing the house and the budget and the children’s schedules is a demanding job. Unlike the folks with 9 -5 jobs who work 40 hours per week, your job is more like 96 hours per week. You’re a teacher, a psychologist, a cook, an economist, and accountant, a housekeeper, a landscaper, and a taxi driver. If someone had to pay for all that you do, it’s estimated the annual salary would be about $150,000.
2. Establish a budget. Getting by on one income is possible, but it’s a whole lot easier when you know how much money is coming in, and how much money is going back out. If you know what you’re spending and where, you know what you can cut back on or eliminate in tough times. What gets measured gets improved, and the best way to secure your financial future is to watch what you’re spending money on today.
3. Save for retirement! You already know that there’s no weekly paycheck for stay-at-home moms. And there’s no Social Security payment for all that you have done either. Your retirement is completely in your hands, so make sure that you set aside every penny you can for the future. And automatic savings plan makes this easy, and permanent life insurance is a great way to make savings painless.
4. Organize your affairs. Make sure that you work with a qualified accountant, tax advisor, attorney and financial planner. If you have investments and life insurance policies, make sure to keep the beneficiaries up to date. And of course, have a will that specifies what you want done with your assets when you’re gone.
5. Insure your life! Most financial advisors recommend having at least 11 times your annual income in life insurance. But what if you don’t have an annual income? You can still get insurance – and you absolutely have to do that. Remember, if your family had to replace you, they’d have to pay someone $150,000 per year to do it. Talk to a qualified insurance advisor and make sure your family is protected!

Want to make sure that you’re on the right track financially! Call BeamaLife specialist at (877) 972-3262) to get a free life insurance quote or to get an advice on retirement savings, college savings, disability insurance or long term care insurance today. Our experts will help you make sure that you and your family have the coverage you need for the best price around!