For many moms today, the idea of having a single income that provides for the family is more of a dream than reality. Moms these days are required more and more to contribute financially in order to make ends meet. Tacking earning money onto the already overflowing plate that moms try to balance can feel incredibly overwhelming at times. So how can moms take charge to secure their families’ finances?
Save for Retirement
One great thing you can do as a mom is save for retirement. It’s a good idea to get a Roth IRA so you can secure your future after you stop working. The good news is that this isn’t limited to just those moms with jobs. Even stay-at-home moms who don’t work for pay can save for retirement. How? You can do it with a spousal Roth IRA. The wage-earner is typically the one contributing the funds to the account, but if it’s the mom’s retirement account, the money is reserved for her retirement as soon as it’s in. This can be great for maximizing retirement funds, since these accounts have limits on how much you contribute.
It’s no secret that moms wear many hats. Personal cook, inventory specialist, laundress, chauffeur, nurse, researcher, boss, etc. And that’s only scratching the surface. If families had to pay someone else to do all the work that a mom does for free, it would cost at least a small fortune. Kids cost a lot to take care of. If the worst were to happen and you were to suffer a premature death, you would want to make sure your family will be taken care of. This means putting some consideration into life insurance for yourself as well as your spouse. There are different kinds of policies suited to different insurance needs. Some families will need more, others will need less. Better to have the insurance and not need it than to find it’s needed and to not have it.
Start a Side Gig
Are you a great cook? An expert seamstress? Are you good with words? Or maybe you’re really good at helping your kids with their homework. Moms are brimming with talent and abilities that can be tapped into to generate a little extra income. Find that thing that you do well and consider whether or not you can turn it into a side gig. You might find success starting an Etsy shop or writing a blog. With a likely surge in online schooling on the horizon, many children may find themselves in need of a tutor. Maybe you find your calling there. If you’re not sure what skill to focus on, poll your friends. You might be surprised at some of the things people identify as something you excel at.
Especially in times of economic uncertainty, it can be easy to feel like your options for taking control of your finances are limited. And adding that on top of caring for and raising children can seem overwhelming at the best of times. Fortunately, there are some things you can do to help take control. Save for retirement. Create a safety net for your family by purchasing life insurance. Start a side gig that you can use to bring in a little extra cash. You might be surprised by just how much you can do to improve your family’s financial prospects.
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