Moms and Dads
Thinking Of Quitting Your Job? An Expert Shares How To Manage Your Finances
Here’s how to make the transition from full-time employee to a full-time mom work
It’s not easy to transition from being an employee to becoming a stay-at-home mom. Some moms find themselves more frustrated working at home because let’s face it: it’s a thankless job. Not a single thank you and times, you have to argue with your family too with how you run the house.
But women have been doing this for years. They’ve been giving up their careers to focus on the home. And sometimes, it can make some women doubt their abilities especially when they need a break. Something that most stay-at-home moms don’t have.
So what do stay-at-home moms do?
Being a stay-at-home mom is not a walk in the park. Not only do you end up managing the house expenses, you also have to make sure your kids don’t do anything crazy! For moms who have twins or multiple children, they know that there will always be Home War (Insert Number of Times Here)!
The pandemic adds more weight now on stay-at-home moms. With majority of the offices closed, many of their husbands have lost their jobs. That means income drastically drops like a rock in water. To top it off, there’s the added stress of homeschool. Way to add more weight!
But what can stay-at-home moms do to sort and manage things? Here are some tips!
1. Never forget why you made the choice to become a stay-at-home mom
As FQ Mom‘s Rose Fausto says, “It’s really important that you don’t lose track of the reason for the decision [to becoming a stay-at-home mom].”
Although you made the decision to stay at home, it’s okay if you begin to doubt that decision. It happens. You’re human and we always have that lingering “what-if” in the mind. But, you’ve made that choice. The next part is recalling why you made that choice.
Sometimes, it’s the look in your kids’ eyes when they don’t know how to tell you that they’re happy you’re home. Other times, it’s recalling that sense of fulfillment when your kid does something amazing and you’re there to witness it. It’s a matter of remembering why.
2. “Don’t forget who you are!”
One of the reasons why stay-at-home moms get extra stressed is because their identities get tied up to being a mom to their kids and nothing else. While there’s nothing wrong in being devoted to your kids, it does go wrong when you start to lose yourself in that decision.
And when you lose yourself, you start to doubt. With doubt, there comes irritability. You’ll be extra stressed and it’ll be harder on you.
So for Rose, she applied what she learned in investment banking. She may have been not the typical “mom who likes to cook” but, she did make a meal plan and system that could be implemented easily without worry. She also taught her kids how to handle money.
By the time they grew up, she hadn’t lost her touch her skills as a career woman and still serves as a resource speaker for financial quotient today.
3. Have something that’s yours and ONLY yours
With Facebook and Instagram, it’s not hard to come up with your own self-liquidating business. Especially in this pandemic, people are now discovering their other hobbies and talents like baking and the sort. It’s so easy now to set up one since all it needs is a page and a number.
But there’s good advice to be found in Rose’s words: “Always get into a business you understand. Don’t get into something just because your neighbor is doing it!”
If your neighbor is doing pastries and you can’t tell the difference between a puff pastry and a baguette then, don’t get into that! Try something that you were initially doing before you became a stay-at-home mom. For Rose, it was investment banking so teaching people about money behaviors on FQ mom was her niche.
The question is: what’s yours?
4. Save at least 20% of your income
“Always pay yourself,” says Rose when asked about an easy tip on how to manage money at home.
Paying yourself means keeping a small amount for yourself that you won’t spend no matter what unless it’s an emergency. Some people stick to 20% since they also have to think about other expenses. Think of it as money that doesn’t exist when you put that 20% aside.
That way, you not only have less clutter (from going impulse shopping on online shopping websites) but you also have money to spend for emergencies.
5. Luxuries: Only buy it when you can afford 10 of it!
One of the FQ Mom guidelines about luxuries: buy it if you can only afford 10 of it! Luxuries are the little things we want but not really need. We’re quick to reward ourselves because we’re exhausted. But like all things, they also depreciate.
So, what about silver, jewelry, expensive bags, and the sort?
Those are little luxuries too. Stay-at-home mommies, we know you deserve some luxuries. But can you keep it for a long time? Will you be able to let go of it if needed? That’s why there are times we have to delay our wanting some things. Like what FQ mom said, “luxuries are best enjoyed when delayed.”
As a mom, you’ll always have to make some hard choices. But we always forget that we can choose our version of hard. Some like crunching numbers on a desk. Others find it more interesting to stop their kids from skating off the roof.
Either or, there’s no shame in one or the other.