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As the American economy continues to nosedive on a daily basis and unemployment numbers increasingly rise, many stay-at-home moms are succumbing to the pressure to reign in their family’s spending habits and get the biggest bang for their buck. If you’re a stay-at-home mom, anxious about your financial future and fearful that your spouse’s once hefty paycheck may at some point significantly decrease, check out these sound financial tips to help you keep your family’s finances on track in spite of the rocky economy.
1. Plan for a pink slip – even if you’re sure your spouse won’t get one
According to Lynnette Khalfani-Cox, a personal finance expert and the author of Zero Debt: The Ultimate Guide to Financial Freedom, while your family may currently be able to get by on just your spouse’s income, you must think about how you would fare if he lost his job. Avoid potential money battles by establishing a budget together, eliminating debt, and building up an emergency cash cushion. You’ll never regret being prepared for a “worst case” scenario.
