Financial Habits of Happy Stay-at-Home Parents

Putting your career on hold to be a stay-at-home parent can be rewarding, but this decision may come with significant lifestyle and financial changes. It’s important to review your family’s spending patterns and to set goals when transitioning from two household incomes to one.

 

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When you’re a stay-at-home parent, spending money on yourself can lead to feelings of guilt and resentment. It doesn’t have to be that way.
Next time you complain about your 40-hour workweek, consider this: The average stay-at-home mom works more than double that rate —94 hours per week, to be exact. Her duties include (but are not limited to) cleaning house, cooking, teaching, behavior management, and laundry. For this, in theory, she should earn close to $113,000 per year, according to researchers at Salary.com. The same can be said for the growing number of stay-at-home dads.

In reality, though, full-time stay-at-home parents don’t receive a paycheck. And as a result, many struggle with feeling financially powerless or emotionally torn when it comes to spending money on themselves. A personal purchase like a new item of clothing or lunch out with a friend feels like it’s “taking away” from the family budget.

“I feel like I have to justify what I need,” one stay-at-home mom of two tells me.

“I feel extremely guilty buying things for myself,” shares another.

So how can couples set aside money for the stay-at-home parent in a way that avoids tension and emotional battles? Consider these steps.

Acknowledge Both Partners’ Feelings

If, as a stay-at-home parent, you feel guilty for spending on yourself, it may be that you’re not feeling valued for the work that you do. If that’s the case, you should be communicating that sense to your partner, says Edward Coambs, a financial planner based in Charlotte, N.C. “The issue may have more to do with your relationship dynamic.”

Coambs advises speaking up if you don’t feel …

 

Read more: http://time.com/money/3461539/financial-habits-stay-at-home-parents/

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