Stay-at-Home Parent Finances
There may come a point in your life when you need to make the decision to become a stay-at-home parent. While this isn’t an easy decision to make, there are things you can do to protect your family’s financial future while not bringing home an income. Creating a solid family financial plan before making this decision is paramount. Here are some tips to help you financially prepare if you’re considering being a stay-at-home parent.
Get the Basics Down
It’s important to think this through with your partner and work through all the scenarios to get a full picture of your finances. Considering you’re living on one income, both parents should understand the outflow of cash and expenses and know how much money is needed for retirement, big purchases, emergency funds, etc. You’ll both need to commit to adjusting your spending to suit your situation.
Budget and Plan with Bragg Mutual
Review your spending and create a realistic budget that you can consistently keep up with. The key thing here is being able to pay your bills, setting aside some savings and living within your means. Stay at home parents also need time to recharge their batteries and do something they enjoy with their families. As part of your savings plan, consider putting some money aside for your vacation or special occasions. Bragg Mutual can help with that.
Consider a Part-Time Job
It’s often difficult to find a job after taking a career break. You may want to keep your skills set and employment history active by working a part-time job. There are so many options available, so find a schedule that works for your household and bring in some extra cash that helps you become more financially independent.
At Bragg Mutual, we want to make your job as a stay-at-home parent a financial success. We offer a variety of packages including Holiday Club and Vacation Club as well as personal loans to give you the financial security you need while helping provide for your family. Contact us today at 910-222-1500 and let’s get to discuss more.
*Subject to credit approval. Rates disclosed reflect our best rates and may be different based on credit underwriting or services used. All loan rates are subject to change without prior notice. The information posted here is a service to our members. Although BMFCU strives for information accuracy, we do not guarantee or warrant information posted here.