Plenty of people will offer advice on how to support your family as a stay-at-home parent.
Some will insist that you get a side hustle to help your family’s financial future.
Others will offer encouragement by reminding you that being a stay-at-home parent is job enough.
Here’s the thing, the role of a stay-at-home parent is defined in many ways.
Meaning, this gig means something different to every family.
Yet, there are a few things to consider when you are looking for the best ways to support your family as a stay-at-home parent.
Determine Your Family’s Financial Need
First of all, it’s important to know exactly where you stand in terms of your family’s finances.
For example, how much money do you need each month to make ends meet?
What do you need to live comfortably?
Granted, reviewing your budget isn’t exactly the most entertaining activities.
But to get an accurate view of your financial future, it’s a must.
Some couples decide that there are other ways to cut costs and opt not to add more income.
Of course, this doesn’t take any value away from your current stay-at-home responsibilities.
Restructuring your budget is simply a shift in where the money goes, after all.
It’s vital that you know how much your stay-at-home gig brings to the table, too.
Consider all the ways that you save money for the family by meal planning, completing household duties, childcare, etc.
All the financial obligations outside of your stay-at-home parent scope are what should be left to deliberate.
Once you land on a number, you can then begin to brainstorm ideas on how to help support your family.
Find Ways to Contribute Financially
No matter if you’re just leaving the workforce or you’ve been a stay-at-home parent for a while, there are plenty of ways to help fatten your income.
As mentioned, once you determine exactly how much money you need to contribute, you can then begin to set your sights on some money-making endeavors.
A few of the most popular side hustles for stay-at-home parents include:
- Virtual assistant
- Freelance writer
- Content manager
- Online English teacher
- Customer service representative
- Creator and/or seller of customized products
- Flea market item flipper
Keep in mind that you don’t need years and years of experience in a certain field to try your hand in it.
Draw on your personal and professional knowledge, and don’t short change yourself.
Thankfully, the digital world has provided stay-at-home parents with mounds of options.
With so many options, you don’t even have to consider your side hustle a traditional part-time job.
Many of these stay-at-home jobs don’t require you to work for several uninterrupted hours at a time as another job would.
Therefore, you can pick and choose the times that you want to work.
This type of flexibility is perfect when you’re juggling household duties and little ones at home.
Know What You’re Really Worth
To help support your family as a stay-at-home parent, it’s important to know how truly valuable you are.
I recently published an entire post about this exact topic: 3 Reasons Why a Stay at Home Mom “Salary” Tops 150K.
Feel free to have a read, but essentially I drive home the fact that stay-at-home moms (SAHMs) are worth every penny they’re not being paid.
Wearing several hats throughout the day, SAHMs tackle the responsibilities of a CEO, teacher, psychologist, and plenty more.
Additionally, stay-at-home parents have taken on a hybrid role—combining technological savvy with traditional parenting duties.
If a stay-at-home salary did exist, this aspect would increase the number of zeros at the end of the take-home figure.
Lastly, a stay-at-home parent is the ultimate form of delivering quality over quantity.
Consider what it would cost your family to replace such quality.
It’s critical to know how important you are and the value that you offer to your family’s well-being.
Don’t Skimp on Life Insurance
In my experience as a life insurance broker in the San Francisco Bay Area, plenty of parents face sticker shock when they realize they’re own worth.
And the number becomes even more meaningful when they think about how their family would replace all that they do.
But, this “salary” isn’t simply to bolster anyone’s self-esteem.
It’s foundational information as you help to support your family as a stay-at-home parent.
In other words, what you’re worth can essentially influence your family’s financial future should they be forced to go on without you.
If you’ve been reading my blog for a while then you know that term life insurance can be a parent’s best friend.
As a stay-at-home parent, however, it can be difficult knowing exactly how your role needs to be covered.
Any seasoned broker would advise you not to skimp on term life insurance.
It’s so incredibly affordable and can provide an immense financial safety net to your loved ones.
Term life insurance just makes smart sense for stay-at-home parents (and all parents).
Take the Next Step
Knowing how to support your family as a stay-at-home parent can be challenging.
But we can help!
To support you as you safeguard your family’s financial security, I’ve created an up-to-date guide for parents who need life insurance here.
My guide can help you with your long term life insurance goals, especially with little kids at home!
Here at CB Acker Associates, we want to help you take care of your family.
If you’re ready to find a policy that fits your needs and your budget, we can help!
With access to all the top-rated life insurance companies, we work extra hard to get you the best life insurance rates possible.
You can even compare rates and benefits from over 40 providers with no obligation to buy here.
Plus, it’s fast—under 60 seconds kind of fast.
Please, give us a call today at 650-969-5844 or email [email protected].