One side of the scale involves being at home to spend quality time with your baby, watching them grow and influencing their upbringing in the best possible way. The other side of the scale involves going to work to ensure that you don’t compromise on anything when it comes to giving the best to your child. Everybody has their own reasoning to justify the choice made in this case. However, if you do choose to be a stay at home mom, that definitely does not mean that you are losing a grip over your finances. In fact, there is a lot you can do for yourself and your family. Read on to know more.
#1 Plan for committed expenses
EMI’s, insurance premiums, SIP amounts, etc all come to haunt you before their deadlines. Don’t let these monthly payments interfere with your peace at home. Choosing to be a stay at home mom involves planning. It’s a different phase of life and calls for financial and mental preparation. Make a list of all the expenses which fall under the committed expenditures category for you. Now chalk out a provision to keep them going.
#2 Loans and scores
While choosing to be a stay at home mom will get you a high score in the mommy category, do not ignore your CIBIL score. Keep a check on the credit card bills and make sure you don’t miss repayment dates. Also, if you have already availed loans, ensure repayments are smooth. Your baby will keep you busy 24/7 so keeping a track of dates and deadlines is going to be difficult. Hence schedule important things in such a way that you don’t miss out.
#3 Explore new ways to make money
The luxury of spending time your way is what you have chosen. So why not make money while doing it. There are more than one ways to make money while being a full time mommy. Check with your ex work place if you can put in a couple of hours from home every day. That way, you will continue to make money from the comfort of your home and stay in touch with what’s happening at work as well. Organize camps for things that you are good at, for example writing skills, art, photography etc. Start blogging or even run a home food service. These are just a couple of lucrative options and sky is the limit for you.