Money Management Tips for Work at Home Moms

Wendy Stokesby:


Gender income gap worldwide is alarming. For example, the US ranks 45 on among 144 countries for wage equality among women and men, according to a 2016 study by World Economic Forum. Thismeans women worldwide earn lesser than men for various reasons.

Interestingly, another study conducted by, an online resource for companies that hire telecommute workers, women- especially those with kids- fare much better than male counterparts in working from home. Work at home moms (WAHM) do not have to commute to offices, have flexible work hours and can focus better on tasks at hand, leading to increased productivity, this study found.

While work from home moms can earn well, they sometimes flounder in managing this well earned income. As a work from home mom, try these money management tips that would help your family and secure a great future.

Source: Savvy

Control Your Credit

Controlling credit is the first money management tip for WAHM. Often family demands can severely stress your sole income. Hence, you would have accumulated credit or debt in the form of credit card spending, home mortgage and vehicle finance if any.

Credit comes at a high cost. Banks, credit card companies and other lenders charge blasphemous interest rates. Often, this Annual Purchase Rate (APR) builds upon every credit card purchase that you leave unpaid at the end of the billing cycle. Missing mortgage instalment and other repayments attract penalties.

You can save considerably by controlling credit. Step up repayments where possible while curbing credit card spending.

Prioritize Savings

Understandably, saving money may sound like a luxury if you are the only breadwinner of the family. Remember, it may be difficult to save but not impossible. The greatest threat to savings is our ideas of lifestyle. Generally, we spend first and keep what remains or relegate stashing money aside to the backseat. Instead, put aside some money from your earnings and retain the balance for expenses.

Instead, draw an astute budget for every week and month. Use a good budgeting app that can be downloaded and used free on a smartphone. Insert the amount of money you intend spending under various heads such as food, gasoline, school/ college fee, transport and utilities, among others.


A lot of these apps come with the facility to monitor your spending in real time by linking with your primary bank account, credit or debit card. You get instant notifications every time you spend under any specific head.

Further, these apps alert you if expenses under any specific head shoot the preset limit. This allows you to review spending and take steps to curb ostentatious or unnecessary costs. You can save this money and put it to work by investing in a good, legit scheme or plan from your bank.

Make Extra Money as aSecondary Source

Extra money is welcome anytime. If you are work from home mom, including a secondary source of income as part of your money management strategy. It does not imply you bid adieu to whatever free time. Indeed, nobody is speaking of sacrificing your rest and leisure in favour of more money.

Although there are many ways to make a side income,I recommend blogging. You can make decent money in a legit way by blogging. Worldwide, blogging is fast emerging as a home-based business and is helping people make good money.

You can open a free blog through any website that offers the facility such as Blogger and Wix. Should you have funds, go for a self-hosted blog with WordPress. You need to invest in a good domain name, website hosting and other essentials required for a professional blog. It would cost you about US$50 per year.

Blogging is nothing esoteric or complicated. It merely involves writing thoughts, ideas and information related to anything you are passionate about and publishing it online. It is not necessary to be a professional writer and follow complex style guides. Having own blog also makes possible affiliate marketing that can earn more money.

Source: The Krazy Coupon Lady

Choose Bank with Low Fees

Switch to a bank that charges zero or low monthly account maintenance fees and other service charges. As a working mom, you do not require a wide range of services your bank invariably claims to offer ‘free’. Scout the Internet for good banks in your neighbourhood that offers zero balance accounts and charges minimal fees. Money management for work at home moms also involves finding ways and means to curb unwanted hidden expenses.

If possible, eliminate  since they come with the highest service charges. Instead, opt for a simple savings account. Also, find banks that do not levy a fee for online transactions and payments through net banking.

Before you switch your bank, here is a word of caution: Read the fine print on every document before inking the dotted line. Some offers are for a limited period, and you would be liable to pay regular service fees later.

Invest in Retirement

Nowadays there are several retirement plans available from very reputed financial companies. Investing in these makes it possible for you to retire earlier than the usual age of 58 to 62 years. Of course, you need notretire. Instead, collect these pension payouts and invest in various wealth building schemes.

Look for pension and retirement schemes from your government. Their premiums are reasonably low, investments are safe and return justifiable. Unfortunately, most WAHM remain blissfully unaware of these schemes and hence do not subscribe.

Your employer too may have some benefit schemes for workers. Opt for these if you have not done so already. In fact, you can invest a little more in a scheme offered by your employee through salary or wage deductions.

Source: Entrepreneur

In Conclusion

As work from home mom, it is appropriate to offer the best to your kids. This is possible through excellent money management. There are loads of expenses related to children including school and college fees, expenditures on their books and recreation.

As work from home mom, you too are entitled to a great lifestyle now and in future. This is made possible by astute money management. Plug loopholes where your earnings get wasted and look for more ways and means to invest and make your money work.


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