Saving Extra Money

Why Save Money as a Stay at Home Mom

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Saving Extra Money - Why Save Money as a Stay at Home Mom

pay yourself first
Saving extra money is not something every stay at home mom is good at.

In fact, most of us need to work at this very important aspect of our financial lives.

But why save money in the first place? How important is it, really?

Why should you save money? For a stay at home mom, the answer is obvious.

Your spouse works hard for it, or because you work hard to bring in a supplemental income!

Why on earth wouldn't you want to pay yourself?

Saved money often gets you through the hardships or emergencies of life.

Too many people nowadays take it for granted that tragedy is never going to strike them or that they're living situation won't change.

Saving extra money isn't a priority for them.

Yet, in these tough economic times, you simply can't count on that kind of thinking.

It's time to start asking the tough question of why save money in the first place?

Saving extra money may seem like a pain, but it pays you back in the end. The best way to save money, (aside from not actually spending it, of course!) is to hold back 10% of what you earn.

It's been said that by taking 10% out of your paycheck every time will eventually make you a millionaire. Doesn't that sound nice? You bet it does!

But why save money really? It's easy to think of reasons, but even easier to think of excuses not to pull out the 10% or anything at all. You don't make enough, too much debt, thinking it won't really make a difference-all of these thoughts are standing in the way of you saving extra money.

You need to think about it in terms of creating an emergency fun your family could live on for 6-12 months. Now before we delve into this idea any further, let's define what an emergency actually is. Buying new shoes or grabbing that cute sweater while it's on sale right now doesn't count as a true emergency.

Consumer debt is common in our country, but it shouldn't be classified as an emergency. Even a car problem isn't necessarily a true crisis situation. Vacations, car problems, or dining out need to fall under a separate fund.

Things like a death in the family, a lost job, an injury-those fall under the emergency category. Having liquid assets that could last you 6-12 months may seem improbable, but if you pull out 10% of your income and pay yourself first-before bills, taxes-it is possible.

Some people say, "Why save money, when I want things right now?" Because you never know what's going to happen in the future! Pay yourself first by saving extra money now so that should you get into a terrible bind, you can keep your head above water financially.

Even if you are swamped by consumer debt, it is recommended that you pay yourself first by taking out the 10%. If you are a stay at home mom who already has a good emergency fund set aside, you need to know where to put it. Lots of people put it in a regular savings account where the see a few pennies added to it yearly from compound interest.

That's nice and all, but if you're really into saving extra money, then make your savings work for you. Put it in a direct account from ING where you compound interest rate is higher.

It's still easy to get to the money, but not so easy that it prevents you from thinking it through. If you leave it alone, never touching it except for emergencies, you'll love watching the interest grow and bring you more money!

Still doubtful? Still asking yourself why save money if I never get to use it except in an emergency? Think about a few other reasons where saving extra money is important.

Hopefully, your spouse has enrolled in his company's 401k plan for retirement. Once you've put in as much as you can to that fund, consider creating another retirement fund by opening up an IRA Roth plan or investing in CDs and stocks.

You may need to hire a financial planner to advise you, but it's to your benefit to hire someone who is good and knows what they are doing even if that means spending a little more.

Of course, another great reason to be saving extra money is for your children's college education. The price of college goes up every year, but by saving now, you are on the path to preventing your child from being overwhelmed by student loans on graduation day.

Saving extra money is snap for the smart stay at home mom who arms herself with savings information. By taking a few small steps and planning wisely, you could be providing your family with financial security for years to come.
How do you save extra money?

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