Last week my friend Carrie Lauth introduced the topic of ‘A Man is not a Financial Plan’ on Mom’s Morning Show and not surprisingly our listeners (who are mostly work at home moms) loved the ensuing discussions.
I know there are women out there who put chips on the bad bet that a man will be the answer to their financial woes, but entrepreneurial women seem to be less susceptible to the idea. Women who have their own interests and income goals independent of their marital status may make better choices about men overall and are definitely more likely to stay involved in the family budget.
Here are some tidbits we drew from the week.
If you do have a good man who works hard and provides well – you still have a responsibility to be aware of and engaged in your family finances because:
- You never know when economic tides will turn and bring on layoffs or pay cuts.
- An accident or severe illness could take him out of the money making game for an extended period or worse.
Aside from major crisis situations, moms are often motivated to develop their own income on top of hubby’s income for other reasons:
- Inflation can drive household costs up, creating stress and pressure on the marriage.
- They want to provide the extras that hubby’s paycheck can’t be stretched to cover like family vacations, expensive sport activities and prom dresses.
Several WAHMs pointed out their interest in building a business is an outlet for their passions and professional creativity – the income it brings providing a personal sense of satisfaction as well as contributing to financial stability.
How do you feel about your involvement in family finances?
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Leslie Truex is the pajama-clad work-at-home mom dedicated to helping other moms live and work comfortably. She's the author of The Work-At-Home Success Bible and owner of 
Laurie Ayers is a WAHM from Michigan and a Star Director with 
My husband and I have seperate checking accounts, we have for 15 years. We do this to keep from fighting over money.
I always have access to his money and am free to use it when I need it & vice versa, however, he doesn’t touch mine. He loves that I do have my own money and wants me to use it the way I see fit.
Recently, our truck broke down and it was going to cost $1500. He had just spent $2000 on it to pay it off early so this too us by surprise to say the least. He didn’t quite have enough and I was absolutely thankful that I had the money to help….and so was he;)
We both insurance, both life and medical, we both savings account, as well as our boys. Each other’s names are on all accounts in case of something bad.
I think it’s important to be financially responsible regardless of whether the wife is a SAHM or works. Even when I didn’t have any income, I would save what my husband would give me and just put it away. I have a very nice nest egg built right now because of it.
NO MATTER HOW MUCH YOUR MAN PROVIDES FOR YOU, YOU MUST HAVE SOME CONTROL OVER YOUR FINANCES AND FUTURE:)
Loris last blog post..Win a Pair of Ladybug Shoes Like Suri’s, As Seen On Oprah
For my husband and myself, it’s a give and take. Some years I bring in more money than he does, and other years he’s the main breadwinner in our family.
We always inform the other about future intended purchases and trust each other enough that we won’t go out of our range. So far, it’s working pretty well.
Data points,
Barbara
Barbara Lings last blog post..3 Surefire Ways of Making Money on Mother’s Day
Hi Lori, I’ve heard of couples who successfully seperate their finances like that but I’ve always wondered what that says about trust issues. It sounds like it has been working for you long enough that it’s not working against you in any way. That’s awesome!
Hey Barbara, I’m curious – are there any ego issues for hubby when you out-earn him?
Thanks for your comments gals!
I just noticed that Carrie Lauth had written a lengthy blog post on the topic, check it out here!
http://carrielauth.com/blog/2008/04/28/work-at-home-moms-arent-making-the-feminine-mistake/
Thanks for the mention and link Kelly. It’s an important topic and while I had some reservations about sharing some of my feelings, I’m glad I did.
Carrie Lauths last blog post..Work at Home Moms Aren’t Making The Feminine Mistake
As a single woman and mother by choice, a man has never been in or part of my financial plan. I learned as a young girl to make sure I could provide for myself, that said I know if I ever were to marry, I would keep our finances separate.
I’m pretty sure if my husband had the patience to sit in front of a computer he would gladly be a Work At Home Dad! He always comments on how I will eventually make enough to be able to replace his income so he can stay home. If we didn’t need health insurance, things may be different.
When he lost his job last year, my business was supporting our bills, and we were both so happy that we didn’t have to deplete our savings.
As far as the seperate checking account thing. We don’t believe in it, personally. I know other couples who do it and are fine. When you’re married you become one, that includes the finances!
Great topic! Thanks for posting.