If you are a stay at home, you probably depend on your spouse to provide for all the necessities of life. This probably includes paying for food and other items for the kids if you have any. What some moms don’t realize is that there may come a day when their husband is no longer around. Whether it is due to divorce, or something more tragic, non working moms, want to make sure they have all bases covered when it comes to the finances. Setting up your own retirement account is really a great idea. Some couples choose to set up a retirement account together, but if your spouse is not good with money you may want to do this on your own. Kind of like a back up account in case of a serious life change. Setting up your retirement account is really a lot easier than you may think.
First you will want to speak with someone at your bank about opening up an investment, or retirement account. Some banks have specific accounts just for this. Start as soon as you can. Of course the next think that you may be wondering is where can a stay at home mom get the money to put into the account?
I have found that taking a few dollars a week from the household grocery bill adds up. You can take this money, and at the end of each month put the money into a retirement account. It may not seem like a lot at first, but over the years the amount of money saved will certainly add up. Of course you may also want to consider picking up a few side jobs here and there. This is something you can do just a few times a month to earn a little bit of extra cash to place in your retirement account. This way when you do reach retirement age, you will always have extra funds to support yourself with and you will not have to really on your children to care for you.
Of course this is not to say that a joint retirement account is not a good idea. It is important that you still take the time to choose which account is best for you. Take the time to read up on the account before you sign up for it. As a stay at home mom myself I have always found it to be beneficial, to do a bit of research first, prior to doing anything new. This way you can be sure that you are making the best decision.