Parenting & Motherhood TipsSelf-Care

How To Save Money for Retirement as a SAHM

Gone are the days when the husband was the sole bread earner of the family. Today, we see families where both the partners are equally contributing to the household that helps them to save for retirement. Women are entering the professional sphere with equal gusto. On the other hand, we also see the rising trend of househusbands and stay-a-home fathers. 

Having one of the partners stay at home is imperative if you are raising a child. And either of the two can choose to sit back and take care of the house and the kids. Stay-at-home parent has the immense responsibility of providing stability to the family.

However, because they don’t contribute financially, some in-house parents might feel like they aren’t doing enough. 

This blog will teach all stay at home parents how to save for retirement even when they do not have a source of income of their home.

Well, here are some ways in which you can afford to stay home and save for retirement as well; 

Need for Stay-at-Home Parents 

Raising kids is never an easy job. And with the modern-day tendencies of nuclear families, the issue has only aggravated. Kids are most often left alone, without any guidance or supervision from their elders. Without a guiding hand, chances are, your child would fall for wrong influences and habits. At least, one of the parents should stay behind to look after the kids. 

Having a parent at home ensures that the kids are taken care of. Preparing timely meals, supervising the safety of the inhabitants are but some of the tasks you perform for free. You also get to monitor your child’s online activity and companions. On this day, the growing cybercrime rates have added to the urgency of data security measures. 

Mother with baby



Part-time Jobs

Financial stability is imperative for all, irrespective of your role in the household. Life is unpredictable, you never know when the next adversity might strike you. A failed marriage, failing health, a divorce or other financial crisis- there are a number of things that can go wrong. Having some money saved up on the side is always a smart option. 

If you have some hours to spare, a part-time job would be a good alternative. Look around for openings in your neighborhood. I’m sure there are companies and platforms willing to hire homemakers. You can also try your hand at content writing, teaching or building your own business.  

Lady on laptop

Work from Home Jobs 

Work from home basically gives you the opportunity to get some money in a space that you are most comfortable in. The timings are flexible, you get to decide your workload and pick your clients. Many companies are willing to hire stay-at-home parents and retired professionals. Your payments depend on how much work you can take up in a day. In a work from home scenario, you have complete control over the projects you take up.

These days, work from home is a convenient option because it saves time, is easier and involves a lot less effort. Plus, you don’t have to commute to work every day or deal with office politics. It is a win-win situation for all!  


Making Money Online 

The internet is no longer a place where you can simply connect with your long-lost friends. It also has several earning opportunities for people who want to get some quick cash. Build your own blogs, create content, videos, tutorials, etc. and monetize on it. There are also survey websites and forums where you can register. These online employment options are not just short-term jobs. They can actually bring in a substantial and steady income for you if you are dedicated enough. 

There was a time when only people who worked from 9-5 were considered professionals. Today, that definition no longer applies. There are several other opportunities online where you can either work for someone or start your own thing. Start your web store, check out content creation options, post-YouTube videos or talk about your interests. There is so much you can do!  

Lady cooking in the kitchen

IRA Retirement Schemes 

IRA or Individual Retirement Accounts are actually accessible only to the people who earn. However, if your partner is not earning, you can open an account in their name. This would be a joint account which can be accessed by both the parties involved. 

There are different kinds of IRAs that you can have your pick from. The rollover IRA is when the previous employer account is carried on to the retirement plan. It is a wise investment choice as it saves you the trouble of paying extra taxes and penalties. Moreover, there are no time restrictions involved. You can withdraw the amount anytime you want without any hassles or losses. 

The Spousal IRAs are when either of the two partners can contribute to the IRA joint account. Any amount, however simple, can be added to the account. This also makes you eligible to apply for a joint account tax returns provision. 

The self-employed retirement fund is when one of the spouses has their own business or venture. As long as you are getting a substantial income per month or annually, you are eligible for the IRA scheme. Ensure that you always have some amount saved up for the winter days. Get health insurance, invest in real estate and have your medical policies sorted out well in advance. These measures ensure a relaxed and comfortable retirement when there are no regular income opportunities. 


Earning Opportunities for Stay-at-home Parents 

Contrary to popular belief, there is nothing wrong with being a stay-at-home parent. Your role in the family though underrated is extremely important. You’re responsible for keeping the house orderly, taking care of the kids and providing emotional support to your spouse. 

The decision to become a stay-at-home parent is not an easy one. You have to give up on your personal aspirations, career goals and make significant financial sacrifices. Don’t worry though, there are multiple ways in which you can contribute to the household expenses


The Bottom Line 

Choosing to stay back is not an easy decision. You need immense perseverance and courage to dedicate your time to your family. The emotional investment is equally important. However, because it is not measurable, we often tend to underrate it. Thanks to these retirement investments and saving schemes you can give in your contribution. It is a simple, effective and reliable way to safeguard your future. 


This post contains affiliate links and I may receive a commission, at no additional cost to you, should you purchase through one of my links. Please see my disclosure for more information.

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Mary Jones

Mary Jones is the co-founder & editor-in-chief at TopMyGrades, which focuses on Content Marketing Strategy for clients from the Education industry in the US, Canada & UK. Mary has conducted a series of webinars for AssignmentEssayHelp on Essay Writing. She has extensive content editing experience and has worked with MSNBC, NewsCred & Scripted. She has also authored blogs on Lifehack.org, Wn.com, Medium.com, Minds.com and many more digital publications

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