Stay At Home Parents and Finances
It used to be that the stay at home parent was the mother, and
the father would go out and work. The father would bring home
the money letting the woman know how much she had for groceries,
etc. and he would control the money. Then times changed and
there was more of the sharing aspect of finances where maybe the
husband would bring home the money but the wife would manage it.
Next thing you know – the wife was out working and the man was
home with the kids. Today – it can be any of the above really,
but what is important is that if you have a two parent home and
one of them stays home – it is important that they have
financial security and independence of their own.
It is quite easy to fall into the rut where the person who makes
the money is also the one with all of the credit and debt in
their name. Instead, both partners should have credit so that if
something happens and they are divorced or one parent passes
away that both have financial independence already. It used to
be that a man had to sign for his wife to get a credit card, but
if you are home and not working, and not amassing any credit or
debt, then you are in that same situation.
You have to keep your credit score up and current so that you do
not become a liability to yourself later on in life. You should
always be able to take care of yourself financially should
something happen. If nothing ever happens and you don’t need it
then all the better for you – but in this day and age you never
know what might befall you and it is better to be prepared for
the worst. Then when you have credit, be responsible with it so
that you get a good credit rating. If you find that you have too
much credit and are in need of a debt consolidation, you can get
one of those as well – get yourself debt free – and then be back
on the road to a better credit score again.
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