Do you have a plan for your money? Not just a budget but a master plan, a list of habits and practices that you live by to steward well the resources you have? If not, let me get you started with this list of my top 10 money habits for homemakers.
Acquiring wealth and saving money is not just your husband’s job. He’s the provider. You are often the manager of these funds and your habits impact greatly the success and failure of his efforts. In fact, many of the habits that are shared below definitely have the likelihood of making you rich.
1. Forego a college degree.
For most women without a specific career track the expense of a college education is an unnecessary burden on the family’s finances. Even if loans are used, the money will have to come from the family’s resources to be repaid eventually. If you later decide to become a homemaker and rear your children, student loan debt may make that difficult.
Instead, working for yourself, becoming your own boss and starting a home-based business rarely costs a young bride much more than her time and energy. Many young wives often find themselves at home with more time than money. Having an entrepreneurial bent can take you far in those early days.
2. Be willing to go against the flow.
Not all of your friends are going to agree with you. Your willingness to strike out on your own and follow your mission has to stem from a deeply held conviction to please the Lord and your husband. Educate yourself about the life you are called to and be willing to make wise and significant investments in things that matter. Seek wise counsel and take action.
3. Finish what you start.
Dave Ramsey often says, “Adults devise a plan and stick to it, children do what feels good.” Take heed to this warning and plan to be in this for the long haul. Stormy days always come. When you have weathered them, you will come out the other side and reap the sweet rewards of your success.
4. Examine your spending.
Take a close look at each of the categories of your spending and make the cuts necessary to achieve financial success.
5. Use it up, wear it out, make it do or do without.
Develop and use skills that allow you to repair, make over, and improve things around your home. Learn some basic sewing skills. Learn to cook from scratch. Learn to repair instead of replace as many items as you possibly can.
6. Always keep cash on hand.
Spend with cash and do not use debt. Financing a home is one thing, but most other debt is unnecessary when proper planning is taking place. Financing a vehicle or a home repair should be done in cash with funds you have saved up and set aside for this purpose. This is a foreign idea for many households today, but previous generations knew well the value of money and did not want to waste it on finance charges and interest fees.
7. Buy used when it makes sense.
Previously loved furniture, clothing, and household appliances often have the added benefit of allowing you to afford a nicer brand or upgrade than what you could purchase brand new. Good quality furniture that lasts is costly to acquire these days. If you can purchase a well-built bedroom set and re-finish it to your tastes, you will find that it lasts another lifetime in your home and you have saved a lot of money.
8. Be wary of lifestyle creep.
As your savings grows and your husband achieves more and more success in his career, you will be tempted to make upgrades. Upgrade when it matters but learn to live well below your means. Just because you can afford something doesn’t mean you should purchase it.
9. Learn something about investing money.
Whether it is through the magic of compounding interest, real estate, or other investing strategies, learn how money works. Once you have some excess income and emergency savings in the bank, you will want to take part in the long game with money. The future dividends will be truly remarkable.
10. Learn to be a cheerful giver.
Tithes and offerings are mentioned in the Bible and they are always associated with God’s blessing. Learn to give back to God and to others with a cheerful heart. Learn to have open hands as you receive what He has placed in your hands to steward by passing it along freely and generously as God leads. You can never out-give God and obedience to His Word always brings blessings.
Comment below with your best modern money hacks for traditional wives. We would love to learn from you.