If you want to be a SAHM....

In my experience in the clinic, I've come across a lot of moms who are stay at home moms/wives without any visible means of income. While I salute these moms and try to tell them that they shouldn't say that they're "housewife lang po" (only housewives), I couldn't help but notice that they are financially dependent on somebody. Most of the time, it's the husband, other times, it's the children. It's really difficult to be dependent on other people, because what if....?

I believe that being a stay at home mom is very good, but you should have a fall back in case something happens to the breadwinner of the family. I mean, how many times have you heard about a man leaving his family for another girl? Or if the man is decent and good, you can't expect him to live forever. I've heard of a young SAHM who's husband suddenly passed away due to a vehicular accident, leaving their brood of eight! How is she going to support them all?

Thus I believe that women who want to be SAHMs should, as much as possible, have the following:

  • Life insurance on the life of the husband. Just in case the undesired inevitable (death) happens.
  • Educational plans for the kids to be shouldered by the husband, since he will be the only breadwinner. The thing I like best about the educational plan is the portion which states that if the one paying for it passes away, the plan is considered fully paid. At least they have some money to spend for their education.
  • Contributions to SSS as a voluntary member. So that you can apply for maternity benefits, sickness benefits, and you will get a small pension when you are of retireable age.
  • An alternative income source. There are now lots of work opportunities that can be done from home or on a part time basis.
  • Your own money. I think you should still have a small portion from the family pot for you to save or spend on whatever you want. For me, I'd rather invest any extra money I have.
I think these are the minimum. Of course, this is just my 2 cents.

As for me, I love the setup that I have right now. I get to have the best of both worlds.