Financial Empowerment for Work-at-home Moms -- The Road to Financial Wellness Tour!

The following blog post is part of the The Road to Financial Wellness Blog Tour. Over a period of 30 days, the Phroogal team will go to 30 locations to raise awareness about financial empowerment. Today they will be in Omaha/Lincoln area!

Here's more info:  The event is taking place at: 11:30 AM to 1:30 PM Inceptia 1300 O Street Lincoln, NE 68508

What should a work-at-home mom know about financial wellness?  I have some suggestions, but here is my most serious advice:

Have a back-up plan for your business and 3 months of emergency savings.  Since being self-employed or a remote worker can be a risk (it's not as steady paycheck as traditional out-of-home employment), it's important that you have extra cushion for months when clients don't pay on time, you get sick and can't work, or when you need time off for maternity leave.

I've managed to work from home successfully for over 7 years, and I use a mixture of a big savings buffer, some responsible credit, flexible payment terms for my clients, and a modest budget to get me through the "dry" times in my business.

The important thing is that you always plan for the worst, but work hard to grow your business beyond the "painful" period.  I've seen my income fluctuate greatly from year to year. Some years, I owe taxes; some years, I get a refund.  It's a constant flux that takes a lot of patience and planning to make successful!

Need a little WAH money advice?  I recommend the following articles here on 1099Mom!

And be sure to ask us any money-related questions you have about working form home on our Facebook page or via Twitter! We'd love to help in any way we can!

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