5 Money Misconceptions About Stay-at-Home Moms

How can anyone afford to be a stay-at-home mom? She must have married rich so she doesn't have to worry about money, right?

Some people do think SAHMs are living a lavish lifestyle and that at-home parents don't have to worry about money because the one person earning income in the house must bring home a six-figure paycheck. Pew Research has actually found that 34 percent of stay-at-home mothers are poor with only 10 percent of stay-at-home moms who hold a graduate degree living in a household income of at least $75,000. This 10 percent translates to about one percent of the 35-million U.S. mothers, both working moms and SAHMs, ages 18 to 69. The rich stay-at-home exists but the numbers show she's not as common as people think.

Some may think SAHMs can't save any money because they're having to be so thrifty. Living off one income does mean you have to live by a family budget but it doesn't mean families with one spouse staying home with the kids aren't saving money.

In fact, many stay-at-home moms are money masters. They have to be. Raising kids is expensive and raising kids on one income isn't easy. But by having a solid budget in place and making adjustments where necessary, SAHMs are able to not only track all expenses but also bank money for rainy days, family vacations and even college funds.

If you're spending all of your time watching every penny go in and every penny go out, you can't possibly be providing for your family in a way that's positive and healthy. Surely that corner cutting is making the family suffer.

Yes, families with one parent at home do cut corners but every family, even those with two working parents, should be looking for ways to pinch pennies. Households with one parent staying home do have to be extra cautious with their family's money. That doesn't mean you have to raid the local fast food joint for 100 ketchup packets you can squeeze into a bottle at home or split the two-ply toilet paper into one-ply TP to get a better bang for your buck. While SAHMs continually monitor the family's finances, they also find new ways to stretch the family's one paycheck without everyone feeling deprived.

If you're not working outside the home, you must not be contributing financially. Not only does this type of thinking fuel the Mommy Wars, it's also a money misconception that plagues stay-at-home moms to the point that they're made to feel they're inferior, setting women back to the dark ages and killing working women's chances of ever defeating pay inequality in the workforce.

However, stay-at-home moms contribute to their family's bottom line in a number of ways. When it comes to creative ways to make money, stay-at-home moms can't be beat. They sell their creations, such as jewelry or embroidered gifts. They host home parties as a vendor to sell makeup, books, clothing and more. They look for online opportunities to work as a shop owner, writer or photographer.

Even for those who don't look for money-making opportunities, they're still contributing to their family's income in a unique way. A recent study found a growing share of stay-at-home moms simply can't find work. And research also shows the number of women becoming stay-at-home moms is on the rise partly due to rising costs in childcare. For some, the cost of childcare as well as the costs of a car, gas, vehicle maintenance, clothing and lunches actually makes working outside of the home cost more than staying home.

SAHMs aren't bringing home the bacon, so-to-speak, so they must not be making financial decisions for their family. But the truth is, many stay-at-home moms make most, if not all, financial decisions for their family.

Today's SAHMs are managing the family budget, paying the bills and saving money. They may not be the so-called breadwinner but in many households they're the financial superhero who makes sure the mortgage is paid, some of the money is tucked away and the budget still has enough left over to pay for the kids' extracurricular activities.