How to handle finances when one parent stays home

David Roberts, CPA, shares advice for parents on the best way to handle your family finances when one parent is a stay at home parent and no longer earns wages
How To Handle Family Finances When One Parent Stays Home
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How to handle finances when one parent stays home

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For parents who choose to have one of them to be a stay at home parent, whether it is the wife or the husband, the question usually becomes they are no longer a wage earner, so they feel like they may be getting an allowance. And that's usually not a good feeling and so a lot of people have said what do I do instead of giving or receiving an allowance, because that seems like what you do for a child. And my suggestion is to both have separate checking accounts and the stay at home parent receives a salary. God knows, they deserve a salary and so they should receive a salary, and that is a discussion between the parents. How much that is going to be I couldn't tell you. But it's the discussion between the parents of how much that is going to be and just like a regular pay check, it goes into that account every month. And you have to talk about what bills you are going to pay from that and to decide about that. But it's really a salary rather than an allowance.

David Roberts, CPA, shares advice for parents on the best way to handle your family finances when one parent is a stay at home parent and no longer earns wages

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David Roberts

CPA

David Roberts has five children and lives in Southern California with his wife Cynthia, their dog Lucy, and cat named Cooper. Dave has always singled out being an involved parent as his most important life’s work while managing the job responsibilities of being managing partner of his CPA firm, RBZ, LLP in West Los Angeles.

 

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