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Johanna Marie is a licensed life insurance agent with PHP Agency. Consult your life insurance agent for details on your financial planning and protect your family according to your needs and budget.

Hi, Mommas! There are so many money concepts that I wish I knew way before I became a mom. Now, that I am learning so much about finance and the power of modern life insurance, as I grow my flagship agency, I will share all the valuable information with you as I am learning them so that you're always up to date and securing your family. 

Here are 5 Money Mistakes Moms Do That Jeopardize Their Family

1. Stay At Home Or Work At Home Moms Don't Get Life Insurance: Many stay-at-home or work-at-home moms fail to get themselves life insurance because they may not be a primary breadwinner of the family. However, if you get ill or God forbid, die of an accident or a health complication, your role in the family has costs. How much will it costs to hire a nanny or full-time babysitter? All of your duties as a mother and homemaker has a price tag if you're no longer around. This is very important to think about and ensure that your family is secure. 
2. Fail To Adjust For Life Changes: When you get married, have a new baby, get a higher paying job or for any new life circumstance, moms need to go back to adjust their financial planning and insurance accordingly. Life insurance has cash value component that "serves only as a living benefit for policyholders. As a living benefit, any cash value may be drawn upon by the policyholder during their life" for any reason. This is exactly what insurance is for, for worst case scenarios. Think about it.
3. Don't Get Their Kids Protection: Many moms fail to see the value of activating life insurance policies for their children because they assume that it's not needed since they will most likely out-live their kids. However, modern life insurance has other vehicles that will allow your children to have cash value access to their policies that can be helpful to pay for college and more. And sadly, we are living in a time that childhood chronic and terminal illnesses are not rare. If your child become chronically or terminally ill, most likely, you need to quit your job or work only part time to care for your child. Where is that loss of income going to come from?? 
4. They Don't Look For Protection Because They Think It's Unaffordable: If money is tight right now, imagine if you get sick or go away! Plus, many young families think life insurance is much more expensive that it actually is, 3x more according to LIMRA. So, it's so important for you to see the real cost of life insurance and make it a part of your financial planning for you and your family.
5. Fail To Plan For The Worst: This takes a little maturity on your part, but let's face it -- even your cell phone has insurance because you're planning for the worst to happen in the event your kids accidentally drops in in the toilet or it gets lost. Why wouldn't you plan to have your finances covered in the worst case scenario that you get into an accident or get chronically or terminally ill?? 

Many marriages struggle and fail because of financial hardships. Many single moms live in fear because they live paycheck to paycheck. The biggest burden to middle class families is finances. If anything happens with your health, many lose everything and go bankrupt. This is unacceptable and we need to start to make the changes in each of our families to combat this issue. 

If you have any questions, please email johanna@mommacuisine.com.