When Katie Phillips entered her quarterly financial planning meeting, she was carrying more than the weight of her work laptop.
As a senior marketing executive in a dual-income household with two children — ages 8 and 5 — Katie was juggling school schedules, piano lessons, work deadlines, and the constant mental load of being “Chief Household Officer.”
Although she and her husband both earned solid incomes, Katie found herself wondering:
Katie’s questions are common, and they highlight financial conversations that are uniquely different for moms compared to single women or dads.
Here are five unique financial planning considerations that moms face, and why proactive planning matters.
For many moms, financial planning isn’t just about numbers — it’s about mental energy. Moms often carry the unseen emotional and administrative load of household finances:
This constant juggling can leave little room for strategic financial thinking, resulting in reactive rather than intentional decisions.
A healthy financial plan should lessen a mom’s mental load. A good advisor helps create structure, clarity, and shared responsibility, making financial planning a source of support instead of just another task.
While some moms remain the primary earners, many consider adjusting their careers after having children. Whether that means taking a break, switching to part-time work, or making a “career detour” for a season, these choices can have long-term financial impacts:
According to the U.S. Department of Labor, almost 40.5% of mothers with children under 18 are the primary, equal, or sole income earners in their households. After having a child, women who work outside the home often experience a “motherhood wage penalty,” resulting in lower earnings even after accounting for education, occupation, and other factors.
(Source: U.S. Department of Labor – Women’s Bureau, May 9, 2024)
Unlike many dads, moms often bear the career sacrifice, sometimes without fully weighing the long-term trade-offs as a couple.
If considering a career change, it’s crucial to evaluate the financial and emotional effects on the entire household, not just the individual. Sometimes a temporary adjustment is wise, but it should be approached with clarity and purpose, never out of guilt or assumptions.
In many families, one spouse takes on the role of the “household CFO,” and often, it’s the mom. Even in households where the other spouse is the primary breadwinner, the mom may still:
This can lead to two issues:
Establish a simple financial communication routine, like a monthly “Money Check-In”, to keep both spouses aligned, confident, and engaged. A financial planner can help facilitate these conversations in a healthy, judgment-free manner.
Moms often think in layers, considering this year’s needs along with future ones. This means they frequently plan for multiple financial seasons simultaneously:
This “sandwich generation” pressure can be both emotionally and financially complicated. Moms are natural nurturers who tend to prioritize everyone else’s needs, sometimes at the expense of their own financial well-being.
A good financial plan clarifies priorities, timing, and boundaries. Moms can support their families without sacrificing their own future financial independence, but it requires intentional planning.
Many moms struggle with guilt when spending on themselves, whether it’s for personal development, a weekend away, counseling, or hiring help around the house.
But self-care isn’t selfish; it’s strategic. Burnout affects marriages, parenting, and financial decisions.
Your budget should reflect the value of your well-being. Building in financial margin for joy, support, and rest isn’t an indulgence; it’s an investment in a healthier family.
Many moms deal with the dual pressure of career and caregiving, juggling short- and long-term financial goals while managing daily family logistics.
A structured plan provides clarity and shared responsibility, helping moms transition from reactive to intentional money decisions.
Career pauses can reduce income, retirement savings, and growth potential, making early planning and spousal communication essential.
Regular “money check-ins” and shared financial visibility, often with guidance from a financial advisor, help couples remain confident and connected.
A layered financial plan prioritizes each goal with specific timelines and savings strategies, helping to prevent burnout or overextension.
Whether you are a dual-income earner, a stay-at-home mom, or the primary breadwinner, your influence on your family’s financial life is significant.
Moms bring intuition, empathy, and long-term perspective to money decisions. When supported with a clear financial plan and shared responsibilities with a spouse, that instinct becomes a superpower.
If any part of Katie’s story resonates with you, you’re not alone — and you don’t have to carry the financial load by yourself.
Feeling the mental load of managing your family’s finances? Our SDT advisors help create coordinated, family-centered financial plans so you can focus on what matters most. Schedule a conversation.
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Shane Tenny, CFP®, is the Managing Partner of Spaugh Dameron Tenny and a nationally recognized financial advisor. Since 2000, he has combined extensive financial knowledge with a passion for behavioral finance—helping clients make informed decisions based on both data and mindset. Shane often contributes to industry publications, appears as a guest on podcasts, and has been a leader in the financial planning field for years. He is known for making complex topics clear and practical for busy, high-income professionals seeking personalized advice they can trust.
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