Financial security was a priority when I decided to transition to full-time homemaking and pursue my passion for writing. Building a safety net was essential before making this leap. Read on to find out how I approached this massive life change and for tips and tricks to help you make your own leap of faith.
1. Setting Up an Emergency Fund
The first step was creating an emergency fund. I aimed to save at least three to six months’ worth of living expenses. This fund can be separate from your regular savings and should be strictly reserved for emergencies—unexpected home repairs, medical expenses, or anything life might throw my way. To stay disciplined, I recommend setting up automatic transfers into a high-yield savings account, making it easier to watch your fund grow.
Setting up an emergency fund can seem daunting at first, but if you start small, it can add up over time. Plus, by choosing an account that earns interest but is still accessible when needed, you can access your funds quickly should an emergency arise.
2. Paying Off Debt
Debt can be a heavy burden, especially when income might become less predictable. Before becoming a full-time homemaker and writer, I made paying off high-interest debt a top priority. I recommend paying off high-interest debts first (like credit cards), as it accumulates quickly. When I first started, I used Dave Ramsey’s “debt snowball” method to get me going. By eliminating my student loan debt, I reduced the pressure on my budget, freeing up more money for day-to-day expenses and savings.
3. Budgeting for a Financial Buffer
In addition to my emergency fund, I created a financial buffer for the unpredictable costs that come with managing a household and creative work. I anticipated the expenses related to my writing career, from purchasing books and writing tools to attending workshops or even hiring a babysitter for dedicated writing time. Having this buffer in place gave me the confidence to explore opportunities without the constant worry of overspending.
If you’re planning on leaving a typical nine-to-five job, I recommend setting aside funds specifically for your creative and/or career-related expenses. I also recommend accounting for irregular or seasonal costs (Christmas gifts, anyone?) when budgeting.
4. Living Within (and Below) My Means
One of the most important habits I developed was living below my means. This allowed me to continue saving, even as I focused on managing a household. Tracking expenses, cutting unnecessary costs, and prioritizing essential spending helped keep my finances in check.
I started doing this well before I ever got married. I would regularly review my spending to find areas where I could cut back. I also made lifestyle adjustments when I was single that supported my long-term financial goals like taking up exercise that didn’t cost much money (running, hiking, or using my old apartment’s gym equipment over an expensive gym membership), doing free activities (going to a park for a date, cooking for friends at home instead of going out, volunteering for charities to make even more friends), and making sure I was eating at home a lot of the time.
5. Planning for the Long Term
Finally, I didn’t lose sight of my long-term goals. Even while focusing on immediate financial security, I made sure to contribute to retirement accounts and consider my future financial needs. Balancing short-term demands with long-term planning helped me feel more secure in my decision to become a full-time homemaker and writer.
Conclusion
Building a financial safety net allowed me to confidently step into full-time homemaking and writing. With the right planning—saving for emergencies, reducing debt, budgeting wisely, and living below my means—I was able to pursue my passion without sacrificing financial security. For anyone considering a similar path, careful financial preparation can make all the difference.
Elizabeth Yuen 