Some good, basic financial advice for both working and stay at home moms in this short clip from CBS News Early Show and financial advisor Ray Martin. There are a lot of working moms out there these days: approximately 70% of moms are in the workforce, but the number has been decreasing in recent years. Part of that is lifestyle choices and wanting to spend more time with kids, but another is financial. One factor to take into consideration is whether it is actually worth the money for a mom to go back to work, a similar argument to what we wrote about earlier.

For stay at home moms, it’s important that they have an active management role in the family’s finances. Should the unfortunate happen, being a part or in charge of the finances will be an extremely important skill to have. It is also important for moms to establish their own credit rating and not rely solely on their husband’s.

And the biggest mistake that moms make when going back to work? Not contributing to their own 401(k) plan assuming it’s not needed since the family is already contributing to the husband’s plan. While basic, always a good reminder.