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cash on hand. Definition. Funds that are immediately available to a business, and can be spent as needed, as opposed to assets that must be sold to generate cash. The amount of cash on hand determines what projects a company can undertake, or what financial hardships can be absorbed, without going into debt or arranging other financing.
You've made the decision to quit work for a while and stay home with your kids. But if you've even thought that giving up a paycheck means opting out of all money decisions, you need a reality check. Experts say it's especially important for at-home moms to stay closely involved in household finances -- and not to expect (or allow) their husband to take care of it all.