Daycare, for example, is expensive. When you're figuring out if someone can stay at home with the kids, you have to remember that certain costs go away.
Being a stay at home mom also can mean that you eat at home a lot more. It might not mean that, but if you care to cook much at all, you'll have more time for it when you aren't working away from home. Even on days that the kids have really busy schedules you can always use the crockpot to get things going early. Trust me, the crockpot is your friend. That goes double if the children are young and clingy.
Especially with gas prices going the way they are, you can cut a lot of money out of the budget simply due to driving less. What you save will depend on how far you've been having to go to work, or if you've been able to use public transportation.
The clothing budget for the stay at home mom probably also drops. There's less worry about dressing right for your job, and you will probably wear far fewer dry clean only outfits.
There will also be a difference in your taxes. A lower income does mean lower taxes. This is a hard one to calculate, but it's worth remembering if things appear to be borderline.
Some saving money skills can take time to master if you haven't been practicing already. Clipping coupons, for example, can theoretically save you money, but many people spend even more because they aren't being careful about buying things they don't need. No matter how good the deal is, if you aren't going to use it, it's not a good deal.
Your savings can also be eaten up by the desire to put your kids into more activities. Many of these add up pretty quickly. They also add a lot of running around in the car. There's a balance between putting the kids into activities they'll enjoy and what is reasonable on your budget. You have to find the right one for your family.
And don't forget there's a huge value to unstructured play for children. Remembering this can keep you from running around to an excessive number of activities.
When in doubt about whether or not you can afford to stay at home, consider testing the situation. Try living on just one income, and saving as much as possible of the second.
Despite the popular myth, many stay at home moms do not have husbands whose jobs pay extremely well. Many live on an extremely tight budget. And while sometimes staying at home costs less by the time you consider expenses such as daycare versus what the second income is bringing in, it's all going to feel like a sacrifice.
And it probably is one.
Despite the potential to save money in certain circumstances, many families really do bring in less with one parent at home. You can't forget the risk of having a single income, either. One income can be lost very easily in troubled economic times. There goes the insurance. There goes the security.
Being a stay at home mom can also mean a lot of pressure to do things with your kids. You probably aren't "just" staying at home, after all. Being there for the kids means tons of time to put them into activities. These generally cost money, sometimes a lot of money, depending on the activity chosen.
The lost income is why so many stay at home moms are so good at finding bargains. They have to be. It's find a cheap way or do without.
There's more than just the obvious income loss, however. Stay at home moms often lose more to the loss of retirement income and missed promotions in their chosen fields when/if they do return to work. The effects can impact your entire life.
Fortunately, stay at home moms may also be able to supplement their family's income from home. Some do rather more than supplement it, in fact, by running home businesses. It's not the solution for every family, and there are risks as well as flat out scams to be avoided.
The great part about working at home is that it can cut back on the money you lose. Depending on what you do, it can take care of the entire problem or even improve your overall financial situation. It's something to be considered.
The decision to work at home shouldn't be a light one, however. You need to understand what it is you want from being a stay at home mom, and do your best to not lose that part.
Then you have to figure out what will work best for your particular needs and interests. There's no one right answer.
Some people may be able to freelance or telecommute in within the fields they are already established in. Others will start a completely unrelated business. There are many more options available to work at home than there once were.
What matters most is that you keep your priorities in order. You should be focused on doing what you and your family needs most, not on following the crowd or the hype. Doing things your own way can be very satisfying.
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