It takes some creativity and thoughtful budgeting in order to live on one paycheck these days. It seems like it is getting harder and harder for families to do. Most people think of the financial disadvantages to having a parent stay at home with the children. Still, as a stay-at-home mother myself, I have learned that living on one paycheck can have its financial advantages, and being able to stay home can even save you money if you are frugal enough.
This article is not to convince anyone to quit their career to stay at home. Obviously, not every mother can or wants to stay home with her children. But for those of you who are stay-at-home moms (or dads), or those of you who are considering the switch, read on for ways that staying at home can actually save you money:
1. Less Taxes. Living on less money means that you and your spouse will probably drop down into a lower tax bracket, spending a smaller percentage of your money on taxes.
2. Shopping Around. Stay-at-home parents generally have a little more time to do some comparison shopping. This means that you can look through ads or shop at a few different stores when the family is in need of something new. As a working parent, it is harder to find time to compare prices, and thus it is more likely that two working parents will spend more money on purchases.
3. Home-Cooked Meals. Staying at home also means that your family will likely be able to eat more meals that are cooked at home. Having more time to cook means that you can save money not only on take-out, but also on other store-bought convenience foods that you could otherwise make yourself.
4. Fixing and Mending. As a stay-at-home parent, you also are more likely to be able to mend clothes or get repairs done on appliances that need a little help.
Related Articles:
You Can Do It! How to Switch to One Income
Is Going Back to Work Really Worth It?