Many moms, myself included, learned how to live a frugal lifestyle in order to be able to stay at home with their kids. If you are feeling the same way, but you don’t know where to begin, whether or not staying home could be a reality, or how to convince your spouse that it is possible, keep reading. I have real life advice and experiences.
It Costs Less Than You Think
For most people, having one parent give up an income to stay at home has less impact on your daily finances than you might think. This is because there are expenses associated with having two working parents that you can eliminate when one parent stays home. You might even find, depending on the income, that you barely break even with the second parent’s salary.
For example, you may be able to eliminate the following expenses: child care, work wardrobe, convenience food and lunches out, and commuting expenses (perhaps even the second car) right off of the bat. Make a list of amounts of all of those expenses and compare them against your take home income.
Saving is Earning
Next, if the at-home spouse is committed to being at home, she should make every effort to do things in the household that will earn money by saving money. For example, cooking from scratch, buying food in bulk and on sale, taking the time to use coupons, and covering the expenses that you might normally hire out, such as cleaning or minor repairs.
There are calculations for everything out there (many of them right here in the Frugal Living blog) to help you figure out how much you can save by doing everything from combining errands to hanging the laundry.
Working at Home
There are so many part time jobs out there that can be done at home for extra income. From mystery shopping, to child care to owning your own craft or Internet business, this is a great time of opportunity for parents who want to stay home and need a little extra money for their household.
Figure out what skills you have and what you like to do and then see how you can make that work while you stay at home. Just be wary of scams and make sure to check out the opportunities carefully before you say yes.