If you have a baby on the way or already have young children, the possibility of being a stay at home mom or dad has undoubtedly crossed your mind. The idea of staying at home may excite you but the thought of living off one income can be terrifying.
Why We Wanted My Wife To Be A Stay At Home Mom And Not A “Working Mom”
I personally feel I benefited from this arrangement because having a present parent kept me out of trouble and created bonds that may not otherwise have occurred. Our life certainly wasn’t perfect but having a full time parent gave me a sense of safety and security that I wanted to replicate for my children.
60% Of Americans Think A Stay At Home Parent Is Better
A Pew Research Center study from 2014 found that 60% of Americans believed children in families with a stay at home parent were better off. In contrast, 35% felt there was no difference between stay at home parent families or families where parents both worked outside of the home.
I know that’s not what you wanted to hear but it’s the absolute truth. I can say without a doubt that if you do not stick to a strict budget, there is no way you can stay at home unless your partner makes a ton of money.
1. The Only Way To Afford To Live Off One Budget Is To Budget
As you explore the possibility of living off one income, look for ways to save money. If you focus on your goal of raising your children yourself, it’s amazing how much you are willing to sacrifice.
If your partner is unable to get overtime or extra work, there are many online jobs that the stay at home parent can do. For instance, blogging can create additional income depending on what you blog about.
There are several expenses that are unnecessary if one of the parents stays home. As stated earlier, daycare, for instance, can average over $1,000 a month per child. In addition to day care, formula and diapers can cost you around $200 a month or more.