After holding that baby in your arms, it's hard to imagine going back to work. If you are thinking of being a stay-at-home parent, there are things you should consider. First you should take a look at your total family expenses and subtract your partner's salary. If it still looks like you can't afford, take a closer look at your budget to see if there are things you can cut back on.
Steps to Take
The first step to determine if you can be a stay at home parent is to track your total expenses for at least three months time. You might be surprised to find out where your money is going.
Make a list of fixed expenses such as mortgage, utilities, car payment, insurance, food, gas, clothing, etc. Then make another list of luxury items such as vacations, evenings out, haircuts, gifts, cell phone service, etc. Then look for areas that you can save on such as. . .
Make a list of the pros and cons of staying at home versus going back to work. Some pros may be:
Some cons may be:
After you've done your homework and it seems like there is just no way you can financially quit your job then consider working part-time or see if your employer will allow you to work from home. Another consideration is moving to a less-expensive home although this might not be an option for some. As the old saying goes “where there's a will, there's a way, " so if staying at home is something you have your heart set on, then sacrifices must be made, but the rewards can be priceless.
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