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Afford To Be A Stay At Home Mom

Many families don’t think they can afford to keep one parent home, especially in today’s economy. But the truth is, two income families don’t always make two full incomes. In many cases there are significant costs to having a second income.

At my last job I earned $28,000 but over $20,000 of it paid for work-related expenses. In the end I brought home less than $8,000 per year. I still had to make money from home when I quit my job, but I needed less than when I worked outside the home, and I ended up having more money.

If you’ve been hoping to be a stay-at-home mom, but don’t think you can afford it, think again. It may be easier than you think. Use the four steps below to see if you can afford to be a stay-at-home mom.

1) Determine how much your second income costs: When I worked, the majority of my income went to taxes, childcare, extra expenses for nicer second car, commuting, work clothes, convenience foods and dining out, “I-deserve-this-because-I-work-hard” and guilt items for the kids. That left a measly $7,900 a year to live on. No wonder we were broke.

2) Determine what you need to live on: Now that you know how much your job costs, what would happen if you quit? This exercise will show you two things; 1) how much short, if any, you would be by having one income and 2) areas that you currently over-spend that you can cut back on.

3) Redo the budget. Once you’ve eliminated work-related expenses you may find that your still not able to quit. In that case, find ways to save. The easiest and fastest areas to save on are groceries, nickel and dime spending, and utilities. Menu planning and shopping with a list will help save on your food costs. Also stay away from pre-packaged foods, vending machines and restaurants.

You can save more than you think by eliminating small incidental expenses. These seem small but over time can add up. They include magazines, manicures, and convenience items. You can avoid temptation by not carrying cash, learn to borrow at the library, and find ways to have fun and pamper yourself for less.

Cut utility costs by weather sealing your home, turning off and unplugging electric items when not in use, and installing low flow water faucets. Cut back on other services by getting rid of phone or cable features you don’t want or need. Bundle packages are only good if you use all the features offered.

4) Make extra cash. For many families, even savvy shopping doesn’t completely eliminate the need for an extra income. This is particularly true when debt is involved. However if you eliminate work-related expenses, cut unnecessary items from your budget, and learn easy ways to save, the income you need to earn should be significantly less than you originally thought. In my case, I didn’t have to replace a $2300 per month income. After I cut out work-expenses, sold my car and got a less expensive model, and cut back on household expense, I only needed to earn about $600 per month to stay home.

Making money from home isn’t that hard if you do the right things. Today its easier than ever to earn an income from home. The important thing is to research your options and heed experts’ warnings about scams. Avoid employment opportunities that charge money or income options that make it seem like money will fast and easy with no effort.

Working at home is work no matter what work-at-home schemers would have you think. If you do your research right, and choose the right work-at-home option for you, there is no reason why you can’t stay and work at home.

Becoming a stay-at-home mom is possible even in a bad economy. In fact, it may be a financially better option. You can find out what it would take for you to be a stay-at-home mom by using the four steps to affording to stay home outlined above.

Visit Moms At Home Success for free information and resources on becoming a stay at home mom.