You Can Afford To Be A
By Jennifer Tarzian
From the moment I learned I was pregnant, I knew I wanted to be
a stay-at-home mom. That feeling only strengthened when my beautiful son was
born. I took one look at him and wondered how I could ever give up the
opportunity to spend each and every day with him, watching him grow and learn,
and exploring the world for the first time through his eyes. But there was a
problem. We were a two-income family. How could we possibly afford to eliminate
one of those incomes? Well, there are a lot of answers to that question and I’d
like to share the ones I found with you.
The first thing I looked at when determining “what we can afford” is how
much money we made. I was wrong. What I really needed to examine was our
expenses. So, the first step I took in my quest to stay home was to list the
expenses I would incur in order to work, versus staying home. This is what I
came up with: professional clothing (your kids don’t mind that you wear
sweats!); transportation costs: fuel, tolls, public transit, parking, etc.;
those “must-have” coffee and/or donut stops each morning; lunches with
coworkers; gifts for coworkers (holidays and special occasions); CHILDCARE –
it’s in bold print for a reason. If you haven’t priced this one out yet, do it
now. This will easily be your greatest expense. And, it only goes up with each
Go ahead and add up all these expenses. Don’t be too depressed, because
there’s good news: these expenses represent your “instant rebate” for staying
home. You’ve essentially just eliminated the need for a good portion (if not
all) of your income. Need more savings? Keep reading!
How many times per week are you dining out at restaurants, getting take out,
ordering in, etc? By staying at home, you have the time to go to the grocery
store and prepare a wholesome and much more economical meal for your family.
Eliminate (or at least cut back) on your little luxuries. Manicures,
pedicures, massages, hair highlights, 300 television channels, 2000 cell phone
minutes. You get the picture.
Clip coupons. I actually started buying the Sunday paper each week just for
the coupons! You may have never seen the need to do this while you were working,
but if you take the time, it will save you money. There are also plenty of
online sites that provide coupons.
Examine your bills carefully. When we had 2 fulltime incomes, I’m
embarrassed to admit it, but I rarely looked at any bill in detail. If there was
an amount due, I paid it. I never looked at it, never questioned it. Now I go
over every health insurance summary, utility statement, etc. with a magnifying
glass. And, I can honestly say in the past 2 years I have caught almost $1000 in
billing errors. That’s $1000 more for my family.
Make this a team effort. If staying home only appeals to you and not your
partner, your chances of success are greatly diminished. Making adjustments to
the family budget will affect the lifestyle of all those involved. This
transition will be much smoother with the support of your significant other.
And last, but certainly not least, follow your heart! If you feel called to
stay home with your children, then do it! All it takes is the determination to
succeed and the willingness to reduce expenses. Best of luck to you!
Jennifer Tarzian is proud to be a stay-at-home mom. For all
your parenting resources or to sign up for her weekly newsletter, please go to
http://www.youngparentsmagazine.com or visit
http://creditcards.youngparentsmagazine.com for helpful guides on credit
reports, as well as valuable information on choosing the right credit card.