Post # 1
My husband and I have started discussing the possibility of starting a family in the near future. I do not currently have a job that would allow me flexible hours or to work from home and we really would rather me be a Stay-At-Home Mom instead of using day care.
For those of you who are or were Stay-At-Home Mom are there any tips or advice you could give on how you made it work finacially?
Post # 3
If you can, buy your meats in bulk and freeze them. It’s also a lot easier at meal planning time. Buy a crock pot. You’d be amazed how much you can do with it with very little prep.
Nurse if at all possible. It saves a ton of money.
We used Target brand diapers and never had a problem. Grocery store ones tend to be horrible.
Post # 4
I’ve heard the key is to start living on one income now. While you’re still working just put all your income in savings or investments. That way the transition will be a lot easier when you no longer have that money.
Post # 5
@Delovely: I agree with that 100%!
Also, I have just started getting into couponing and it can save a ton of money. This weekend, I got a whole bunch of toothpaste for free and the rest of the stuff, I got basically 75% off of my entire bill. It’s crazy!
I don’t know where you live but I love this site. It gives you the sales and coupon matchups so you don’t have to spend time researching everything.
Post # 6
start living on his income only right now, and put all of your income in savings. you’ll need to be able to pay for your current expenses plus about $500 a month in what will be baby expenses (i just made that number up, so do some research, but it’s nice to have a buffer), plus your normal savings contributions all from his paycheck.
Post # 7
@kitzy: Oh yes, don’t forget about your savings contributions. If you aren’t working, you need to put retirement money into an IRA since you won’t have a work plan anymore.
Post # 8
Thanks girls. I think you are right, we should start trying to live off of one income. It will help us budget and save.
@MissAsB- I should probably start using coupons, that great that you saved so much!
@kitzy- I know thats the scary thing, not only do both of us need to live off one income but then we have the baby expenses!
Post # 9
Budget Budget Budget 🙂 Not sure if you do this already – layout a very specific budget for the month bills/food/fun/home etc. See how it goes. Sometimes we turn it into a game to see how little we can spend in a month. You can work from both ends ‘the money we’d have on one income’ and ‘what realistically is the minimum we could spend in a month’ and see how things line up and how close you are to making it work.
Of course with a baby some of those expenses will go up – electricity (if you need to keep the house cooler/warmer for the infant), clothes, doc visits, diapers, food etc. We cloth diaper (& wipes) and are still nursing exclusively so the baby column in the budget is still pretty low.
For our family with me working from home part time (no daycare) it was still a blow to the budget and we’ve made choices like not saving quite as much in retirement. This was worth the trade-off for us to not use daycare. Plus we know it’s a short term sacrifice.
I agree with starting to live/budget around 1 income now. Use the extra money to make sure you are debt free (student loans, credit cards, vehicles) so you can minimize or eliminate any of those monthly payments from your budget. Bulk up a baby fund and emergency fund with any extra money and you should be pretty comfortable when the time comes.
Post # 10
@Jilian- Thanks! No cc bills, car loan will be paid off this yr, now if only I could ever get rid of the school loans- still have another 25 yrs lol