(Closed) Income to be a stay at home mom

posted 4 years ago in Finances
Post # 2
Member
1592 posts
Bumble bee
  • Wedding: November 2010

andielle:  This, of course, also depends on your expenses. Darling Husband and I have been working to feverishly pay down debt in hopes I can SAH at least part time. Where we live (rural SC), we could likely get by on about $60,000 a year because we don’t have much debt. 

Post # 3
Member
859 posts
Busy bee
  • Wedding: December 2016

I think it depends on how you live. The best advice I think (which we are starting to follow) is to start living on one income way before you only have one income. Put your salary straight in to savings or start small with 1/5 or your salary, then 2/5 and so on…

ANYONE can swing it if you bugdet right.

Post # 4
Member
2680 posts
Sugar bee
  • Wedding: September 2014

In addition to your spouse’s income, I think your own personal income also comes into play with the decision. For example if your income is on the lower side, and would barely be more than what you would pay for child care, it may make sense to stay home. However, if you are a high earner, giving up the additional income can be a bitter pill to swallow, even if your spouse is also a high earner.

Post # 5
Member
9211 posts
Buzzing Beekeeper
  • Wedding: October 2013

there are way to many factors to answer this question.  you have to look at your income, expenses, budget, lifestyle  and decide if it is feasible.

Post # 7
Member
430 posts
Helper bee

We’re currently TTC and doing what onceuponadream mentioned, living off FI’s salary (about $35K take-home) and saving mine (we live in a pretty expensive part of New England but not a major city). I also have a job that will easily translate into part-time work (teaching 1 class per term instead of 4). The income from the 1 class will just barely cover childcare, but if I left teaching entirely it would be very difficult for me to get another job later and I know I’ll want to work when my child is school-age. You have to consider loss of future earnings as well if you leave the workforce entirely, or if you work in a field where taking several years off effectively ends your career.

Post # 8
Member
5886 posts
Bee Keeper
  • Wedding: April 2013

andielle:  I think I could do it pretty easily on $50-60k per year if I moved back to a smaller town that my Darling Husband used to live in.  We are agressively focused on saving right now so that we can create options for ourselves in the future.  We want to get to a place where continuing to save for retirmement becomes optional, or where the option to live morgage free is on the table.  

Post # 9
Member
245 posts
Helper bee
  • Wedding: May 2015

36k. It would be less if we didn’t have 40k in SL debt, a car payment and mortgage between us LOL. We live in Southern Oregon. 

Post # 10
Member
1065 posts
Bumble bee

We will easily be doing it on about 75k but we’re in SC and will get cost of living allowance if we get moved somewhere more expensive. We’re mindful about our spending but buy what we want within reason, eat out weekly, take regular vacations, etc. We also have no debt, good savings and essentially live off his salary already, my income is just fun money for me. He’s also getting a raise before the baby that’s almost half my current salary with more raises to come in the near future so the loss of my income won’t hurt as badly.

It all comes down to your lifestyle though, some people do it in a tiny apartment clipping coupons paycheck to paycheck while others are happy in a small home on a budget while still others won’t stay home unless they can keep up with their morning starbucks run and still drive a luxury car.

Post # 11
Member
1025 posts
Bumble bee
  • Wedding: September 2015

We could probably do it on his salary of 65k, but would be right. He will probably get a raise soon and I’m working right now, helps to save and plan beforehand. It does come to lifestyle. It is important to me to travel a bit, go out for dates, and reptiles/ a puppy add up. 

Post # 12
Member
162 posts
Blushing bee

It would be very difficult for me to be at Stay-At-Home Mom but if I had to do it, we will need to have a very-well funded emergency fund (12 months) and at least $100k yearly. We live in a smaller town that is relatively inexpensive but saving for retirement and being able to enjoy life without going into debt are very important to us.

Post # 13
Member
2166 posts
Buzzing bee
  • Wedding: October 2013

Husband and I both make the same, so if I stopped working, there goes half of our income. Not likely to happen any time soon for that reason alone. I don’t know many people that would be able to get by going from what you’re used to making, to half of that. It’s also not realistic living in southern california with the cost of living what it is. But it’s fine I have a flexible job which is great. 

Post # 14
Member
8162 posts
Bumble Beekeeper

andielle:  to be “comfortable” I’d say $100k. That’s enough to pay all the bills, continue to save, and not sacrifice to much in terms of travel/entertainment, etc. If we gave up fun stuff we could do it on $85k, and if we went bares bones [no fun, no savings, hope nothing major breaks for a few years] we’d only need about $65k. 

Post # 15
Member
1135 posts
Bumble bee
  • Wedding: October 2016

In Southern California, where Fiance and I live, to be comfortable a couple should be making closer too 100k.

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