Post # 1
Fiance and I have been talking more about havings kids and what our life will be like when we have kids… we would both like to have kids only when it is financially possible for me to be a stay at home mom (or work part-time/from home by choice, not because I have to).
I know this is a very common decision for many couples, but it got me thinking about how much income would be feasible for me to stay home with a baby on. This definetly depends a lot on what you define “comfortable” or “financially stable” as, as well as where you live, but I’m curious what that amount for ya’ll is. Feel free to also include where you live – 100k in NYC is obviously not going to be close to what 100k in Oklahoma would be!
Post # 2
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
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
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
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 # 6
To clarify, I understand that this is a personal question and depends on many factors. Fiance and I already have a rough estimate of what it would take for us personally. I’m just curious what your “minimum income” is to be a stay at home mom (or would be). 🙂
Post # 7
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
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
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
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
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
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
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
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
In Southern California, where Fiance and I live, to be comfortable a couple should be making closer too 100k.