Stay at Home Mom Question — Need Insight

posted 10 months ago in Finances
  • poll: SAHM: Which best applies to you?
    My partner makes enough to cover all of our bills : (47 votes)
    75 %
    I have to work part time/side jobs to cover some bills : (8 votes)
    13 %
    We saved in advance to cover our monthly expenses : (6 votes)
    10 %
    Other: explain below : (2 votes)
    3 %
  • Post # 31
    Member
    169 posts
    Blushing bee

    I have been a Stay-At-Home Mom for almost 4 years now and he barely makes enough to pay bills and have a little fun money. My FH prefers I stay home and raise the kids because he says no one will do a better job,  I agree! Our financial situation is temporary. I will never get these years back with my 2 and 4 year old. I am very grateful to my FH for giving me this time with them. 

    The flipside, as a working mom you get some time to yourself. Financial freedom. More adult interaction lol.. in a sense I felt I lost myself being home with the kids. But I do prefer the person that I am becoming!

    Best of luck to you guys! The best is yet to come

     

    Post # 32
    Member
    1555 posts
    Bumble bee

    Hubby can cover our costs but I want to save up a years income of my own before having a baby and then go back to work part time. But then again I may love being a Stay-At-Home Mom so that could be an option. I also have a side hustle that makes me a fair bit of income which I could continue while having kids. We own a modest home though and our expenses aren’t very high. We don’t really buy much or eat out. We do go on an annual overseas holiday which is important to hubby.

    Post # 33
    Member
    2904 posts
    Sugar bee
    • Wedding: July 2011

    I’m on maternity leave with my second at the moment so although I’m home I’m still on full pay. 

    I don’t plan to return to work and will be a Stay-At-Home Mom for a few years. Hubby makes enough to cover our costs and we’re fortunate that we own our house outright (inheritance) so we don’t have any mortgage / rent to pay. We’ve paid off our student loans and we’re in the UK so don’t have to worry about healthcare bills. 

    We also have a very good savings pot so we can afford a house Reno without me working 

    Post # 37
    Member
    9589 posts
    Buzzing Beekeeper
    • Wedding: August 2012

    I’m not a Stay-At-Home Mom, but I would really avoid pulling from savings to make it work. You never know what the job market will be like when you’re ready to return, or if you’ll have a harder time getting a position, or if the pay will be less because you’ve been out for x amount of time etc.

    Are you and your husband already on a family insurance plan? If not that can be significantly more expensive. Also keep in mind you’ll probably have to pay your own deductible AND the baby’s once it is born.

    Post # 38
    Member
    2904 posts
    Sugar bee
    • Wedding: July 2011

    The mat leave is good here (but some other European countries have it much better) we can share our leave with dad too if we want. 

    The problem we have is the cost of child care. My job is a very full time job so full time nursery for two would be needed. In our part of London it would cost about £2000 a month. I bring home just over that a month so with my travel into central London I would be bring home very little sarathemermaid :  

    Post # 40
    Member
    2523 posts
    Sugar bee
    • Wedding: September 2018

    I am not a Stay-At-Home Mom, but I wouldn’t feel comfortable being a Stay-At-Home Mom unless my spouse could support 100% with a decent cushion. There are things to consider with additional expenses with a child, like diapers/wipes, misc baby items and clothes, memberships (zoo? random things like that?). Also additional monthly cost of moving to a family ins plan if you’re in the US (can be substantial, for us it’s about $100 a month more), and medical bills for you and your child depending on your insurance plan. 

    Also make sure you have a decent amount of emergency savings if you’ll be living on a tighter than normal budget. What if your roof needs replacement, appliances break, etc etc. 

    Post # 41
    Member
    181 posts
    Blushing bee
    • Wedding: January 2020

    You can also get a well paid home job if you have a degree. As a side job I teach Chinese kids (5 to 12 years old usually) esl. I work for VIPKid. There is also another company that’s called magic ears and I know someone there too. I prefer vipkid  since there are no minimum hours. Maybe one of those jobs will suit you better  sarathemermaid :  

    Post # 42
    Member
    542 posts
    Busy bee
    • Wedding: July 2018

    sarathemermaid :  My husband and I have the same plan as you, we plan to start trying for a baby this summer and I’ll stay home when the baby is born. Between now and the time the baby will be born if we conceive this summer I will be able to pay off my student loan which will free up our budget a little and we’ll build up our savings in case of any emergencies when we are down to one income. Also, by that time my husband should get the promotion he’s up for at work in which case I could stop working completely, if he doesn’t get this promotion we will be a little short on just his income so I’ll have to work part time to make up the difference, my mom will be able to help watch the baby if that’s the case. 

    Post # 44
    Member
    181 posts
    Blushing bee
    • Wedding: January 2020

    between 8 to 10 dollars a class ( they have participation initiatives so if you teach more than 25 classes u get extra and more than 35 another extra, etc) .

    Since each class lasts 25 minutes it comes out to 16 – 20 dollars every 55 minutes depending how much you teach that month. I am also a normal school teacher so I usually only do weekends. princessandthepear :  

    Post # 45
    Member
    888 posts
    Busy bee
    • Wedding: September 2016

    Do you have to do a lot of preparation before or after class? That doesn’t seem like a lot to earn to me. littlebirdbee :  

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