(Closed) Stay at home moms – how to deal with loss of income

posted 8 years ago in Babies
Post # 3
Member
413 posts
Helper bee
  • Wedding: May 2012

I went from working full time 12 hours a day to staying at home by my own choice. I would say the hardest adjustment for me was losing that daily adult interaction! Its definitely adjustment, but on bringing in a little income I am a substitute teacher. It helps some with having fun money and we have also learned how to take our budgets seriously. Before I had my daughter I would shop till I drop. LOL. Now I have to budget in when I want to get something and if we cant afford well I just have to wait. How lucky are you that your job is held for 5 years! Its always nice knowing you have something to fall back on at anytime.

Post # 4
Member
638 posts
Busy bee
  • Wedding: April 2007

I’m only 3 months away from this transition and we’re rolling around ALL the ideas 🙂  Reviewing our budget very closely.  We’re only planning to do the one income thing for a couple months… then I’ll have to do something or else we won’t be able to save for retirement or go on vacations! I’m also thinking of being a nanny to 1-2 other kids to bring in some money.  Not a full-fledged certified daycare — just nannying to bring in a little extra dough and be able to be full time with my own.  I love kids and will probably be SOO much happier than I am now.  We’ll see though.  Keeping my ears open around town for work from home opportunities!

Post # 6
Member
2856 posts
Sugar bee
  • Wedding: September 2009

This is a great post! We are in the position in making some adjustments with my working status but it is definitely difficult as I am the bread winner right now and I make nearly double what the hubs makes. If it was just the two of us and the baby, we can probably get through but we also take care of my Father-In-Law so it makes it very difficult. Even with the proposed adjustment I would make at work (working 4 days a week) we will lose at least 15K of my income. It is doable but that is a huge hit for us financially. I also don’t really have the option of being away for long periods of time and it isn’t all because my job won’t keep me but in my field, it is competative and new things have to be learned or you are left behind. There is no picking up where you left off, so that hurts us as well.

All in all these are definitely things to ponder.

Post # 7
Member
4123 posts
Honey bee
  • Wedding: October 2010

Like egb mentioned, sometimes, once you factor in the costs of going to work, it doesn’t seem as “scary.” Not always… but usually…. In fact, that was one of the few econ lessons I remember from HS, looking at dual income families and breaking down costs of a stay at home parent vs. dual careers… 

Luckily, I already work from home, so when the time comes the biggest adjustment will be multi-tasking and to some degree, having to NOT work at home during the day to watch said toddler/child and working after my FH comes home… 

That’s really nice that you can take 5 years off! 

Post # 8
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

Dang, that’s NICE that your company offers that!!! I definitely can’t leave my job and just pick up where I left off. Engineering and the medical field are a “you snooze, you lose” type of field. But I’m willing to hack 25K off my salary for a nanny until our child is a year old. For many people it’s not worth it to continue working after you have kids, especially with one or two children needing full time care! I know for my mom this was the case, but my dad owned his own business and sometimes picked up extra work and stayed late to bring in a little more dough. Me, personally, no matter what I choose, I’ll still be able to bring in a significant chunk of money every year even with daycare….it’s college money for our kids =]

OoOoo the calculator is fun! I end up with an “extra” income of 30K. That’s college, baby!

Post # 9
Member
2821 posts
Sugar bee

That’s something I’m trying to work on now.  Switching some of my career over to online consulting/data mining what not.  So there’s still some income and work to use my degree but so we’re not both working away from home full-time

Post # 12
Member
3526 posts
Sugar bee
  • Wedding: August 2010

I think a lot of times some mothers choose to stay at home as well because it will actually cost them more to send their kids to day care rather than them stay at home. So it’s like a give and take. But I do understand what you mean in terms of you will lose your income and have an extra mouth to feed.

A coworker of mine, his wife stays at home with their baby and watches kids of family and friends. She has a degree in Childcare and is working towards her masters right now. So it’s great for that she is gaining work experience, earning money and staying home with her baby. Pretty dang perfect.

Do you have any friends in the same age bracket who are planning to start conceiving soon?

Coworkers wife actually placed an ad on Craigslist and got some decent responses.

Is it possible to have a part time job? Or do you see something like Avon or Lia Sophia working for you? That will never work for me because I don’t have friends that spend on money on stuff like that. But it can for you.

And I think just generally start saving NOW rather than when you find out your pregnant.

GL!

Post # 13
Member
424 posts
Helper bee
  • Wedding: June 2009

When my daughters were younger (this was when I was with my ex), I bartended on the weekends. I went in after my girls were in bed, so they never even knew I was gone. Otherwise, I was home all the time, as I quit my marketing job after the little one was born.

Then I went back to work full time and still bartended, split from the ex, and did that for a few years. Then husband and I moved in together and I cut back to a part time position to spend more time with my kids. The intention has always been to quit working when the baby (that I’m pregnant with now) was born. But, then I lost after school care for my older daughter (she’s “special needs”), so I wound up quitting way sooner than intended. (And, no, she doesn’t get disabilty anymore since my husband and I got married. People always assume we get disability for her.)

I don’t shop nearly as much as I used to. We don’t go out as much. We budget our grocery bill very carefully. We rent movies from RedBox instead of OnDemand. I got rid of my smart phone. And sadly, husband is selling his Audi this summerCry. My husband carpools to work since he works an hour away. I’m also going to make all my girls summer clothes this year. So, it’s all the little things we’re spending less on that make that difference. Also, not paying $400 a month in daycare totally helps.

As far as supplemental income, I will not be doing the nanny thing or babysitting. My kids are enough, thanks!! But, I might start doing some tailoring. I’ve also considered doing special occasion makeup. Or making healthy meals for working families for a small profit. My husband and I are tossing around different ideas of things I can do from home that are in line with skills I already have, but won’t take too much attention away from parenting. Oh, I’m also writing and addressing Christmas cards for people this year, since I have unnaturally good handwriting.

Post # 14
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

Wow, daycare is $1,000 a month in our neighborhoods for a baby. Yetch.

Post # 16
Member
14186 posts
Honey Beekeeper
  • Wedding: June 2009

If i got so busy working, school, kids, etc, I’d TOTALLY pay for healthy premade meals.

But then it’d be like, eating leftovers all the time =

You could offer “lunch packs” for kids…lunches made with healthy things, delivered to the school? haha. That’d be pretty sweet.

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