So you would look over your living expenses and determine exactly how much you’d need to have saved in your account and then work towards saving that, which you’ll probably be able to do really quickly with the extra income. Look Into Ways to Make Money From Home. Starting out was hard though and learning how to afford to be a stay-at-home mom was one of the biggest challenges. 1. For as long as I could remember I always wanted to be a stay at home mom. Start Now! Hey Mom Collective provides content, community and coaching to moms in business so that they can overcome overwhelm, breakthrough the cycle of burnout, and ultimately achieve their goals as empowered leaders. I love writing about my family's journey towards financial freedom and about ways to optimize your life, save money, and live well! From Lily: After my son was born, I was a stay-at-home mom for about 10 months. You are literally wonder woman, and chances are good that if you’re anything like me (a partial SAHM), you’re reading this right now with oodles of dry shampoo in your hair, a pile of laundry nearby that needs to be folded, and are a full-time jungle gym for your little ones. If you’re interested in becoming a stay-at-home mom or dad but you’re worried about how to survive financially, know that it is possible to make it work. Stay at home mom and health coach Allegra Turner shares her journey from being a therapist for autistic children to home-schooling mom and holistic nutritionist. Some common areas that can be trimmed include the grocery bill (through meal planning and eliminating restaurant spending) and entertainment (look at cable and subscription services). While the reasons for doing so vary, and the choice is an individual one, there are several considerations that stay-at-home parents need to make before they take the plunge to ensure that they can really afford to be home and protect the financial future of their families. Organize and simplify your financial life. Get control of your money in just 5 days with this free challenge! Now, you may be asking yourself, “why is figuring this out important?” It’s important because there are a lot of things you need to think about before making the leap to staying home. Simple Step-by-Step Guide. What are your priority expenses every month (things you absolutely must pay every month because they are important to you like, utilities, transportation, savings, groceries – not dinning out, etc.)? How to Self-Publish a Book – Tips to Get You Started. If you want to afford being a stay at home mom, you need to be financially organized. But even if you don’t have that same kind of time, there are still a few things that you can do to start making the possibility of staying home with your children a reality. If not, I suggest you look into getting one for term life to cover you after you leave your job to stay home. Love your advice! Your email address will not be published. Not to mention that you’ll be responsible for raising a human being! 2 Comments on Savings Can Help You Financially Prepare to Be a Stay at Home Mom. When evaluating the viability of becoming a stay-at-home parent, consider how the arrangement will impact your family both personally and financially. Sharing now so people can benefit before they take the stay at home plunge. Savings Can Help You Financially Prepare to Be a Stay at Home Mom. Kayla | The eCommerce Mom says: July 6, 2019 at 10:24 AM . Here are 11 Ways to Financially and Frugally Prepare for a Baby. Transportation. If you don’t already have a budget in place, now’s the time to make one, but instead of making one with both of your incomes, you need to make it … 1. The average mom needs to supplement her family’s income with about $700 per month to make staying at home work financially. What is your plan for your retirement account (assuming you have a 401(k) with your current employer) – are you going to roll it over into a Roth or something else and how are you going to continue to contribute to it? Even though you’re still working and earning a paycheck, start putting your paycheck into your savings account (this is the perfect time to build up an emergency fund if you haven’t already). Babies come with a lot of stuff. I am a semi-retired cook now. Our [Actual] One-Income Budget for our Family of Five. Though you're not specifically earning an income, this is still ultimately contributing to the financial … Truly consider your spending, including everything from big purchases like vacations to tiny expenses like your morning coffee stop. Plan Ahead. So below is a list of ways to make money as a stay-at-home mom, starting with seven ways I earned money online my first year home. Consider eliminating a … How to financially prepare to become a stay-at-home mom so you don't go broke. (PS. Recognize that there is power in your choice to be a stay-at-home mom. Thanks for sharing at #HomeMattersParty! Regards of what you decide to now do with your income, you need to make a plan and need to most importantly stick to your plan. Loved this! But making the transition doesn't have to be difficult - … If you are determined enough to make it happen, you can almost definitely find a way to cut your bills and spending down to a point that makes being a stay at home mom … One way to get more wiggle room in the budget is by eliminating a vehicle if staying at home makes it an unnecessary expense. One of the biggest decisions you can make is whether to stay home with your baby or go back to work. When asked how stay at home motherhood is different in 2020, she notes an important element that’s missing for many stay at home… - Jessi Fearon. Having runway funds saved before downsizing your income can provide more peace of mind and financial security as you transition. Start with the "four walls"—your housing expenses including rent or mortgage payments and all utilities. When you have been a stay-at-home mom for years, entering the workforce and creating a new household can be chaotic and stressful. 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