Is This Comfortable? - Page 3

[matey]

My family lives on one small income. Our savings is small. Emergencies and repairs do happen but we always take care of it. I have found that the longer we live on little money, the more doable it seems. Priorities are different..

We had an emergency plumbing issue this year, some major car repairs, and a few little things, but we dealt with each situation. We only do essential things and my husband does a lot around the house rather than calling someone. Maybe at some point it will all bite us in the ass but I still get to spend each day with my kids and that's something no one can take from me or them. When I was making the SAH decision someone told me "You'll never regret that you stayed home with your kids, but you might regret it if you don't". For me, that rang true. Doesn't mean it is for everyone but for me it was worth the financial risk. At this point I feel fortunate despite our finaces.

[mamaofthree]

i agree with that matey. :) 

some how the longer you do it, the easier it is to do. 

as for the OP, you have got to do what makes you (your family) most comfortable. if it doesn't sound good to you, then you need to make other plans. because being home and stressed about money will not be a fun way to be a SAHP. and it will block out all the good that comes with being at home. 

H

[Smithie]

"But I am in the highly anxious about money camp..."

...as am I, and have been since I was a teenager. It's not an age thing, I don't think. It's a personality plus experiences thing. 

[GuildJenn]

Originally Posted by Smithie 

"But I am in the highly anxious about money camp..."

...as am I, and have been since I was a teenager. It's not an age thing, I don't think. It's a personality plus experiences thing. 

Same here. I also see families get into really tough situations...of course others don't, but those are the ones that stick with me.

[shepav]

Originally Posted by Smithie 

"But I am in the highly anxious about money camp..."

...as am I, and have been since I was a teenager. It's not an age thing, I don't think. It's a personality plus experiences thing. 

[imamomx2]

Originally Posted by GuildJenn 

Originally Posted by Smithie 

"But I am in the highly anxious about money camp..."

...as am I, and have been since I was a teenager. It's not an age thing, I don't think. It's a personality plus experiences thing. 

Same here. I also see families get into really tough situations...of course others don't, but those are the ones that stick with me.

Me too.  That's why it's hard for me to separate my heart (wanting to stay home with my kiddos) and my wanna-be-preparedness.  Jobs aren't plentiful to come by if something were to happen.  But I wanna be home with my kids.  Maybe there's a balance in there somewhere that requires me to work just a little longer to be with her without stress.

[ilovemygirl]

I would imagine the reduction in costs from working like gas and eating out will even out the increase in costs of electricity and the occasional outing with the kids from staying home. Then if you say there is even $200 a month worth of expenses that you aren't considering that brings you down to a $700 overage.

I don't want to start any mommy war type discussion but I'll just throw out there that since you'll be home your dd doesn't need to go to preschool. There's tons of free/low cost activities for socializing and learning that will prepare her for school if that is your concern and the bonus is you'll be able to do them all with her since you'll be home. I do this with my almost 4 y/o preschooler and we have a lot of fun. That said, most people I know are paying 300-500 a month for part time preschool. Even if it's the $500, that still leaves you with a $200 overage every month. 

That's not going to make you rich but it's not poor either. It's still a free and clear overage every single month that can be banked for emergencies. If you are mindful of your spending you'll probably end up with more than that. 

Aside from being wealthy to begin with, I think it's hard if not impossible to be really secure when you are on a single salary. It's kind of the gamble you take but it's so worth it. Anyway, to answer your question straight out - I think you will be more than comfortable enough. 

[JudiAU]

I would keep working for another few months and bank it all as savings before staying home FT. What would you do if DH is laid off? Also, I think you need to live on your new budget for a few months and make sure it works.

You have $900 on paper. Do you have that in real life? Because if you have no savings it sounds like it is getting spent which means you need to adjust to (-$750 + -whatever else you are spending)

[ananas]

Exactly...having an extra $900 at the end of the month would be HUGE for me.
 

Originally Posted by GirlBoyGirl 

Um.. yea. We would be sitting pretty on that budget. I WISH we were that comfortable!! I don't know why you haven't stayed home sooner!

[starling&diesel]

$900 dollars EXTRA a month?  That's a huge number!  In my experience anyway. 

We live to the dollar here, but do have a sizable emergency fund.  We try to keep it at $10,000 but it fluctuates depending.  Right now it's down to $7k, but will go up to $12k with a payment from my publisher due soon.  I think if I were you I'd work up my emergency fund, and then when it is sufficient to make you not worry, then I'd throw that money on the mortgage by doubling your monthly payment.  Imagine the interest you'd save! 

[mamaofthree]

maybe in the end it comes down to how much do you what to stay home? not in a snotty way, but if you truly want to be home full time you will make it work with $900.00 extra a month. if you are still up in the air about it and money worries are more pressing then no amount of extra over will make you feel safe. if you work another year or so to build up a fund... how much is that taking away from the time you wish to spend with your child as a FT SAHP? is working outside the home to earn that money make you more comfortable and less stressed? because in the end that is what will effect your child. if your home full time but constantly worried about money then that isn't good. if working outside the home makes you feel calm and more together, then contnue to do it.

over the last 16 years of being a parent we have never been in a situation that has allowed me to not work at least part time until now. i am so happy to be home, and yes money is tight here (we do not have even close to $900.00 extra a month) but i am not stressed at all about it. so me being home is worth it to us. BUT if i was worried about money, worried about dh losing his job and worried that i would lose job skills or be left alone with no job or whatever, then i would probably be working at least part time. that being said my job travels well, and i can work very very little to keep up my skill set. so that is something to look at too. and if/when you choose to be home, what about learning a new job? do you have to go back to what you are doing now? 

just an idea. :)

h

[Jane91]

 Another point to consider as to whether the $900 is "extra" -- are the retirement savings you are currently doing adequate?  Have you worked with some retirement calculators, etc. to determine how much you should be saving?

[Amylcd]

900 extra per month would be comfortable for me. 

[imamomx2]

Originally Posted by Jane91 

 Another point to consider as to whether the $900 is "extra" -- are the retirement savings you are currently doing adequate?  Have you worked with some retirement calculators, etc. to determine how much you should be saving?

We'd like to be saving the maximum in our 401k, and our plans were once our student loans were paid off to take each raise and just put that toward our savings.  So, when we get our raise this coming fall, we'll put that up to 10%, etc.