Can I stay home? - Mothering Forums

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#1 of 12 Old 09-17-2005, 10:23 PM - Thread Starter
 
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Dh and I really want to make it possible for me to quit my job at the end of the year. I currently work part time and bring dd with me. I really want to be a SAHM b/c things are very different than I thought they would be in regards to doing my job with baby in tow. However, we are already strecthed financially that I am scared to take the plunge. How did you other financially challenged SAHMs get to the place where you felt like it would work?

Mom to Iris and Henry
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#2 of 12 Old 09-21-2005, 05:00 PM
 
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To be honest, I didn't think about it, I just jumped. However, there are some great books out there, I read "Yes you can afford to stay home with your kids" and some other books about saving money/staying home. I made some choices to do things like make our christmas presents and eat beans/no meat more often to cut expenses.
Good luck!
Laura

Laura, Mama to Mya 7/02, Ian 6/07 and Anna 8/09
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#3 of 12 Old 09-21-2005, 05:30 PM
 
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One thing I'd recommend is living off of just his income until you quit your job and putting all that you make into a savings account. That'll show you what it's like having one income and give you time to adjust your lifestyle. Plus it'll give you a chance to save up money before you stop working outside the home.

Midwife (CPM, LDM) and homeschooling mama to:
14yo ds   11yo dd  9yo ds and 7yo ds and 2yo ds  
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#4 of 12 Old 09-21-2005, 06:03 PM
 
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Quote:
Originally Posted by phathui5
One thing I'd recommend is living off of just his income until you quit your job and putting all that you make into a savings account. That'll show you what it's like having one income and give you time to adjust your lifestyle. Plus it'll give you a chance to save up money before you stop working outside the home.
I second this - this is what we did, made the change to the one income lifestyle (aside from the childcare costs) before actually taking the plunge. We also analyzed all our expenses, and found many things we were spending money on we didn't need or could do without or do cheaper.

Mightymoo - Mom to DD (6) and DS (4)
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#5 of 12 Old 09-21-2005, 10:21 PM - Thread Starter
 
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I had been thinking about working out the end of the year and saving all my income so, I think I will give it a whirl. I will also try to get my hands on a copy of yes you can afford to stay home it sounds like just what i need.

Mom to Iris and Henry
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#6 of 12 Old 09-27-2005, 05:34 PM
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Have you and dh sat down and figured out what you don't need to be a SAHM? I mean, what does it cost you to work? Do you have 2 cars? How much do you spend on good clothing and assessories? Do you bag lunch or buy lunch? Are you in debt? Add all your working expenses and subtract that from your income. This will give your true income.

These are the things that helped us so I could be at home with ds. The first thing we did was eliminate credit card and loan debt. That was the big one. Over time we have downsized on different things to make it easier. We now run on one good car. We do have a car payment, but we didn't buy new and we have extended warranties so we don't have to worry about costly maintainance repairs. Our other car was paid for but it cost us a small fortune because everything kept breaking down. One car means one insurance premium, one tank to fill, and one car to maintain. The insurance saves us $600/year, we have cut down our gas consumption so we only use one tank every two weeks and that has saved us over $80/month. DS has playgroup on Wednesday and Thursdays, every second Friday I like to go to the market. I drive dh to work on those days and pick him up after. It's really not a big deal or a hastle. It has also helped me to consolidate my errands which also helps with the gas issue. We actually make it a fun day. We take dh to work and then I take the kids for bagels before dropping them off at school. The kids love the treat.
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#7 of 12 Old 09-28-2005, 03:53 PM
 
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Something I have found out is that we live according to our income. I don't think it's any harder living with 1200 a month than it was with 3500 a month. You just learn to let go of extra expenses and live within your means.

Unassisted birthing, atheist, poly, bi WOHM to 4 wonderful, smart homeschooling kids Wes (14) Seth (7) Pandora Moonlilly (2) and Nevermore Stargazer (11/2012)  Married to awesome SAH DH.

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#8 of 12 Old 09-29-2005, 12:17 AM - Thread Starter
 
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I really apreciate the advice from you ladies. I am thinking that I am going to give it a whirl starting at the begining of the new year unless something gets dramatically easier bringging dd to work between now and then

Mom to Iris and Henry
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#9 of 12 Old 09-29-2005, 12:41 AM
 
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Lots of great advice!

We lived on one income the last few months that I was working, and put it all into savings as a 'safety net/emergency fund'. That made my stress level go down SO much, it actually made it easier to make the $$ stretch because I wasn't on edge and knew we'd be okay for a little while even if something unexpected happened.

It does take a lot getting used to, at first, or at least it did for me--but it was psychological, not financial really. You can do it!
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#10 of 12 Old 09-29-2005, 04:44 AM
 
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I agree with this bright mama.
Before living your job have your income into savings and live with the income of your dh.
Good luck
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#11 of 12 Old 09-29-2005, 08:54 AM
 
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It is all about how you are willing to live... make it a challenge to see how very little money you can spend out! Think of ways to not buy new things....

We are just about out of coffee filters, for example, and I am going to try to cut some circles out of muslin fabric and just rinse them out..

Warm wishes,
Tonya

Simple Living, Joyful Homemaking, Homeschooling Mom of 6
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#12 of 12 Old 09-29-2005, 11:13 AM
 
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I'd go for it. I would refinance debt, including mortgage. Stop all extras (magazines, cable, eating out ...you know what i mean) See how low you can reduce your monthly expenses and if dh's salary will cover it... I'd just talk with dh and put in my notice as soon as I could.

Why? Because it is worth it. And the more time you stay there the more you might, if you are like me, find reasons why you cannot live off of one income.

If you want to stay home with your children, I say go for it as fast as you can. That desire is on your heart for a reason and I'd honor it.

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