Many parents wish that they could quit their job and stay home with their children while they are little. But most of those parents will conclude that they cannot afford to live on one income. While living on one income certainly is not easy, it is definitely do-able for the vast majority of families. Here’s how.
First, take a hard look at the numbers. How much money does your job cost you? Get a piece of paper and write your monthly take-home pay at the top. Then subtract all of your job-related expenses. There are daycare expenses, of course. It is likely that you will have increased food expenses when both parents work – working parents tend to buy more convenience foods, eat out more often, and eat lunches out, as well. You will probably have more medical expenses, too, since children who are in daycare get sick more frequently than children who are home. Additionally, you will want to subtract items like dry-cleaning, the cost of new clothes, parking expenses, and driving expenses (gas, maintenance, etc.).
Once you subtract all of these expenses from your take-home pay, you will have a more realistic look at how much money you really contribute to the family budget each month. For some parents, this number will actually be a negative – meaning that they are actually spending money each month in order to hold a job. Most parents will find that they are still bringing home money, but it is not much. Is your job worth this small amount? Is being away from your kids worth this small amount?
Next, take a look at your family spending habits. What could you cut out? Are your kids worth canceling the cable TV? Cutting down on dining out? Not renting videos? Don’t underestimate the difference you can make in your monthly bills by conserving water and turning off lights. You could probably cut down on your food bill by buying cheaper foods and avoiding junk foods. You might even consider the possibility of selling a car or moving to a smaller house or apartment. These might seem like drastic measures, but if it will allow you to be home with your children, it might be worth it!
Last, consider working from home. Many stay-at-home parents complete some sort of work for pay to supplement their family’s income. Starting up a home-based business does not need to be complicated – but you should keep careful records for tax purposes. Perhaps you could complete some work for your current employer on a contract basis. Or perhaps somebody that you know is looking for a home worker. You could use your skills to start a new business that will let you bring in some income while being home with your children. A teacher could tutor a few hours a week. Somebody skilled in music could teach music lessons a few hours each week. A writer could start freelancing. A person could even clean houses for friends and family, start an errand running service, or take in laundry. No matter what your skills are, there is a way to put them to use to help you earn money from home!
Be careful, however, not to fall for work at home scams. Scams usually require you to first pay money before you really learn about the business opportunity. If it sounds too good to be true, it probably is. Contact your Better Business Bureau if you’re uncertain about a company’s opportunity.
