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Stay at Home Moms
Aspire to be...
When my DH and I got married I always said I have one requirement, that when we do have children that I will stay home with them.
I'm working FT now and hubby lost his well paying job this past Dec and surprise we just got a BFP (unexpected). So he is about to land another job but it's going to be a pay cut and I'm afraid my hopes and dreams to stay home are drifting away.
We are really looking hard at finances and selling our "newer" vehicle and trying to cut back where we can but do you guys have any suggestions? He is supportive of me staying home but I don't think we can make it happen financially.
Anyone else think they wouldn't be able to make it happen but managed?
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Re: Aspire to be...
We didn't think it could happen, and sometimes it still does not make sense on paper, but we are doing better than expected. Right before I got my BFP (when we were trying to get pregnant) we moved out of our rental townhouse and into my parents basement for five months as we looked for a house. We saved my salary and paid stuff off with DH's. We bought a house (because of the first time home buyers credit) and got one that was in a one-salary price range; it is tiny, but it works! We did little things like cutting out all cable tv, majorly budgeting groceries and joining on a family cell phone plan. We also continued to bank as much as my salary as possible and use the rest to pay off school loans, car payment, etc. Once DD was born, we never really went out to eat or bought anything we did not need, and we kept paying things off. Now we have gotten so ahead of our payments that it has not caught up to us that we really should be living paycheck to paycheck. I am sure it will, but we have a cushion until my WAH job begins this summer (I am doing independent contracting data jobs for the summer and then will be a writing coach during the school year.)
I probably would be considered unwise for taking the plunge and becoming a SAHM before we were 100% sure how it would work (we never actually banked 100% of my salary,) but we have worked really really hard to make it happen. It has been my dream and I honestly could not see going back to FT work.
So short answer: pay down or eliminate as many of your monthly obligations as possible. Live as much off of DH's salary as you can. Cut out lifestyle choices that are not necessary. Budget and make a fund for if things get too tight.