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Make
Becoming a Stay at Home Parent a Reality: A Six
Month Plan
by Scott W. Danger, CPA
I recently had a
conversation with a working mom who has mentioned on many occasions
that she’d like to stay home with her kids. "You’re wife is
SO lucky to be able to stay home. I wish we could afford to do
that," she tells me. Meanwhile, in the same conversation, my
friend also mentions that she and her husband are going to be
purchasing a new minivan soon, and that they are going to Mexico
next month. Yes, my wife and I are fortunate to have her staying
home with our daughter. But, luck has nothing to do with it. Our
family drives old vehicles, we rarely eat out, and our vacations
include driving to visit family members. The choices we made to cut
back on expenses and find alternative ways to supplement our income
were not easy, but we have never regretted them. Kim has her whole
life to work. And, be honest with yourself. When you are eighty
years old and looking back on your life, would you rather remember
that new car or would you rather have the memories and pride of
spending time with your children in their formative years? The
choice is yours. There is no right or wrong answer. But, I assure
you that staying home is possible if that is what you really want.
If you’re looking for
an easy answer to staying at home, this isn’t it. But if you’re
willing to work hard and make some trade-offs, staying home with
your kids can become a reality. Here is a six month plan to help you
realize your goal.
Month One: Is it what
both of you really want?
Staying home with your
children must be a decision you and your spouse make together. Both
of you will need to make changes in your lifestyle and it takes a
total team effort. If both spouses are supportive of the idea,
staying home with your children can happen. It’s important to
remember that the decision to stay home is not a lifetime decision.
It can be for as long or as short a time as you choose. Many moms
decide to stay home until their children are in school. Discuss with
each other the benefits of both working and staying at home. Don’t
discuss whether you can or can’t afford it. Just discuss if
staying home is what you really want. If after one month you still
feel it is something you want, move on to month two.
Month Two: Track your
spending
You will need to know
exactly where your money is going. This means tracking every penny.
Keep a tiny notebook in your purse to keep track of small cash
expenditures, money spent in vending machines, etc. Use your
checkbook register and try to avoid using the credit cards. When the
month is over, analyze your spending. Look at each expense and
determine which expenses you have no control over such as utility
payments or your mortgage payment and which expenses you can control
such as groceries and eating out. Summarize your spending in
different categories such as food, car and entertainment. With this
summary of your spending, move on to month three.
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