Can you afford to be a stay at home mom

Enter your monthly car payment -- or payments, if you have more than one car -- here. Enter your monthly utilities expenses -- electric, water, gas, garbage, phone, etc. Enter your food expenses here. Try paying by credit or debit card and tracking expenses for one month beforehand to get an accurate, all-inclusive number.

Insurance premiums. Since some insurance costs are included in mortgage payments, such as PMI and homeowners insurance, make certain you aren't double-counting.

Other household bills combined. Enter other household bills -- cable TV, Internet service, cell phones, yard care, cleaning service, etc. Debt payments. Add up all other monthly debt payments -- student loans, home-equity loans, personal loans, credit cards, etc.

Contribution to retirement funds account e. IRAs outside of those automatically deducted from your paycheck. Contribution to college funds. If you are already making regular contributions to a plan, a Coverdell Education Savings Account, or other college fund for your child, enter the amount here. Dinners out, take-out, movies, other entertainment. Enter an estimate of all family dinners out and other entertainment here.

Emergency fund for unexpected expenses car or home repairs, etc. Enter the amount you regularly set aside for any and all emergencies -- car or home repair, medical expenses, etc. Total: This is your total yearly outlay for basic living expenses. Childcare expenses incurred by working. I love that you can get Whole Foods items this way. Whole Foods is usually too expensive for us to even consider shopping at, but one day we happened to be in the store and saw an AMAZING deal on organic tortillas.

We bought all that we thought we could fit in our freezer and then started using those for as many meals as we could. We throw frozen veggies, vegetable stock, and some noodles or beans into a pot and see what happens. When you see this, if you have the freezer space — stock up! We use these for dipping in our soups, for making French bread pizzas, and for just making plain old sandwiches. You can buy produce cheaper than anywhere else or use their sale ads to price match at Walmart , they have an incredible selection of rotating specialty items, and they have great prices on things like cheese.

Also, keep an eye out for their discount section, usually in the middle of the store near the canned goods. Just last week we stocked up on bags of tortilla chips that were marked down to just 35 cents! Look for cheap or free entertainment options in your area. Our city offers free concerts in the park every other Thursday in the summer, so for just the price of parking, we get a night out on the lawn to listen to music and can pack our own food.

We LOVE to go camping and go for hikes, and you can usually do that stuff for free! Explore local parks in your area. Keep an eye out for festivals in your area. These are almost always free to get in, and if you eat before you go or pack your own snacks, you can have a whole day of fun without spending a dime! One of our favorite purchases was our Amazon Firestick.

We use it to watch all of our favorite shows on Netflix, plus we can watch tons of other shows with Amazon Prime. Sign up for Redbox text message alerts and go get a DVD every time they have a free offer. There are SO many ways around having cable that there is really no reason to keep forking out so much of your hard earned cash each month. Where there is a will, there is often a way. If your bills are what is keeping you from staying at home with your kids, consider making drastic changes.

Move into a smaller house. Get rid of your car and get a beater car. Move to a cheaper area like we did. We finally were able to purchase a small home after living in an RV with our baby for 9 months. Believe that you can do it and you can truly do anything! Call your credit card companies and see if they can work with you to lower your payment. Sign up for the budget plan on your utilities like electric and gas.

Shop around for cheaper car insurance. Coffee at Starbucks? The equation might also change if and when you have additional children, as expenses will go up accordingly.

If your current working scenario means juggling work from home with all the responsibilities of caring for your children, factor that into the equation, too.

Does it make logistical sense to trade off with a partner? Can you work a flexible schedule? Now, to compare, take the total household income if you were to quit. Subtract your household expenses in the stay-at-home scenario i. If the number you get for A is positive but B is a negative number, you cannot afford to stay home right now, at least without some serious changes to your budget.

Are both numbers in the black? These figures represent the difference between how much you make and how much you spend. Here are some money-saving tips from personal finance bloggers. You will probably also want to take stock of your emergency fund before making a final decision about whether to stay in the workforce.

Both being home and keeping a career on track are valid goals. Brittany has been a stay-at-home mom since her son was born.

For example, Jessi, mom of two, worked out an agreement with her husband. A hybrid approach can also help avoid a drastic hit to your lifetime earning potential. Studies have shown that in the developed world, women experience a post-baby income drop that they never fully recover from. Of course, not all people leave the workforce by choice. There are layoffs, illnesses and other unexpected, sometimes forced changes. Having a financial plan and a savings cushion will help your family stay afloat regardless of what life brings.

Go to your local Goodwill and get yourself something you feel really great in. BUT there is something confidence-boosting about walking out the door feeling like you look good.

Get up, dress up, show up. Do your hair, put on a little swipe of makeup, and take some pride in your look. Taking care of kids is hard work! At best, you might be able to go to the bathroom for a minute. Tell yourself you can do it often. Like, every day if you need to! You are an awesome and powerful mama and you can handle it all.

Many even come from within you. So fill out your budget, buff up your support network, and get ready to kick butt at affording to be a stay-at-home mom. Being a stay-at-home mom has always been a huge goal for me when my husband and I decide to have kids hopefully soon! I like these tips and I know that by sticking to a good budget, just that one step will help tremendously. I also hope to be able to keep strong friendships.

Hey, really great article for new moms. My wife is soon to be a mother and I am so proud of her. She is a fitness freak, so it is really hard to make her rest, but I will make sure she reads that! These are great tips for any woman especially stay-at-home mothers.

A budget is so key to reaching your financial goals and I can imagine it becomes even more important when going from two incomes to just one! I really needed to read this article today! I am a new stay at home mom with my second son. He is 2 months old, and while I love spending time with him it has been more stressful on me than I thought it would. I am inspired, after reading this article, to do the things I already knew I needed to do but was too overwhelmed with the reality of everything.