The choice to be a stay at home mom often occurs when your children are very young, or perhaps not even born yet. It’s a time you know that you’re needed by them as a mom. But what about as they get older? Will it then be time to head back into the workforce?

Maybe. Maybe not.

I’m not one to say all moms should be stay at home moms as long as kids are growing up. I’ll leave that to others. But I will encourage moms to really think about how long they should keep being at home.

There’s much to be said for continuing to be a stay at home mom even through the teen years, as I am. Kids don’t need you in the same way when they’re teens as they did as babies and young children, but they do need you.

Being at home with them means that you have the chance to get to know all their friends. You get to know what they enjoy doing. You get to continue guiding them in their choices.

It’s possible to do all of that as a working mom, of course. It takes more effort, especially if your schedule isn’t cooperating, but it can be done. The stay at home mom simply has the simpler way to manage all of that.

There are a lot of factors to consider. Some people find that they come to regret being a stay at home mom. Many feel isolated. There are ways to minimize some of the problems that may come of being a stay at home mom, but some problems are more difficult to manage than others.

What Do Studies Say?

Some studies show that having a stay at home parent longer is a benefit to children. Eric Bettinger, associate professor at Stanford Graduate School of Education, found that there were educational benefits to having a parent stay at home even at the high school level.

It’s not all good, unfortunately. Studies also show that stay at home moms suffer from more depression, sadness, and anger. It found that 28% of stay at home moms suffer from depression, for example, in comparison to 17% of working moms.

The study also showed that stay at home moms tend to smile and laugh less.

It’s no surprise at all that these numbers are worse for low income stay at home moms. In some measures, middle and high income stay at home moms evaluate their lives at about the same level of enjoyment as working moms. But when you add in the stress of having a low income, those numbers drop sharply.

Of course, what matters to you is how well you’re doing. Are you thriving at home or is it time for a change?

How Do You Feel About Staying At Home Longer?

I’ve always said being a stay at home mom isn’t for everyone. Neither is being a long term stay at home mom. It’s a lot of work and despite how some feel, there’s nothing wrong with wanting to do other things with your life as well.

A mom who is miserable staying at home may not be as good for her kids as one who is happy working outside the home. You don’t really want to be showing your kids that it’s okay for mom to be miserable in her lifestyle. I feel that you can still make your children a solid priority even if you aren’t a stay at home mom.

My own ideal is to keep doing interesting work while being at home with my kids. That’s why I have my own business, for example. I’m able to fulfill that ambitious part of me without giving up too much time with my family. How could I resist that?

My solution isn’t everyone’s solution, of course.

One of the wonderful things about kids getting older is that you can think about if you really need to be home all the time. When they’re in school, you certainly have the choice to do something other than wait for them to come home. It might be a hobby, it might be a part time job, it might be a business, it might be saying “wow, the house is quiet…” although you’ll probably get over that last one.

How Are The Finances?

Most families make a big financial sacrifice when a parent decides to stay at home. It’s not cheap. As the kids get older it might be time to rethink the finances and decide if the sacrifices are really worth it.

You still have the choices of a stay at home job or a home business, but if you’re doing one or both and not bringing in enough money, you may be considering something outside the home. Or you may be saying “I can finally get enough hours in now that the kids are in school!”

You should be paying attention to your finances even if you aren’t struggling, of course. You don’t need to be bringing in enough money to pay for huge family vacations every year, but you should be doing well enough that you don’t struggle with debt.

What About Your Retirement?

I think about this one a lot, as my income isn’t such that I can readily save for retirement. Being a stay at home mom means you’re probably not contributing significantly to your own retirement plan. Not a problem now, but in the future?

It’s much harder to save for retirement when you’re a stay at home mom. When you have a job, you can have money taken out for retirement before it ever hits your bank account. Saving as a stay at home mom means planning for it.

If you don’t have a way to save for retirement, start thinking about one. It’s never too early to get a start. You may need to talk to a financial professional.

Remember that you’re the one who will be most affected by how much you save for retirement.

How Will The Kids Feel About You Returning To Work?

You’ll naturally be concerned about how your kids feel about you returning to work. They’ll often be a little concerned, especially if you’ve always been there for them.

Sometimes you’ll have to return to work even if the kids don’t like the idea. If your family needs the money to get by, that’s the most important part. If you’re going back to work more for your own satisfaction, you can talk to your kids about that. Be honest with them. Kids love having happy parents.

Some children have more need of their parents than others. If there are genuine problems that mean you need to stay home, that’s a big factor to consider. There are times that it is necessary to sacrifice your personal goals. That’s not going to be true for many families, but if there’s more of a need for you to be home, don’t forget about it even as the kids get older.

Don’t be at all surprised if your feelings about whether you should continue on as a stay at home mom become mixed as your kids get older. That’s normal. There’s so much of an expectation that moms will go back to work that it’s hard to go another path. But if continuing to stay at home is right for you and your family, do it and be proud. If going back to work is the right choice, do it and be proud.

Keep doing what’s best for yourself and your family as a whole, and it’s probably going to be the right decision.

Would Working At Home Be The Right Solution?

The main reason I’m still a stay at home mom is that I also work from home. For me, this solves a lot of the problems that come from being a stay at home mom.

Working at home gives me a lot. An income, the satisfaction of working, and a way to avoid boredom. It also allows me to show my kids that moms can do more than raise children if they want.

Working at home adds challenges too. It is NOT always easy. Some days are frustrating. Balancing work and motherhood is difficult some days. It’s easier now that the kids are older, but some days their needs still make working difficult. Perhaps the greatest challenge for many is simply getting started working at home.

Overall, it’s my preferred way to balance motherhood and career. It works for me.

If you want to work at home, be realistic about what you expect from it.

You won’t be able to start a career you wouldn’t qualify for outside the home, for example. And if you start a home business, success may take a long time. Being at home doesn’t magically change these simple facts.

What you can expect from working at home is that it gives you a path to stay home with the kids for longer if you so choose. It helps you avoid the financial hazards of being a stay at home mom for too many years. It can help you avoid a crippling break in your career. And if you’re really lucky and work hard, you may find that you don’t have to return to working outside the home ever, unless you want to.

This can even be a time to improve your education and career training. Take the time to get that certification you need, a more advanced degree, or whatever it takes to bump your career up a notch. Then find that work at home job that gives you the work-life balance you need as a mom.

Many families dream of having one parent stay at home to raise the kids. The idyllic picture of having mom (or dad) home, taking care of the kids, cooking great meals, keeping a beautiful home, all on a single income, is hard to resist.

It’s also incredibly difficult financially.

If you really want to do it, it can be done. Single parent families have to get by on a single income, although there may be child support coming in as well. If you really want to have a parent home with the kids, you have to make it happen.

With practice, the sacrifices you make may not seem so bad. You will take fewer vacations, and they’ll be simpler. You will eat out less often. Shopping will be more carefully planned, and you will buy fewer things. If you and your family can live with that, you will probably be able to cope.

That’s assuming, of course, that you can make the remaining income stretch to cover your necessities. You need to look at this to make an informed decision.

Consider What Living On A Single Income Will Look Like

The first thing you need to do is figure out how practical it will be to live on a single income. That means looking at the income you expect to have and deciding if it will be enough.

1. Collect 3 months’ worth of pay stubs from the person whose income your family will be relying on. Use this to calculate your average monthly income.

2. Collect 3 months’ worth of bills. Make sure you include everything: rent/mortgage payments, water bills, electrical bills, cable, internet service, phone plans, insurance, and groceries, for example. You should also include some savings in your planning to prepare for emergencies. In any case, you need an average of what you are paying out every month.

3. Subtract your average monthly expenses from the average monthly single income. Will it work?

If not, don’t despair. There are often areas you can cut. When you have two incomes it is easy to spend more than you absolutely have to. You may need to look harder for solutions.

Don’t assume you can make on on a single income if you see that you can just barely make it. That’s asking for trouble. All it takes is one crisis to completely mess you up when you live paycheck to paycheck. It’s not ideal to live on a single income if you’re scraping by.

Consider The Expenses That Will Decrease

It’s not just your income that decreases when you go to a single income. A few of your expenses will also decrease.

Your taxes go down when you live on a single income. No more need for daycare. The parent staying at home will probably eat out less, have less need for dry cleaning and so forth.

They may drive less as well, depending on how close work was and how often the kids need to be driven anywhere. This can mean less money spent on gas and less maintenance on that car. If enough things are within walking distance, you may even be able to consider becoming a one car family.

It can also help to consider which bills you would be willing to cut in order to live on a single income. You can start with monthly bills.

Do you really need cable television? What about having both cell phones and landline phones? Perhaps your family could get by with just one or the other.

Now look at the other things you spend money on monthly, but don’t come in the form of bills. Can you eat out less? Do you tend to buy more clothing or new electronic gadgets you don’t need? What bad shopping habits do you have? Can you give up Starbucks?

Consider The Expenses That Will Increase

Some bills will go up when you have mom or dad stay home with the kids.

Electricity is an obvious one. There will be people home all day, turning on lights, needing air conditioning or heat, and so forth.

Having one parent at home may also mean that the kids get signed up for more activities, as there’s someone there to take them to everything.

You probably won’t have a lot of expenses increase when you go to a single income. You’re trying to cut expenses, after all.

Figure Out The Expected Single Income Budget

Try to work out a budget that will work with the money you would have as a single income family. Then, before you are actually a single income family, try living on it. Put the extra into savings. It makes a nice cushion for if things don’t work out and for when those extra bills that you really can’t plan for hit.

Even if you decide that you’re better off not becoming a single income family, living as though you are one can be a good financial habit. It gives you a lot more leeway when things go wrong. You’ll have savings built up and more money than you need coming in. That’s a good thing.

Track all your spending. You can create your own spreadsheet if you like or use one of the many apps or software out there that will help you track your spending. The more you know about where your money is going every month, the better. Here are some apps to consider:

• Mint (iTunes, Google Play)
• YNAB (You Need A Budget) (iTunes, Google Play)
• Mvelopes (iTunes, Google Play)
• Quicken (iTunes, Google Play)
• Pocket Guard (iTunes, Google Play)

How well is it working?

If your expected single income budget doesn’t work out, figure out what went wrong. Can it be fixed on that income or do you simply need a larger income?

Sometimes you can fix the problems. You can go as far as finding a cheaper place to live or as simple as figuring out what else can reasonably be cut.

Other times you may realize that living on a single income won’t work for your family. You don’t want to ruin your finances just to have one parent stay home with the kids. That’s not smart, and it won’t benefit your kids.

It takes time to learn to live on a single income. It is very possible for many families. You will need to plan, both in terms of finances and in terms of what is expected from each person, but it is highly doable. And having the ability to have one parent there for the kids can be amazing.

Learn To Find Bargains

You might be surprised at the bargains you can find if you’re looking for them. I don’t just mean clipping coupons, although that doesn’t hurt. There’s a lot more you can do.

My favorite bargain source is a store called 99 Only. They’re in just a few states, but they’re a huge help when you’re on a tight budget. Fortune just listed them as a company that is helping to change the world, because they provide cheaper access to locally grown produce, often in areas that are considered food deserts. If you don’t need your produce to look quite perfect and you have a 99 Only near you, go there. I get almost all of my produce there.

Other dollar stores can have good deals as well, but most don’t have the produce selection I see at 99 Only. It’s the produce that keeps me coming back, even as I find other deals there.

Aldi is another good choice for finding grocery bargains.

If you can afford the membership and buying in bulk (challenging to impossible on some budgets), Costco is great too. The hot dogs and pizza also make for great cheap meals out when you need a treat for the kids.

I’ve shared a lot of other strategies to save money on groceries in other posts.

Saving money on children’s clothing helps a lot too. My favorite was handmedowns from family because for a long time we had clothes working their way through up to five kids. Not every piece lasted the whole time, but the chain we had going saved us a lot of money.

Be Ready For Sacrifices

Single income families usually sacrifice a lot of things to make it happen. You can still find a lot of ways to have fun as a family, but there are things you won’t be able to do.

If you like getting the latest and greatest technology, for example, you will probably have to stop that. Your current phone will need to last a lot longer.

So will your cars.

Most single income families don’t eat out a lot either. That can save a lot of money, depending on how often you eat out now. Just think how much you spend every time you take the family out to a meal. Unless you’re getting something super cheap, such as a $5 pizza, you’re probably spending quite a bit more than you would if you ate at home.

Holidays often get simplified as well. Most single income families keep holidays such as Christmas a lot simpler. That’s not a bad thing, really. Even with simplified Christmases, my kids often don’t use everything they’re given.

You may also want to cut down on your monthly bills. Many families have found that they can cut out cable television and use a few streaming subscriptions for far less.

I am also very fond of my cell phone service through Ting. I pay far less for my family’s cell phones than anyone else I know. We aren’t heavy users, but even when we use our phones more than normal, it has been a bargain.

Learn To Do It Yourself

Learning how to do basic home repairs yourself can help you save a lot of money. It’s amazing how easy some repairs are.

When we bought our house, for example, I painted the kids’ rooms myself. That includes putting stripes on my son’s wall because that was what he wanted.

I can also do basic plumbing. Clearing out basic clogs in a sink without dangerous chemicals is often not difficult. Messy, but not difficult.

You can also do your own yard work rather than pay a service. As the kids get older, they can help. I’ve discovered a fondness for irises and gladiolus in caring for my yard, as well as an enthusiasm for planting anything that attracts and feeds butterflies.

There will be a number of things that you should still hire a professional to handle for you, depending on your skills, experience and comfort level. If you’re willing to try a particular repair, however, there’s often a YouTube video showing you how.

Consider The Alternatives If Things Aren’t Working Out

Sometimes, no matter how carefully you plan, going to a single income as a family just doesn’t work out.

You get hit with an unexpected bill, such as repairs on the car or medical bills.

The spouse who is working loses their job.

Death, divorce, and disability are real possibilities too. You can’t assume that your life will run exactly as you planned it. Shit happens, to put not too fine a point on it.

This is exactly why I work at home. My husband and I wanted one of us at home, and I had the best skills to earn a living at home, first as a medical transcriptionist, then running this site. We didn’t want to take the risks of living on a single income when we had a viable alternative.

This has worked out well. There have been times when my income was the only reason we didn’t go completely broke. Sometimes I earn more than my husband, sometimes less. But my income is a vital part of our family’s income, yet I’m still able to be there for the kids when they need me.

Working parents can do that too, but it’s much harder to manage when they need you in the middle of the workday.

There are lots of ways to work at home. Some options are more flexible than others. Some will require that you put your kids in daycare while you work because you can’t have the distractions. Others will let you have the kids directly underfoot.

It’s up to you to pick what will work best.

I strongly recommend any stay at home mom or dad have some sort of income coming in. It makes a difference when you have a financial crisis. It makes a difference when the time comes to return to working outside the home, should you choose to do that. And it helps when you reach retirement age.

Of course, if your family is running into financial problems, don’t limit yourself to considering only work at home options. Sometimes returning to work outside the home will be the smart choice. Don’t refuse to consider that just because you’d rather be home with your kids. The well-being of your family comes first, and sometimes that means both parents have to work outside the home.

You can do that and still be amazing parents.

One of the biggest complaints stay at home moms have is boredom. Being a mom is rewarding in many ways for most moms, but it’s not always all that stimulating. Doing the same thing day after day with little interaction with other adults can wear you down. How can you cope with boredom as a stay at home mom?

You can’t just rely on that shower alone or that first cup of coffee to get you through the day. They’re important, but you deserve more.

Most moms don’t want to live the life of the perfect homemaker and mother, and there’s no reason why you should. Especially not at the cost of yourself.

How many of us really enjoy keeping an immaculate house while entertaining an infant or toddler, or even multiple children? It may be fun for a while, but eventually, most moms want more. Deserve more.

Enjoy Your Hobbies

One of the most important things to do is not give up your old interests just because you’re a stay at home mom. Keep up with your old hobbies. You may have to figure out which ones can be done in short bursts rather than sitting and working for hours undisturbed, but some of your interests should still be possible.

If you don’t have a hobby, start one. Learn to paint. Work on crafts. Learn to solder. Build things. Get some books at the library and start reading.

Find something you enjoy doing, whether you’ve done it before or have to pick up a new skill. You’ll have fun, and the kids will see you as a more interesting person.

Get Out With The Kids

Get out of the house, even if it’s only for a walk. This can be particularly difficult when you have an infant who always needs a nap, but it does get better as they get older. But remember that an infant will nap just about anywhere, and that includes the car seat and stroller. While those aren’t the best places for regular naps, there is nothing wrong with the occasional nap in them.

As kids get older, trips to libraries and museums make a nice switch from heading out to the park, especially if the weather is too warm or too cold. Many museums have kids free days regularly, so this doesn’t have to cost a lot.

If there’s a place that charges admission you like particularly well, see what a membership will cost versus paying for each time. A membership is often worth it, especially if it also gets you free parking in a place that charges for parking.

All these activities have one huge advantage when the kids are little – they’re likely to take a nap after. Hopefully, it’s more than just in the car, but tired kids nap longer. That means a better break for mom.

When the kids are older and past the napping stage, regular outings mean they’re happier about the fun things you’ve done as a family. You’re building memories together, and probably doing things that are more fun for you as well.

To Take Kids On Errands Or Not?

As a stay at home mom, you may often take the kids with you on errands. It’s the easiest way to get things done most days, even though it can slow things down tremendously. But is it the best idea when you’re bored and maybe even frustrated with the stay at home mom routine?

That may depend on the errand.

When my kids were small, I would joke about how getting to grocery shop without the kids was almost a vacation, and how pathetic that was. You’re keeping pretty busy, after all, if running an errand with no kids feels like any kind of a break.

Some errands can be fun to run with the kids as they get old enough. My kids always love going on a Costco run with me because we usually get lunch out, and you never know what the free samples will be. Lunch there is cheap enough to be affordable on many budgets. Order a pizza before heading down, and there are even leftovers.

If you need a break – ANY break – from the kids, running an errand without them may be a great idea, at least until you can take a real break. It is a chance to catch your break and clear your mind for a little while.

Get Out Without The Kids

When I say to get out without the kids, I don’t just mean run errands. Doing that can feel like a break, but you deserve more.

Getting out without the kids should be about doing something you want to do.

Maybe you head out on your own. Maybe you go on a date with your spouse.

Whatever it is, the time is about you being you, or maybe you and your spouse. Try not to spend the entire time talking about the kids. Have fun just being you for a while. You’ll think about the kids some, and talk about them (I think we all do that), but do other things too.

It can be hard sometimes to figure out what to do when you’ve spent too much time being “Mom.” You’ll figure it out. You’re in there somewhere.

If you can’t afford a babysitter, get a family member or friend to agree to do babysitting trades. You watch their kids, they watch yours. Grandparents are also willing in many families. This can allow date nights with your husband or just time to get something done without interference.

Make Friends With Other Parents

Take the time to meet up with other moms. Even if you only have an infant it’s good to get out and socialize. As your children get older this can get easier, especially if you get along with their friends’ parents.

My favorite parents to meet when my kids were younger were the ones whose kids’ age differences were similar to the age differences for my kids. It made getting the kids together so nice since each child had a friend their own age without having to make arrangements with a lot of parents.

Of course, having children of similar ages is not the only reason to make friends with other parents. It’s better yet if you have common interests. You’ll all have more fun then.

You do not have to be friends with every parent you meet, of course. There are some you simply will not get along with. The friendships your kids have may still make it worthwhile to be in contact, but that doesn’t necessarily mean you’ll be friends with that set of parents.

Your friendship with other parents doesn’t have to be just about the kids, of course. Get out together without them. Get coffee together, go to a paint and sip class together, exercise together, just do things together that aren’t all about the kids.

Make Friends Online

Get online! The internet makes it easy for even the most homebound stay at home mom to make friends.

Facebook has a lot of groups for parents to join, for just about any interest. You can be a nerdy mom, homeschooling mom, single mom, sports mom, or just about any other interest. Having something in common makes the groups more fun to be a part of.

Don’t feel bad about joining a group for a little while, then leaving if it’s not the group for you. No one will notice in most groups. It takes time to find the right group, and sometimes you’ll find that a group that sounded good from the outside is absolutely not a match for you once you’re in. No need to announce your departure in that case – just go.

Facebook isn’t the only place to meet other parents online, of course. You can find forums or use other social media sites. Just look around until you find the right group of parents to socialize with online.

Get Exercise

Taking time to exercise regularly is a great idea. You’ll be healthier. It gives your brain a break from focusing on the usual household stuff.

Join a gym or the local YMCA if you can and take classes. This can help you build a regular routine. It’s too easy to skip out on fitness if you don’t have a schedule.

If you can’t afford a gym membership, you can still exercise. There are lots of free exercise videos on YouTube, or you can walk or ride a bike around the neighborhood.

Improve Your Education

When you’re a stay at home mom, it’s a great time to update your education. Maybe you plan on being a SAHM until your kids are grown, maybe you plan on it for only a few years. Either way, make the most of this time to get a better education.

There are lots of legitimate online courses you can take. Many good schools now offer online degrees. You need to be careful, of course, to ensure that you are getting a quality education. There are too many schools that are essentially scams. Read up on any online schools you attend to ensure that you will get your money’s worth.

You don’t have to improve your education only in ways that will help your future career, of course. You can also learn things just because they’re interesting. Education can be fun. Try courses through sites such as Udemy. You can learn to do lots of things online.

Find A Way To Work At Home

You may have decided to become a stay at home mom so you’d always be there for your kids, 100%. It probably didn’t take that long to realize that you want more out of life.

I strongly encourage all stay at home moms to have some way to earn money from home, whether it’s a work at home job or a home business of your own. It’s a vital safety net, in my opinion.

Let’s start with the big reasons: divorce, death, disability, and unemployment. Any of these can impact your life when you least expect it. If you don’t have money of your own coming in, these reasons can spell disaster for your family. And they’re mostly out of your control.

But those aren’t the only reasons.

Working at home can be fun. I especially like working for myself on this site, but I started out as a medical transcriptionist at home. Working at home is a way to do something as an adult.

Succeeding as a work at home mom is an accomplishment. Being a mom is too, but it’s not the same.

Working at home can be especially important if you want to go back to your career someday. It removes that break in your resume due to being a stay at home mom. Given how difficult it can be for a stay at home mom to find work later, that’s pretty important.

If you want to start simple, start a blog. It’s not difficult or expensive to get started. Maybe you earn money from your blog, maybe it’s just a hobby. But it’s a good introduction to working at home if you set yourself a schedule and try to keep a good routine going.

Be Aware Of Depression

Sometimes being bored as a stay at home mom is more than just boredom. Depression is a very real issue for people in all walks of life.

Depression in moms doesn’t always start with postpartum depression, although that should be considered if relevant. Sometimes it comes years later.

If you’re concerned that you’re becoming clinically depressed, get help. It’s not easy to ask for help, I know, but find a way to get help.

Clinical depression means you need more help than just getting out of the house. It’s best if you can talk to a psychiatrist about medications that might help, and a therapist to talk things out.

Your network of friends may be able to help to a degree, but not in the ways a professional can. Clinical depression is not something to mess with. Check sites such as psychiatry.org to find help if you need it.

Stay At Home Motherhood Isn’t Always Fun

You’re going to get bored occasionally as a stay at home mom. Sometimes you simply will not be able to do the things you would rather be doing. But that’s true even if you work outside the home.

Taking care of children is hard, repetitive work. Young children, in particular, have a love of repetition that can be very hard on a mother. But if you can look at how your children are growing and changing you may be able to appreciate even the parts of your life that are otherwise quite “boring.”

Find ways to keep on being you, not just “Mom.” It’s a great title, but it doesn’t have to come at the loss of the rest of yourself.

And don’t forget to complain sometimes. Babies and toddlers can be exhausting and boring to care for, no matter how much you love them. They aren’t great conversationalists. They’re messy. The fact that they’re also utterly adorable isn’t enough every day, and it doesn’t have to be.

I’ve gone over the financial benefits of being a stay at home mom or dad. They can sound pretty good, but they are not the full picture. There are also a number of financial hazards of being a stay at home mom or dad. It’s vital that you know them as well.

Loss Of Income

Obviously, you’re losing a lot of income when you stay at home and don’t work at home. While that loss may be offset by not having to spend money on childcare and such, this is not the complete picture.

There are also lost career opportunities when you’re a stay at home parent. Staying home with the kids for five years means you’re missing out on five years of raises and chances for promotions. It’s five years that you might not be keeping up with your industry well enough to return to the same position as you had before.

This is why it is important for stay at home moms and dads to keep up with their industries or work to improve their educations. Another option is to work at home, whether you telecommute from your old job, find something else that can be done from home or start your own online business, such as a blog.

It can be more difficult to find a job as you get older too, especially if you haven’t worked for a while. Age discrimination is a thing, and it’s very hard to prove.

Working at home part time doesn’t entirely resolve these issues, but it’s a start. Some moms will be fortunate enough to find something that brings in enough money to replace a full time outside the home job, but many others will not. It’s something to consider.

Decreased Savings For Retirement

Few stay at home parents save for retirement, yet it’s just important for them as it is for a parent who works outside the home. It’s hard to save the money when things may be tight already. But the younger you start saving for retirement, the more benefit you will gain from each dollar saved. Vanguard has a great chart on this on their site.

Loss Of Network

Your network of friends and professional contacts can make a huge difference in your career path. When you take a break from working to raise a family, your professional network usually shrinks dramatically. It’s hard to keep in contact with people on a professional level when your lives are in such different places. Plus, you aren’t showing yourself to them as a professional; when they see you, it’s as a parent.

Financial Dependence On Someone Else

You love and trust your spouse, or so I assume. You believe that they will be able to provide for you and your family. That’s a part of why you’re at home with the kids and they’re working.

I touched upon this in the work at home section of the financial advantages of staying at home post yesterday. I reiterate this today – there is a lot of risk in being financially dependent on someone else.

Not because they’re unreliable. Not because they’re untrustworthy. But because you never know what life is going to bring you. Unemployment, disability, divorce and death can all happen, and you won’t always see it coming.

You need to have a plan in place to handle a financial crisis, whatever the cause may be. Shit happens. Take some time with your spouse and make sure that you and your family will be taken care of, no matter what happens.

That includes if something happens to you. Stay at home moms and dads provide a valuable service to their families. What would your family do without you? Your financial emergency plans should include something for if you can’t continue to care for your family for whatever reason. Life insurance for both parents is a good start. It doesn’t hurt to have small policies for the kids too. You know you would both be wrecks if something happened to one of your kids, right?

Get into the “what ifs.” They aren’t fun… in fact, they can be downright scary to consider. But they are important. Plan for them before you have a problem. They shouldn’t rule your lives, but they should be acknowledged.

Having One Parent Manage All The Finances

Even when both parents work, it’s not that uncommon for one to handle most or all of the finances. One usually has more interest in the subject or more time for it. That doesn’t make this an ideal situation.

Make sure both parents know what your financial situation is. The parent who works outside the home should not be the only one to know how your finances are doing. The same goes for the stay at home parent.

Both parents need to know what the bills are, when and how they get paid, what your income is, and what’s in savings. Take some time and talk about these things regularly, regardless of who handles the finances for the most part.

Offsetting The Financial Hazards Of Being A Stay At Home Mom Or Dad

There are some things you can do to offset the hazards of being a stay at home mom or dad. You need a safety net, for your own sake and the sake of your family. I mentioned working at home and improving your education in the benefits of being a stay at home mom or dad article. Those are the two big things you can do to minimize the risks.

Finding the right work at home opportunity is quite challenging. The scams are numerous and much easier to find than the legitimate opportunities. The skills you already have may or may not be suited to working at home and you may have to pick up an entirely new skill set. If you can make it happen, however, it can be well worth it.

Many parents plan on going back to working outside the home, at least part time, once the kids are in school. These jobs are generally easier to find than work at home jobs, but a part time job that makes the most of your skills can be very hard to find.

Taking classes at night at a college or online when the kids make it possible is always an option. Improving your education is a great choice if your career wasn’t where you wanted it to be before you became a stay at home parent. There are so many options now, although paying for it can be a challenge if your budget is tight.

Whatever you do as a stay at home parent, consider your financial future. Don’t leave it as some vague thing to be handled when the kids get older. Plan now so that you can make the most of your time as a stay at home parent and still have a good career later. You will thank yourself later for thinking of your financial future now.

The decision to become a stay at home mom or dad is usually not made lightly. There can be significant financial consequences, both to the family and to the parent who stays home with the kids. But there can also be financial benefits of being a stay at home mom or dad, and these are worth considering.

No Daycare Costs

The cost of daycare for young children is significant, and this is often a large part of why a mom or dad may choose to stay at home. The more kids you have, the more this costs. Sometimes a family comes to the realization that one paycheck is going almost entirely to the cost of daycare. There is little point in working outside the home if all your money goes to that.

The cost of childcare in much of the United States is higher than the cost of attending an in-state public college. This is why it’s difficult for many families to keep both parents working if they have more than one child – too much income goes to daycare.

I live in California, and according to the Child Care Aware map, the cost of in-home child care for an infant is $7,678. It’s $11,817 for a daycare center. The costs are a little less than double that if you have an infant and a 4 year old in childcare. That’s a lot of income out of your paycheck. Getting rid of that is a huge financial benefit.

These numbers get better, of course, once the kids go to public school and need less daycare. They’re pretty much irrelevant for me now, as my oldest is 15 and my youngest is turning 9 soon. That’s why so many parents go back to work once the kids are in school – you can earn enough to make things worthwhile more easily.

Income Taxes

Your income tax burden may drop when one parent has no income. Not only do you have less income to tax, you may fall into a lower tax bracket. The change in tax bracket, of course, depends on how much the family earned with both parents working versus having just one work.

Remember that the higher tax bracket only applies to the income above the previous bracket. The income below that is taxed at the lower rate. This makes estimating your taxes difficult, but you can give it a good shot if you want actual numbers to work with.

Spending Goes Down

Your family can decrease spending in many ways with a stay at home mom or dad. It’s not just about child care.

A stay at home parent’s wardrobe costs less than a professional wardrobe, as a general rule. Pretty much everything can be washed at home rather than dry cleaned, which helps as well. How much of a benefit this depends significantly on the job the parent had before.

Stay at home parents eat lunches out less as a general rule too. They also don’t grab coffee out as often as parents who work outside the home. Getting coffee and a little something for breakfast on the way to work can easily run $5 a day. When stay at home parents do go out, on the other hand, it’s usually with the kids, so things can add up a little faster.

These savings can also extend to dinner. Having a parent at home makes it easier for that parent to cook meals at home, so the family eats out less in the evenings too.

A stay at home parent can do a lot to help the family live more frugally. They have time to find the best deals on groceries and other things the family needs. Food is one of the major expenses for a family, and there are many ways to save money in this area.

Transportation Costs

The stay at home mom or dad no longer has commuting expenses. This can be a huge savings. We went through a time when we had only one car because I drove so little. The savings was incredible, as that means we only paid for insurance on one car, having sold the other. Where we live now, it’s not practical to have just one car, but my insurance premiums are pretty low since I still don’t drive as much as someone who commutes.

Your transportation expenses will probably go up some as the kids get older and go to school or join activities. How much of an impact this has depends on how far away these things are – I was able to walk my kids to and from school for years.

No Hidden Work Expenses

Working outside the home can have some hidden expenses beyond commuting and clothes. Consider the social side of working in an office. Some of these expenses don’t come up often, while others are more frequent.

Some places have employees contribute to a coffee fund, for example, so that coffee is always available for everyone. There may also be requests for contributions for birthday gifts, baby showers and retirement gifts for coworkers throughout the year.

While all these things are pretty small in most places, they can add up through the year.

Better Career Focus For The Working Parent

The parent who continues to work outside the home can put their complete focus on their career when the other parent stays at home. They don’t have to worry about being called home when one of the kids gets sick. Staying late to finish a project is easier when you don’t have to worry about being on time to get the kids from daycare, which also looks good to employers.

This makes that parent look more dedicated to their employer, and may improve his or her chances at advancing their career. This benefit can be hard to define because it depends on so many factors, but it can be significant.

Time To Improve Your Education

Taking some time to improve your education while you’re a stay at home parent is an expense, but you may be able to make that into a financial benefit when you return to work.

There are a lot of online education options these days. You might decide to learn to be a medical coder while you’re at home so that you can earn money. You might look at getting a degree from an accredited college.

Improving your education is never a guarantee that you will earn more money when you go back to work, but you do improve your chances. This can help make up for the opportunties lost while raising your family.

You Can Work From Home

Working from home is a benefit I strongly recommend to stay at home moms and dads. My income has saved us many times. Several years ago my husband was laid off from the job he held at the time, and the fact that I was bringing money in meant that it was a complication, but not a complete financial disaster.

Working at home is so affordable in most ways. Costs will depend on what you do, but many work at home jobs and online businesses don’t add a lot to your monthly expenses. If you need only your computer and your internet connection, well, these are things you’re paying for anyhow.

It is not easy to get started working from home for most people. Work at home jobs can be challenging to find, and businesses… are businesses. It takes time to make one into a success and there are no guarantees that you will ever succeed with an online business. On the other hand, they’re cheap. It costs very little to start a blog, for example.

I strongly recommend working at home, at least a little, when you’re a stay at home parent. A single income family can be hit hard if anything happens to the breadwinner parent. Unemployment, disability, divorce, and death are all things you probably won’t see coming but can happen to any family. Working from home gives your family a buffer against these problems.

These financial benefits of being a stay at home mom or dad aren’t meant to dismiss the very real financial risk a stay at home parent takes. I’ll be covering that next.