Many modern households live on two income streams. However, there are just as many situations where it makes little sense for both parents to stay in the workforce. The main impetus for this is when daycare costs match or exceed the salary of either parent.
There are ways to ease the financial burden if you’d like to become a stay at home mom (or dad). Try implementing the following tips:
Consider moving to a less-expensive part of your town. If you live in an urban area with high priced rent, consider the suburbs. Even if you live in a small town, moving from the incorporated city to the “country” can result in more bang for your buck. The primary breadwinner will still be able to commute to work, but the cost of living may be far less.
Think big. Moving to a new city or state altogether may be feasible. If you are in a high-paying career, especially one that doesn’t necessitate coming to an office every day, moving to a less expensive area will help immensely. If you earn $250,000 living in Manhattan, you’re probably bang-average. Move to a small town in Ohio and you’ll be among the highest income earners around.
If you can’t work remotely, consider asking for a transfer. Most companies have regional offices. Explore internal company websites for job listings in other parts of the country.
Freelance and Work from Home
If your schedule allows, consider freelancing in order to work at home. Use your industry expertise to consult or take on a home-based job such as transcribing, becoming a virtual assistant, or customer service work. Some companies offer benefits to remote employees, but not all. Common practice is that you’ll be hired as an independent contractor.
If you’re a good, you may be able to land a position as a freelancer for multiple online content companies. There are many companies you can find online that will pay you $50 or more by writing online for others.
Even if working full-time from home isn’t a viable option, earning a few hundred dollars per month freelancing in your spare time is very possible. Freelance enough to cover the grocery bill each month. Every little bit helps when supporting a family on one income.
Entertain for Less
Do the math on how much your family spends on entertainment each month. Have you been out to dinner lately? Enough pizza and drinks to feed a family of four will run $50-100 at a decent restaurant. Considering ordering for carryout or making your own pizza at home from scratch. It isn’t that hard.
Instead of going to the movie theater for $10+ per ticket, order a movie On Demand at home. For just $3-10, “admission” for the whole family is covered. Services like Redbox have even newer releases available for less, you just have to remember to return it the next day.
Dine on a Shared Dime
Rather than gathering at a restaurant, go to a friend’s house for dinner. Bring appetizers or dessert and offer to have them over next time. Splitting the cost and preparing meals at home is far less expensive than spending $50-100 per family for a meal at a restaurant. Eating at a friend’s house a few times per month can save a considerable amount of money on entertainment by itself.
If becoming a one-income family is the right choice for your family, it’s time to take the plunge. You will certainly have to make some sacrifices, but it doesn’t mean the quality of life has to go down. Remember that you can’t put a price on time spent with family and there will definitely be more of that to go around!