{"id":12339,"date":"2020-06-22T04:15:42","date_gmt":"2020-06-22T11:15:42","guid":{"rendered":"https:\/\/lenpenzo.com\/blog\/?p=12339"},"modified":"2022-05-19T07:55:59","modified_gmt":"2022-05-19T14:55:59","slug":"4-financial-tips-to-consider-before-becoming-a-stay-at-home-mom-2","status":"publish","type":"post","link":"https:\/\/lenpenzo.com\/blog\/id12339-4-financial-tips-to-consider-before-becoming-a-stay-at-home-mom-2.html","title":{"rendered":"4 Financial Tips to Consider Before Becoming a Stay-at-Home Parent"},"content":{"rendered":"<p><a href=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2012\/05\/stay-at-home-mom.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-12367\" title=\"stay at home mom\" src=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2012\/05\/stay-at-home-mom.jpg\" alt=\"\" width=\"395\" height=\"527\" srcset=\"https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2012\/05\/stay-at-home-mom.jpg 375w, https:\/\/lenpenzo.com\/blog\/wp-content\/uploads\/2012\/05\/stay-at-home-mom-225x300.jpg 225w\" sizes=\"auto, (max-width: 395px) 100vw, 395px\" \/><\/a>Sometimes you just <a href=\"https:\/\/lenpenzo.com\/blog\/id4666-the-best-things-i-ever-bought-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">can&#8217;t put a price on things<\/a> &#8212; and the intangible benefits of a stay-at-home parent is certainly one of them. At least it is to me.<\/p>\n<p>According to the latest data from the US Census Bureau, there are approximately 11 million stay-at-home parents in America; sadly, that equates to slightly less than one of every five married-couple family groups.<\/p>\n<p>I&#8217;m not surprised.<\/p>\n<p>The trouble is, being a stay-at-home mom (or dad) isn&#8217;t for everyone. After all, not only is it one of the most difficult jobs in the world, but it doesn&#8217;t come with a paycheck either.<\/p>\n<p>According to a Salary.com study, if the average stay-at-home mom <strong><em>did<\/em><\/strong> get paid, <a href=\"https:\/\/kutv.com\/news\/offbeat\/survey-stay-at-home-moms-earn-162000-salary\" target=\"_blank\" rel=\"noopener noreferrer\">her annual compensation<\/a> would be more than $162,000.<\/p>\n<p>My mom was a stay-at-home parent and I still marvel at all the things she used to do. Mom did it all: cooking, cleaning, shopping, paying bills, yard work, running errands and shuttling me and my sister all over town &#8212; even when she wasn&#8217;t feeling well.<\/p>\n<p>Mom also was responsible for a lot of our home maintenance too. For example, when the walls needed a fresh coat of paint, she was on it. I even remember one year she spent the entire summer painstakingly stripping and restaining all the woodwork in our house.<\/p>\n<p>As a child growing up, I can&#8217;t tell you how comforting it was for me knowing that my mom was going to be home when I finished my day at school. It was an even bigger treat on the days I&#8217;d come home to find fresh-baked cookies or pie on the counter. After all these years, those memories are still fresh in my mind and, let me tell you, they are truly special.<\/p>\n<p>Needless to say, after our son, Matthew, was born in 1997, the Honeybee and I decided to go the stay-at-home mom route. Yes, we&#8217;ve since forfeited more than $600,000 in lost salary since then &#8212; but it&#8217;s a decision neither of us regret. Not for one minute.<\/p>\n<p>If <strong><em>you&#8217;re<\/em><\/strong> thinking about being a stay-at-home mom or dad, here are a few financial tips and considerations you&#8217;ll need to keep in mind:<\/p>\n<p><strong>Determine your expenses.<\/strong> Ironically, for some families, the benefits of having an extra paycheck are often almost completely offset by additional taxes, childcare and other work-related expenses. Even so, before making the jump from two incomes to one, you&#8217;ll first need to evaluate whether you can live within the confines of a reduced income. If you haven&#8217;t already done so, now is the time to determine all of your non-discretionary expenses; things like your mortgage, utilities, insurance, groceries, and retirement contributions. Be sure to set aside money to handle <a href=\"https:\/\/lenpenzo.com\/blog\/id4583-100-words-on-rainy-day-funds-and-emergency-savings-2.html\" target=\"_blank\" rel=\"noopener noreferrer\">unexpected expenses<\/a> like car repairs or pop-up medical issues. Once you&#8217;ve done that, you&#8217;ll know how much you have left for the discretionary spending like vacations and entertainment.<\/p>\n<p><strong>Don&#8217;t forget to subtract your work-related expenses.<\/strong> Remember, by staying home, you will end up saving money by eliminating work-related costs like childcare, <a href=\"https:\/\/lenpenzo.com\/blog\/id977-evaluating-the-costs-of-a-longer-commute-when-its-better-to-just-suck-it-up.html\" target=\"_blank\" rel=\"noopener noreferrer\">commuting expenses<\/a>, clothing, and lunches. And because you&#8217;ll have the time to cook more meals at home, the odds are you&#8217;ll be <a href=\"https:\/\/lenpenzo.com\/blog\/id4365-culinary-odds-ends-how-eating-leftovers-saves-me-1400-annually.html\" target=\"_blank\" rel=\"noopener noreferrer\">eating out less<\/a> too for even more savings.<\/p>\n<p><strong>Consider your alternatives.<\/strong> If you&#8217;ve cut your expenses to the bone and still can&#8217;t seem to make the bottom line work, don&#8217;t despair. If you are truly committed to having a stay-at-home parent there are alternatives to making it work even while both parents are still working. For example, perhaps one parent can take advantage of 4-day\/10-hour shifts or work only part-time.<\/p>\n<p><strong>Don&#8217;t stop networking.<\/strong> Because job loss is always a concern in a one-income family, it&#8217;s important that stay-at-home moms &#8212; and dads &#8212; continue networking after leaving their old jobs. Stay in touch with your old coworkers and business partners and, if you haven&#8217;t already done so, create a profile on a web-based networking site like LinkedIn.<\/p>\n<p>Being a stay-at-home parent can be extremely rewarding, but sometimes it&#8217;s just not possible. However, if you <strong><em>are<\/em><\/strong> fortunate enough to be in a position to make it work, I urge you to give it a shot.<\/p>\n<p>I promise that it&#8217;s one of the greatest gifts you can ever give your kids.<\/p>\n<p style=\"text-align: right;\"><span style=\"font-size: smaller;\">Photo Credit: Dustin and Jennifer Stacey<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sometimes you just can&#8217;t put a price on things &#8212; and the intangible benefits of a stay-at-home parent is certainly one of them. At least it is to me. According to the latest data from the US Census Bureau, there are approximately 11 million stay-at-home parents in America; sadly, that equates to slightly less than [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":36304,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[459,462],"tags":[],"class_list":{"0":"post-12339","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-family","8":"category-jobs-work","9":"pmpro-has-access","10":"entry"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>4 Financial Tips to Consider Before Becoming a Stay-at-Home Parent<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/lenpenzo.com\/blog\/id12339-4-financial-tips-to-consider-before-becoming-a-stay-at-home-mom-2.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4 Financial Tips to Consider Before Becoming a Stay-at-Home Parent\" \/>\n<meta property=\"og:description\" content=\"Sometimes you just can&#8217;t put a price on things &#8212; and the intangible benefits of a stay-at-home parent is certainly one of them. 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