How to Afford to Be a Stay at Home Mom

I’ve always wanted to be a mom, but I never dreamed my heart would lead me towards becoming a stay at home mom. After four and a half years at home, I can’t imagine not being home with my children. It breaks my heart when I hear other moms talking about their desires to stay home with their babies. However, they can’t always afford it.

When I became a stay at home mom, it was done more out of convenience, rather than desire. I had a teaching job that was grant funded. My job was cut at the end of the school year and it didn’t make sense to try to pursue another teaching job for the following school year after my son, Caleb was born in July. Our plan was for me to stay home for the first year and then find another teaching job the following year.

I didn’t anticipate the feelings I would have when I first held my little boy in my arms. At that moment, God laid on my heart an overwhelming desire to be home with my children.

That fall, I set out to find every possible way I could to help our family afford for me to be a stay at home mom. There are four main financial strategies you need to focus on when you decide to become a stay at home mom:

Build an Emergency Fund

Let’s be honest…life happens. Your air conditioner will break down. The battery will die in your car. An unexpected medical bill will pop up in your mailbox. (Yes, all three of these happened to us within a 3 day period. Thank you, emergency fund!) You need to be prepared when life comes knocking at your door.

We follow Dave Ramsey and love him! However, I disagree with his first baby step of $1000 in an emergency fund. I recommend at least $3000, but more if you can. We have had more than one instance in which $1000 would not have covered our emergency. 

Before you quit your job or before your baby is born, stock your savings with as much as possible. You need to expect the unexpected.

Cut Expenses 

Possibly one of the hardest things you will have to do is cut your expenses. If you have a lot of expenses, this may be easier said than done. Be ruthless. Cut everything down to the studs and then start to add things back in as money allows.

Here are some examples of things you can cut:

• Cable/Satellite
• Netflix
• Cell Phones/Smart Phones
• Restaurants
• Coffee/Starbucks/Fast Food
• Target Trips
• Clothing
• Vacation Funds
• Second Vehicle (car payment, gasoline, car insurance)
• Downsize Your Home

At some point over the past 4 1/2 years, we have cut all of the above at some point in time. If you’re serious about becoming a stay at home mom, it’s very important to note that it’s not going to be easy. You will have to make sacrifices, but they are so worth it.

Get Rid of Debt

Sometimes this is easier said than done. If you are still pregnant or preparing to start a family in the future, you can start living off of one income and throw all of the other income at the debt. However, if you already have children and want to make a more immediate change, you will have to find other ways to dump the debt. We are in the second scenario.

We are currently paying off a small car loan and my student loan. Our goal is to be debt free (besides our home) within the next 18 months. When you get rid of your debt, you free up so much more income that can be used in so many other ways. This leads into my last strategy, bring in additional income.

Bring in Additional Income

The last, and probably the biggest game changer for many moms, is finding ways to bring in an income from home. The possibilities are endless. Find something you are good at and go for it! Here is a list of things that either I have done or know of friends who have done to make extra money.

• Multi-Level Marketing (Thirty-One Gifts, Pampered Chef, Young Living, etc.)
• Dog Walker
• Babysitter
• Part-Time Preschool Teacher (One of my jobs!)
• Substitute Teacher/Tutor
• Freelance Writer
• Virtual Assistant
• Blogger (My new endeavor!)
• Open An Etsy Shop
• House Keeper

You can work from home while your kids are napping or go to work in the evenings after your kids go to bed. If you need to make additional money, it can be done. If you are a mom looking to make money from home, I cannot recommend Crystal Paine’s new book, Money Making Mom, enough. It is hands down, the most inspirational and informative book on the market about being a work at home mom.

These are the strategies we have taken to keep me at home with our children while they are young. We are not rich and my husband’s job is not extravagant. We are just a real family on a real budget making it work. It CAN work for your family too. 

Are you a stay at home mom? What would you add to this list?

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