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stay at home dad

in Newborns, Toddlers

Living on One Income-Are You Financially Ready?

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  Making the Decision to Stay HomeDeciding to be a stay-at-home mom (or dad) is a HUGE decision. Maybe you are the parent who always knew they wanted to stay home. Or, you might be the parent that said you would NEVER stay home. Either way, there are a lot of factors to consider when making the decision for one parent to stay home with the kids.Can you Afford to Live on One Income?The biggest factor most families must consider is their financial situation. Are you financially ready to be a stay at home parent?  One way to find out is to try living off of one income. Automatically put one paycheck in savings for three months and consider how it affects your finances. Do you still have money left over at the end of the three months? Do you need to cut spending in some areas? Will you save any money by staying home? Will you spend more money by staying home?  I have listed out steps you can take to help you answer these questions below.Figure Out Your BudgetI highly recommend signing up for a free account with Mint.com…