Exiting the workforce to become a stay-at-home parent is not a decision to be taken lightly. You give up all your pay – although that’s mitigated by what you save on day care – and embark on a 168-hour-a-week gig with a tiny, tyrannical boss who is impossible to please.
Although she’s not a mother, Well Heeled Blog has thought the matter through and offers spot-on advice for those considering staying home with their kids.
Her best tips include:
Make sure your spouse/babydaddy buys in. Stay-at-home parenthood should be a joint decision, and your significant other must respect the dedication and value your new role will yield.
Practice living on one income for an extended period of time. There’s no better time than a pregnancy to try to live on one salary to get an idea of the sacrifices and adjustments you’ll have to make. The dry-run will show you whether stay-at-home parenting is feasible for you.
Start an IRA. Budget to contribute regularly to your own IRA, so your hiatus from the workforce doesn’t mean you’ll fall behind on retirement savings.
If you’re a stay-at-home parent or have thought the issue through, what advice would you add?
My Advice to a Future Stay-At-Home Parent [Well Heeled Blog]