Comments on: The Hidden Cost of Staying Home with the Kids

By: Funny about Money

Funny about Money — Thu, 06 May 2010 04:19:08 +0000

It’s not so much how bored you are, it’s how lonely you are. Raising children when no other SAHPs live nearby can be very isolating. I don’t recall spending more because of it–who has time to spend when you’re running around after kids? What I do recall is that when I did earn, either on a freelance basis or for the peanuts jobs an editor with a Ph.D. in English can get, I raised our tax bracket, so that my take-home pay ultimately was negligible. I was working for pocket change.

Might be worth considering that if having a parent at home helps develop kids’ moral values and helps to keep them out of trouble in their teen years, it’s likely to save the family a great deal of money in fines, jacked-up car insurance, and lawyers’ fees.

By: Linkworthy: Simplicity, Ignorance, and Stay at home Moms | Personal Finance Firewall

Fri, 30 Apr 2010 17:21:22 +0000

[...] This post by Darwin’s Finance really rings true. My wife is a stay at home mom, and I see these sacrifices that she takes to do that for our family. The Hidden Cost of Staying Home with the Kids [...]

By: Kate

Kate — Thu, 22 Apr 2010 16:55:59 +0000

I think the best idea is to find a part time job in your area of expertise. I have a friend who works part time as an accountant for a small company. She only has to go into the office once a week and works from home the rest of the time. The best part is that she is keeping up with trends within her industry for when she goes back to work when the kids are older. Not only does it give her family a little extra pocket money, it allows her to feel like she is contributing.

By: Money Reasons

Money Reasons — Wed, 21 Apr 2010 21:16:02 +0000

Even before my son was born, we decided to have my wife be a stay-at-home money… Yes, finances did take a hit, but I was lucky because my wife is frugal, so she didn’t spend too much at first. Once my son was in school, she started volunteering to help out at school with various activites. This kept the expenses down too.

This year, both kids are in school, so my wife picked up a small job as a bookkeeper (she has an accounting degree), just for spending money. She spends that money on her own fun activities and kids activities.

Brilliant point about stay-at-home moms & dads getting bored and spending more!!! This is the first I’ve heard this point come up and a very strong one at that!

Nice, very nice!

By: Financial Samurai

Financial Samurai — Wed, 21 Apr 2010 03:15:36 +0000

@Peter, Best of luck with your new baby Pete!

By: Money hints

Money hints — Mon, 19 Apr 2010 21:58:18 +0000

If you don’t plan ahead then you really have nothing to plan for. If all you do is spend what you currently have then you will have nothing left. I have been saving as much as I can for over 5 years and I could stop working now if I wanted to and my family wouldn’t have to worry ever. That is all thanks to my wife and my planning.

By: Peter

Peter — Mon, 19 Apr 2010 18:24:24 +0000

We’re expecting our first child right now, and in the process we’re starting to plan for life with an extra person in the house. We’ve already been effectively living off of one income (mine), and we’re planning for the extra expeness – so it won’t be a problem if my wife decides not to go back to work. We’re already living that new reality.

By: Budgeting in the Fun Stuff

Budgeting in the Fun Stuff — Mon, 19 Apr 2010 16:27:10 +0000

My husband and I decided in college right after we got engaged to only live off one income and use the other for savings when we graduated. We didn’t plan on kids (and still aren’t), but we knew we wanted to retire as early as possible since we both love our hobbies, volunteering, and travel. We also didn’t want a job loss to effect our goals too much…we figured that we could live off of one salary while the unemployed person finds another job.

Well, we’ve been out of college for 5 years and have always been able to live on one salary and save the other. We can’t live on the smallest salary (mine) unless we give up absolutely everything extra, but we do live on my husband’s and save 90% of mine…the other 10% funds our vacation account.

This system is good for all couples, kids or no kids or whatever, since it opens up options. There is a lack of stress when you realize you don’t “need” everything you bring in.

By: Financial Samurai

Financial Samurai — Mon, 19 Apr 2010 13:02:18 +0000

Planning ahead is key. Love this topic Darwin, as going from two incomes to one, and all the nuances like you mention are interesting.

Besides, with under a 5% effective tax rate, you have a lot of disposable income to live on!

Best, Sam