The obvious financial upheaval brought upon by the decision to stay at home with a new infant or young child can be mind boggling. Going from two salaries to possibly half as much per year can take real toll on just about anyone’s financial freedom. Often it is not the big money zappers such as mortgage or utility bills that may eat away at the family savings, but instead the overlooked smaller items such as entertainment or beauty products.
Knowing what is, or is not, important to spend money on may only be half the battle for a new stay at home mom. In the beginning it can be difficult to judge what should be cut from or kept in the family budget. To simplify matters it may be easiest to categorize spending habits into scrimping, saving, and spending.
Scrimping on Money
Scrimping can be viewed as drastically downsizing what is spent on a given item. It is best reserved for purchases that are not entirely necessary for the family to function well. These items and activities may be considered frivolous by some or essential to others, but in any case cutting (or altering) these types of spending habits will help to offset the costs of choosing to stay at home:
- Beauty: Spa and salon services, make up, and hair care products may have at one point been an essential need in the pre-baby life. As a stay at home mom, these may be the first to go. Changing diapers, finger painting, and putting together Lego spaceships do not mesh well with a pricey manicure. Instead try some home pampering using drug store brands. Additionally, home made facial and hair mask recipes can work well and be found easily online.
- Entertainment: In some cities it can be more than $40 for a family of four to see a newly released movie (not including the extra $20 that can be spent on snacks). Limit movie theater trips to once every few months. Not only will this save loads of money, but it will make going to the movies a special family event.
- Fine dining: Most establishments with a high priced menu are not viable options for family dining. Instead, save the fancy restaurant for a special anniversary date night.
Saving Money for Stay-At-Home Moms
There are many easy ways for the stay at home mom to save money while on a new budget. From grocery bills to children’s clothing, saving money need not be along and arduous journey.
- Food: Clipping coupons and shopping sales are the easiest ways to save on a grocery bill. Use your child’s nap time to sit down with the Sunday paper or go online to find the coupons that best meet expected needs.
- Children’s clothing: There is a difference between cheap and inexpensive clothing. Cheap clothing is low priced, but not well made. It will shrink and fall apart easily, hence not providing any value for your money. Shop sales or second hand stores for low priced, well made clothing.
- Family dining: There is no need to suspend a family meal out once in awhile. Many restaurants offer family specials, kids eat free nights, coupons, or all you can eat buffets.
- Family activities: Try free or low cost days at a local museum. An art museum can be a fun treat for a family with a young child. Other activities that are easy on the wallet include local parks, hiking, or fishing.
Spending Money With One Parent at Home
While scrimping and saving can positively impact your bank account, there is certain non-negotiable spending that every family must surrender to.
- The family cars: On paper it sounds good to get rid of one car in order to save money. In reality, stay at home moms rarely stay at home. If the pediatrician, grocery store, park, and playgroup are not within strolling distance a car may be needed.If the second family car muset be sold, having the working parent use public transportation or car pooling may be the more viable option.
- Automotive expenses: Having a safe, reliable working car (for those in areas without a good public transportation system) is essential. Babies and break downs do not mix well. More importantly, protecting any child by having a safe car is vital. Make sure to spend on needed maintenance, repairs, and insurance.
- Health care: Between the well checks, vaccinations, and common childhood illnesses the medical bills can really pile up. If there is a loss of insurance to stay at home, make sure that the rest of the family can be added to the working parent's policy. If not get information immediately about free or low cost health insurance program for children.
- Safety items: Car seats, boosters, and baby gates are not places to scrimp. More money may be spent, but shop for safety not price.
Making the decision to become a stay at home mom will decidedly have an effect on your family budget. After factoring out mortgage (or rent) and bills, closely examine your additional expenditures. Come up with a usable plan to scrimp, save, and spend in a manner that will make your days as a stay at home mom financially comfortable.
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