This is a sponsored conversation written by me on behalf of Northwestern Mutual. The opinions and text are all mine.
This is one touchy subject. Everyone has their own reason for transitioning to a stay-at-home mom or dad. No one reason is a better than another; I only have my own experience to go by.
On Becoming a Stay-at-Home-Mom
This is actually my second time going to at-home status. With my first son, it came about because we were a military family that moved around the country a lot.
It was easier on our son for me to stay with him, than to move him from sitter to sitter (or center to center). Also, I wanted to experience the new locations with him instead of just learning a new office to work in.
As a military family we didn’t earn much income, but we had steady benefits and we were young, so we figured it was OK to go without my salary for a few years.
To get by on a single meager salary, I really got into couponing and became quite good at finding free things to do anywhere we went. We didn’t have an intricate financial plan in place, but we were flexible and it worked for us at the time.
The second time was a bit more intricately detailed.
My husband got a job offer that was amazing, except it was out of state. It was basically THE job he went to school and had been working toward for years so he did not want to turn it down. After 12 different military moves, I didn’t want to pack up the kids and our stuff and move away from a place we loved, so we decided he would travel during the week and be home on the weekends.
At that time I was working full time. I loved what I was doing and did not want to quit, but with 2 kids in different schools and a job in the opposite direction I couldn’t have everything I wanted.
My salary would have paid for childcare and before and after school care with minimal leftover for us. I would basically be working just to not see my kids, so there I went into being a stay-at-home-mom again.
Financial Planning for Living on One Salary
The second time around we were older and wiser. We spent time planning our financial strategy instead of just winging it and hoping for the best.
The first time around as a stay-at-home-mom, we made it through because I was diligent with couponing and being frugal, but we didn’t come out with a strong financial foothold.
The second time, we had two children and were older ourselves, so we were concerned about solidifying our financial future rather than winging it! 😀
We sought out financial guidance from a trusted financial professional. He helped us figure out specifics related to our financial situation. We had so many concerns like:
- What happens if my husband gets injured on the job?
- How do we handle influxes of cash like his annual bonus without blowing it on unnecessary purchases?
- Will we be able to maintain our lifestyle if my husband loses his job? What would our plan be?
- How should we invest our savings according to our future goals?
We had so many questions and it felt daunting, but our financial adviser helped us get through these issues.
Is Becoming a Stay at Home Parent Right for You?
Becoming a stay at home parent isn’t an easy decision to make. There are a TON of questions to ask yourself beforehand.
Many of your questions are likely related to finances, like ours were. Some of them you may not even consider until that first day at home, when you’re staring at your baby and realizing you had no clue what was in store. Don’t let the unknown related to parenting or changing your family financial situation get the better of you (kind of like it did my first time around as a stay-at-home-mom).
Check out Northwestern Mutual’s article What to Consider Before Staying at Home for resources to help you make an informed decision. They have a free financial book you can download geared toward new parents and a lot of helpful advice on their website.
I like that you can have a financial pro contact you if you need some hands on guidance. Northwestern Mutual’s financial planning process is designed to help you create a lifetime of financial security. It’s really never too early to start!
Take That First Step – Advice & Questions
If you are still deciding on whether to become a stay-at-home-mom or dad, what questions do you have? I feel like I’ve considered them all by now and I’m happy to help!
Don’t forget to check out this article from Northwestern Mutual for more ideas: Questions to Ask About Being a Stay-at-Home-Parent
This is a sponsored conversation written by me on behalf of Northwestern Mutual. The opinions and text are all mine.
Come check me out over at my blog www.lazygeniusmom.com
- Is It Okay to Have a Potluck Baby Shower? - 07/17/2023
- Free Printable Valentine’s Day Coupons - 02/14/2023
- Gifts For Older People - 11/23/2022
