Many mums (and quite a few dads) struggle with the decision to be a stay-at-home parent. Many of those who do consider it eventually end up taking the plunge and staying home with their kids, at least for a few years. Most really do make this a temporary arrangement, opting to return to work when their child goes to preschool or primary school.
The decision still isn’t an easy one though. You will need to evaluate your financial situation, your career ambitions and your personality. Being a stay-at-home parent isn’t for everyone. There’s conflicting evidence on which children do better – those who are cared for by a parent during their formative years or those in formal day care. However, in spite of this, many parents are choosing to assume the child care responsibility for a few years and since no one loves your child as much as you and your partner do, it is an attractive option for lots of families.
Most parents worry about the financial implications of one of them giving up work. However, while you will be losing one salary, you will be saving on travelling fees, work clothes, lunches, and other work related costs. You’ll also be saving on child care costs, so the cost to stay home may not be as significant in terms of your family budget as you first assume.
That being said, if you do make the decision to be a stay-at-home mum, you will need to make changes to your spending and lifestyle. Don’t use credit cards, opt for a cheaper mobile phone package, or cancel your gym membership. Opt for cheaper outings and holidays and choose cheaper children’s clothing and toys. It is possible for most families to make up the shortfall in their finances by tightening their belts a little.
