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Yes, you can afford to stay at home with your kids!
It will take some planning and hard work but it can be done. You can be a stay at home parent and raise your family on a single income.
The key is to be smart with your money and to live frugally.
Before you quit your job there are a few things you may want to do first.
The most important thing to do when considering going from a two income household to a one income household is to communicate with your spouse and agree. There needs to be a mutual understanding and support of the idea otherwise it just won’t work.
You will need a plan.
A plan to track your spending and a budget you stick to, to make it all work. Paying off as much of your debt before going to a single income household is also suggested.
If you can save an emergency fund and extra “just in case” living expenses that would be a bonus.
You can do this.
75 Frugal Living Tips designed to help you stay home with your kids:
1. Track your spending
2. Set up an emergency fund
3. Start living a simple lifestyle
5. Shop sales and price compare
6. Use coupons
7. Pay cash for everything
8. Start using Ratuken to save money
9. Shop the thrift store
10. Start shopping at discount retailers
11. Learn to fix things and how to use tools
12. Go without
14. Downsize your home
15. Be a car share family
17. Skip the drive thru and start cooking at home
18. Cook more vegetarian based meals
19. Purchase a deep freeze
21. Start a pantry
22. Preserve the bounty of the season
23. Stockpile beans, rice, pasta and other dry goods
24. Barter or trade for items you need
26. Stop paying for daycare
27. Set up a capsule wardrobe
28. Use it, mend it & pass it on
30. Buy used items
31. Cut the cable and use Netflix & Amazon Prime
32. Look for free entertainment
33. Start baking your own bread
35. Grow your own food
36. Purchase seasonal produce
37. DIY your gifts
38. Make your own cleaning products
40. Plan your trips and your errands
41. Find cheap fuel
42. Cancel things you don’t need
44. Account for every penny you spend
45. Do clothing swaps with friends
46. Try a meal swap
47. Learn to stretch meals by adding broth, beans, water and rice
48. Switch to energy efficient lights and appliances
49. Unplug & turn off
51. Redeem your recyclables for cash
52. Wash your clothing in cold water
53. Line dry your clothing or use an interior clothing rack
54. Stop trying to “keep up”
56. Plan staycations or camping vacations
57. Be cheap and creative
58. Shop local
61. Start cooking & baking
62. Ask for gift cards and practical items as gifts
64. Have a spending freeze
65. Skip the salon and cut your family’s hair
- Use public transport
67. Use community services
68. Do cook once, serve twice meals
70. Stock up on sale items
71. Watch for free stuff in the newspaper
72. Research and Youtube how to do things
73. Join Facebook clothing swap and sale groups
74. Start a Mommy (or Daddy) & Me group for support
75. Have faith, it may be hard but the end result is worth it
More ways to save money while on a single income.
Grocery shopping, shopping in general will be one of the main areas you need to watch and cut back on once you shift into a single income household.
To help you do this I suggest using the Ratuken App to help you save money on every purchase. I use Ratuken with all my Amazon purchases and earn amazing cash back on diapers, formula, gifts and more. If you have an Amazon Prime Account (if not, get a free 30-Day trial right here), plus you can save even more money by using their Subscribe & Save Program.
Also checkout the Grocery Budget Workshop and learn great ways to reduce your spending at the grocery store.
There will be things you cut back on, things you may miss.
When you give up an income source you give up the benefits that come with it. Such as vacations, dress clothes, eating out, daycare, haircuts, spa days and free time.
You will also be gaining a huge benefit with a single income household you are able to stay home with your kids.
Great books to help you survive on one income:
Did you know you can work from home?
You can. You can be a stay at home Mom or Dad and create an additional income if need be.
You can create a side hustle or home based business. You could work around your families schedule instead of punching the 9-5.
Did you know people make money selling stuff on Amazon? Or what about babysitting or dog walking? Do you bake, knit or crochet?
What about making money with social media?
Freelancing or working as a Pinterest Virtual Assistant. You can make a great income from home.
Surviving on a single income.
Today people are confident, smart, money minded and willing to live well on less for the betterment of their family.