Before my husband and I got married, we talked about the family we would grow one day. When we talked about kids, I always knew I wanted to stay at home with them. At the time, I didn’t know the logistics of how we would make that possible, but I knew it was a priority. My own mom was a stay-at-home mom throughout much of my 3 older brothers’ lives, as well as mine, until she began a teaching career when I started school. So all my childhood memories, I remember my mom always being there with us. That is the kind of childhood I wanted to give my kids.
Matthew joined the military straight out of high school, we got married at 20, and I attribute the fact that I can stay at home all to the security of his job and the amazing health insurance we receive. However, I have heard so many women talk about how they wish they could stay home with their little ones, but they feel like it is impossible. So I wanted to give you all some practical tips on how we have afforded living on one income so that you can examine your own living situation, if staying at home with your kids is what you really long to do!
1. Plan, plan, plan AHEAD
Like I mentioned above, Matthew and I discussed what we wanted our life to be like when we had kids, so we planned accordingly. When Matthew joined the military, we spent 2 years dating long-distance. While he was living 1,000+ miles away from me and deploying regularly, and I was home going to college, we SAVED. Matthew opened a 401K and started saving for retirement, as well as saving a large portion of his income in a savings account he didn’t touch. I saved for our wedding and he saved for our future. One of the best things you can do if you want to become a SAHM is to plan ahead-before having children-what you want your life to look like and saving for that. If you already have kids, that’s fine! My best advice is to try to build up your savings account as much as you can. Also, work as much as you can before and during pregnancy. I know this is not possible for all women, but if you have a healthy pregnancy, it is great to try to make as much money as you can before the baby comes and you stop working.
2. Begin living on one income well before the baby comes
This helped us tremendously on the shock and adjustment that going from a two to a one income household brings! While I was pregnant and still working, we began transitioning all of our bills to come out of my husband’s paycheck. Even though we still had the “cushion” of my income, we did not use it to pay bills. Instead, we used my income strictly for baby purchases we needed or savings. This method really helped us reevaluate our income, what we were spending money on, what our necessities were, and that being a SAHM was going to be possible!
3. Make a budget!
This probably should have been tip #1, but guys, make make a budget! You have to do it! When we were both working and we were newly married, we spent money on whatever we wanted and we didn’t keep a checkbook (do those even still exist?!) or really keep an eye on our money. But when we wanted to make this transition, it was important that we sat down and wrote out our budget for us to see. We took our bank statements and looked at what are monthly income was, the bills we had, the areas we were needlessly spending money, the areas we could cut down on expenses, and how much we felt we needed to save and invest. And who says budgeting can’t be fun?! Get creative with it! I know that I am most productive and willing to stick with something if I can write it out and it looks cute and pretty. So that’s why I made this FREE Monthly Budget Printable for you guys! Hopefully this will help you get organized and stay motivated to stick with your budget.
4. Plan large purchases ahead of time
One thing that my husband and I have really been trying to get better about is planning out our large purchases ahead of time and saving for them! We do not like the idea of going into debt for something we need, so we try to save for it and pay in cash. These could be purchases like furniture, a car, a laptop, a camera, a new mattress, etc. Obviously most of us can’t pay in cash for something like a house, so you still want to save as much as you can and make sure it is a home below or at what you can truly afford.
5. Minimize your monthly expenses
When you write out your budget, you will be able to clearly see where your money is going every month. One of the biggest areas that sucks away your income is those recurring, monthly expenses. While some of these are necessary, paying them down or eliminating them will free up so much extra cash! For example, we have two car payments each month. Even though we bought used vehicles, we have these two recurring payments that suck almost a quarter of our monthly income! We have recently been following Dave Ramsey’s debt snowball idea to aggressively start paying of this debt. Minimizing your monthly expenses can also mean cutting those subscription services you use like, Amazon Prime, Hello Fresh, Fab Fit Fun, whatever. While they might seem like a good deal by themselves, they truly add up! Also, cut your cable! I am a firm believer that cable is the most overrated, unnecessary monthly expense that most of us have in our homes. Cable is sooo expensive and a lot of us rarely watch enough live TV for it to be worth it. With all the free shows on the internet the day after or Netflix, Hulu, etc., cable proves pretty unnecessary. Unfortunately for us, the only internet provider in our area is Comcast, and for us to have internet, the cheapest way is to bundle it with their basic cable package. It is frustrating because I know so many people who pay much less than us but with Comcast as the only internet option, our hands are tied. But, we got our bill as low as possible!
6. Look for sales, use coupons and thrift
I will admit, I am not a couponer! One of the main reasons I don’t use traditional coupons very much is because we generally try to buy whole foods-fresh produce-and we shop at stores that don’t accept most coupons you see from manufacturers. We live in an area where the cost of living is rather high compared to many other places, so we do most of our grocery shopping at Aldi and Trader Joe’s. We have found that we can get the most from our money here and it allows us to get more fresh and organic foods at a price we can afford. But, for household items like toilet paper, laundry detergent, diapers, baby wipes, etc., I absolutely look for coupons! You can always find deals on items like this usually in the P & G section of your Sunday newspaper and stores regularly run sales on them, as well.
Another super easy, amazing way to save on the items you have to buy is through rebate apps! Rebate apps will give you cash back or rewards towards gifts cards, etc. on the purchases you make. My very favorite rebate app to use is Ibotta! To use Ibotta, you just:
- Unlock cash back rebates (by watching a short video or answering a simple question)
- Go shopping, buy products you love & keep your receipt
- Verify your purchases by scanning the products you bought and taking a photo of your receipt
The best thing about Ibotta, compared to most rebate apps, is they offer rebates on a general item like: bread, milk, eggs, bananas, etc. instead of it having to be a specific brand name. This is huge because sometimes you might not be buying the brand that the rebate offers. I also love that you can get rebates for fresh fruits and veggies! Also, Ibotta is not just for groceries, but for online shopping (Ebay, Groupon), pharmacy items, clothing, and even restaurants. If you don’t have it, try it out because it is amazing! If you want to sign up and use my referral code gjneyap, you can get a free $10 credit when you redeem your first rebate!
Another rebate app I love is Shopkick. It is super easy to use and when you shop, it rewards you with “kicks” just for walking in the door of your favorite stores. You also can get kicks for simply scanning certain items in the store, as well as purchasing certain items. These kicks can then be redeemed for gift cards!
If you are an avid online shopper like most of us moms are, you need to be using the rebate site Shop at Home! All you do is visit their site when you are ready to do some online shopping and pick your store out of the thousands they have on there, you purchase the item through their website, and you then get a percentage of cash back straight to your account. You literally are getting rewarded for online shopping! (My hubby won’t get upset about that!) Shop at Home will also show you the great deals all your stores having going on so you won’t miss a thing.
Another way to save big when you are living on one income is to look out for sales for kid’s clothes. We all know how quickly are little ones grow and that means we are always buying clothes! When I know I need to get Avary new clothes, I wait for when stores are giving away cash back like, Old Navy super cash, Children’s Place cash, Carters rewards. Most stores now give cash back for you to spend when meet a minimum threshold. I shop to get the cash back when the store is running a good percentage off discount or I have a coupon code. Always sign up for the rewards program at the stores you frequent because it just means more coupons and sales in your pocket!
Also, thrifting or buying second-hand clothes is a great way to score gently used children’s clothes at unbeatable prices. Consignment shops are popping up every where, and depending on the area you find them in, you can find some name-brand, quality pieces! You can also consider joining a Facebook buy/sell/trade page in your area to find even more steals. A lot of times these items are priced even lower than a consignment shop because you are buying directly from the owner. Shop smart!
7. Choose free or cheap entertainment
When you are wanting to become a SAHM, you have to evaluate what areas you can cut to save money. Entertainment is definitely one of those areas. Going out to the movies, going out to eat, going to amusement parks, or planning costly vacations can take up quite a bit of money. Instead, try to create free or cheap entertainment for your family! This could mean family pizza night at home with a $5 family pizza from Aldi and a Netflix movie or a coffee date night for you and your husband at home instead of at a coffee shop. You can still have fun without spending so much!
Also, look up free activities in your area for kiddos! You can find library storytimes, playgroups, and parks that are all free of charge. And, you can always call up a friend for a play date, take a walk in the stroller, play in the backyard, or go window shopping to entertain your little one. Use your imagination! There are lots of ways to create free fun at home with children, and I find so many ideas on Pinterest!
8. Meal planning + cooking at home
I know we all lead busy lives, especially us moms! But let me tell you, you will save so much money if you begin meal planning for your family and cooking at home. Just within the last couple of months, I have really gotten into the habit of planning out our meals before going grocery shopping, and wow-what a difference it makes! Not only does it cut down on our grocery bill, but it cuts down on food waste. So before going shopping, I’ve been sitting down with a free meal planning printable from Christene at Keys to Inspiration to plan out my meals for each week and jot down the ingredients I need to make it. If you sign up for her email list, you get access to all her free printables, check it out! Meal planning will help you stick to a specific menu and encourage you to cook at home. When you have a plan, you can always prep something ahead of time to save on time for a busy day.
So those are my 8 tips on how to afford to be a stay-at-home mom! I’m not going to lie, going from two incomes to one was a big adjustment-a lifestyle change, really. But I never once have regretted my decision to make the sacrifice. If you have a strong desire to stay home and care for your little ones, but you don’t think it is possible, I challenge you to take a step back and reevaluate. Look at your budget, try living out these steps and see if they make a difference in freeing up some money, and determine what you feel are essentials and non-essentials for your family. No matter what-SAHM, working mom, or WAHM-you are amazing and what you do for your family is priceless.
Let me know in the comments, how did you decide to be a SAHM? Was the transition hard for you? Let me know any tips you have on how you afford to live on one income!