In this post, I’ll walk you through how to financially afford to be a work from home mom.
I share tips on how we’re financially preparing for me to become a work from home mom and to live on one income.
You’ll get the four things that we’ve done/are doing to make this financially possible for our growing family.
Why be a work from home mom?
I’ve always known that I wanted to be at home. When I say always, I mean since I’ve been a teenager.
It’s has been a heart’s desire since I’ve been a young girl and there was nothing that I could think of career-wise that would ever satisfy me as much as being at home.
So when my husband and I were dating, that’s one thing that I did express to him. Although I had a job at the time and I had no intention of quitting my job, I did express to him that, at some point, I wanted to come home.
Being a work from home mom would allow me to explore entrepreneurship while also taking care of my home and family.
How to Afford to be a Stay at Home Mom
We knew that we would have to be smart about our finances in order for me coming home to be a reality.
Here are the four things that we have done and are doing to make this happen.
1. Combine finances (while you’re still working)
So the first thing that we did, and the first thing that I will recommend for you if you are also trying to come home is to combined incomes with your spouse.
It can be scary, but at the end of the day, you can do a lot more when you are working together.
Whether or not you want to have additional separate accounts is up to you and your marriage. We personally do not have anything separate. Everything that we have is together.
This was the first step that we did, in helping me begin this journey of coming home.
Combining our incomes allowed us to pay off our debt quickly. Once we were married and we combined incomes we were able to pay off $47,000 of my student loan debt in six months.
That’s a tremendous feat, obviously. And it’s something that can be said towards not only combining incomes, but also being disciplined, and having one shared goal that you work towards.
2. Get on a budget
The second thing, aside from combining incomes with your spouse, is creating a budget that both of you agree and can stick to.
We’ve been married for over three years at this point, we still have a budget that we review it every two weeks.
We look at our expenses, we look at the income and we create a spending plan for the subsequent two weeks.
We have a plan for how money is going to be spent, whether that’s going to savings, whether that’s going to purchasing things, or towards paying off our home.
3. Get out of debt
The most instrumental thing in me even being able to talk about coming home is us paying off the debt. Getting out of debt really gave us options.
The ability for you to live off the income relies on reducing expenses and getting rid of debt.
If you are in debt, then you know what it feels like to have every paycheck go towards paying someone else, especially student loans.
I share our journey and step-by-step instructions on how to start paying off your debt in my book, Dump Debt & Build Bank: The Everyday Chick’s Guide to Money.
4. Increase your income
The last thing that is helping me be able to come home from the workforce and be able to work from home is increasing income.
You can do this by getting a pay raise at work or having an online business. This will enable you to get out of debt sooner and put money aside in case of emergencies.
Having an online business has been a major part of my wanting to come home because I can see how I can turn my ideas into income. Additionally, it’s a stream of income that can be maintained once home full-time.
It’s always great to have a resourceful way to make money once you do come home.
I share the 13 ways I’ve made money on the side in this video.
Final thoughts on how to afford to stay at home
These are the things that we’re doing or have done in preparation for me eventually coming home.
Together, they lay the financial foundation for us to live on one income. I believe that if you follow these tips, you’ll be able to do the same.