Can You Afford to Be a Stay at Home Mom? Here's How to Find Out!

If you're dreaming of being a stay at home mom (most of us do at some point), follow these steps to see if you have enough money to turn your dream into reality (20 Photos)

Kathy Ehrich Dowd on Nov 18, 2011 at 6:35PM

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Can You Afford to Stay Home?

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a Kathy Ehrich Dowd on Nov 7, 2011 at 4:28PM

Itching to stay home with your little guy, but not sure your bank account can handle it? Experts say that with some planning, downgrading from two incomes to one is more doable than you might think -- you’ve just got to get a little creative. Read on for insider info on how you can assess your finances and tweak your budget to make your domestic dream into a reality.

Plan as Far Ahead as Possible
Although it can be hard to know exactly what work/life balance is best for you before your little bundle of joy arrives, Liz Weston, author of The Ten Commandments of Money, and a personal finance columnist for MSN, says the best time to start preparing to become a stay-at-home-parent is even before you get that positive pregnancy test. "The more time you can give yourself to prepare and save, the better it will be for your family’s finances." So if this is something you know you want, start squirreling away extra money away now.

Next Up: Wish We'd Known: 19 Things No One Told Us About Maternity Leave
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