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.