Okay, So I am currently pregnant with Child No. 2.
1) Can you work part time? Or 4 days a week?
2) I would suggest, once you and DH are *completely * out of credit card debt, to save your post tax income for at least 6 months. That way you can see if you can truly live off of DH's income and it will create a nest egg.
3) Make sure you are not sacrificing things you want to do in the future, buy a house, send children to college, retire.
4) Can you take a longer leave of absence, rather than quit outright?
5)Do you have family/close friend support nearby? Or is family more of a burden/obligation?
6) How much will you have to reduce your current spending level? How tight is you current budget?
1. I haven't asked if I can work part time.
I am very much wondering the same things you are. My husband and I are going to start trying for a baby this summer. I would love to be a SAHM, but I just don't know if we can swing. I do know that a lot of daycares around us are about half my monthly salary, so that is a big factor for me. I don't know if I want to pay for that and work too. I'd be curious if other people have done this and what their experiences have been.
1) Buy Quicken or another budgeting software and start keeping track of ALL your expenses. I wouldn't quit if you don't know your expenses or how much or what would would have to cut. It will take several months to see where you are spending money- go back over the past six months of bills and "recreate" your spending.
2) Make sure retirement savings are there and budgeted- the younger once is when one starts, the easier it is to fund. Are you or DH eligible for a 401k? Do you participate? If not, start immediately.
3) Look around for a daycare that does accept part time- if that is a possibility at work. Home daycares are usually more accommodating.
4) I can't stress enough try to save ALL of your post tax income for at least six months suggestion.
Obviously SAH sounds great to you and once you have the second child the daycare costs do double. I wish I could help you. I work PT night shifts on Fri and Sat. nights. DH and I share in the child care duties. We do not use daycare but I always used pre school starting at age 2.5 years.
I would not go into debt so that I could SAH. That is just me. I would not be happy struggling from paycheck to paycheck each month.
Things you could do are - find a SAHM that would like to make a few extra dollars watching your kids part time. It could be someone you know very well. I have a good friend that watches her friend's kids. She knows her from church - she never planned on doing this but it is turning out to be a good way to make a little cash. She is wonderful with children and has watched my youngest in a pinch.
I have been a SAHM for almost 9 years.
There are so many things you can do to save money (and even make extra cash) being a SAHM.
"I know that cost of living and spouses salary make a big impact on whether or not someone can afford to stay home, but I've also been told by women driving lexuses and living in homes decorated by Pottery Barn that they "wished" they could stay home."
And?` Maybe they work for health care, maybe they work for retirement and college and make more than they need for that so they spend in on other things, maybe they were just being sociable and didn't want to get raked over the coals for admitting they work because they like it.