How You can Afford to Live Off One Income and be a Stay at Home Mom
When I was pregnant with Weston, I had every intention of returning to work after my 12 week maternity leave. I loved my job and financially, I didn’t really see any other way around it. We had lots of student loans to pay, a mortgage, car payments, and all the other fun bills that come with being a responsible adult. There was no way we would be able to survive off one income. Then, we made our first visit to a daycare center and I had a full blown meltdown. I will never forget it. The moment I stepped out of my car, I felt the tears welling up in my eyes. I had no idea I was going to have such a strong reaction. I couldn’t ask a single question while we were on the tour because I knew that if I spoke, I was going to start crying (and not be able to stop). We continued to tour different facilities, and explore in home child care providers, but I never got that “this is the right place” feeling in my gut. Then, I met my baby, and I knew I had to do whatever I possibly could to stay home and raise my son. It hasn’t been easy, but here are some of the things we’ve done to survive off of one income.
Start with a Budget
The first thing we did was sit down and crunch numbers. Was this a financially feasible option? And, to be honest, it wasn’t. There was no possible way were going to live off one income without making some serious changes.
Cut the Unnecessary Expenses
Gym Memberships
We were only spending about $35 a month on our gym membership, but that was one of the first things to go. We set up a gym in our basement and started streaming Beachbody on Demand. This put us up $420 a year.
Cable
With all the different ways to access and stream entertainment these days, we decided to cut the cord. We were paying over $100 a month for our cable service (which is just plain ridiculous). We now use a streaming service provided by DirectTV called DirectTV Now. It’s $35 a month and comes with over 100 channels. What more do you need? This saved us another $1200+ a year.
Car
This was probably the biggest financial sacrifice we made (and by we I mean my husband). When Sam got his first big boy job out of college, he treated himself to a beautiful, brand new, pickup truck. He loved this truck, and I have to admit, I loved it too. But, with a monthly car payment somewhere in the $500 range, getting rid of it was one of our best options for saving money. So, he put the truck up for sale, sold it for a great price, paid off the remainder of the loan, and bought one of his dad’s old trucks. We had money left over from the sale, and no longer had that $500+ car payment.
Monthly Subscriptions
I just read an article that said that the average American is spending almost $900 a year on monthly subscriptions. There are so many options these days; entertainment (Apple Music, Sirius Radio, Netflix, Hulu), monthly subscription boxes, meal kit delivery services, and SO MUCH MORE. This is an easy place to cut expenses. For us, I think the only thing we (again, by we I mean my husband) were paying for was Apple Music ($10 a month or $120 a year).
Food
We all like to go out to eat, but cooking at home and packing lunches is a major money saver. I started to be very conscious about what I was spending at the grocery store by making a budget, planning our meals, making a list, and sticking to it. We very rarely go out to eat (I’m talking maybe twice a year), and get carry out about once a month. I’m not sure how much this saves each year, but let’s put it this way, the amount I spend on groceries for a week is equivalent to our bill from the last time we went out to dinner.
Related: How to Cut your Grocery Bill in Half
Cut Costs Preparing for Baby
Hand me Downs
We were very blessed to have been given so many hand me downs for Weston. From gear to clothes, we said yes to anyone who offered to give us their old baby items. It’s easy to get pulled into the idea of wanting everything to be fresh and new for your little one, but I promise, your baby doesn’t know the difference and often times, your hand me downs are barely used to begin with.
Baby Registry
Because we were took advantage of hand me downs, there weren’t a whole lot of big ticket items that we needed to register for. We added all the smaller things we needed, then plumped up our registry with diapers and wipes. Also, do your research and find out what advantages different retailers offer when it comes to creating your baby registry. (Update: I did the research for you here!) Many will offer a $10 gift card for creating a registry or 10% off everything that doesn’t get purchased off of your registry (and so on).
Diaper Party
Another way we saved on diapers was by having a diaper party. It’s basically the male equivalent to a baby shower, but without the corny games. Each guy brings a box of diapers for the new dad and they spend the evening celebrating (aka drinking beer).
Related: Find out how we made it through the entire first year without buying diapers
Breastfeeding
We were so very lucky to have a great breastfeeding relationship from the start. I know this isn’t an option for all moms, but breastfeeding is another major money saver if you’re able to do it (and of course has tons of other great benefits too)!
Shop Smart
Amazon Family
If you sign up for Amazon Prime (or you’re already a member), you can create an Amazon family account. With Amazon family, you get exclusive deals and promo codes, and other benefits including 20% diaper and baby food subscriptions. That’s right, they deliver diapers to your front door for 20% off!
Apps
There are so many money saving and money making apps out there! They are easy to use and can save you tons of money with very little effort.
Best Money Saving Apps
- Ibotta – Ibotta is a cash back app that is super easy to use. All you do is scan your grocery receipt to get cash back on products you were already planning to buy! Sign up today and get a $10 bonus. Update: I downloaded Ibotta two months ago and have already saved over $150! I’m obsessed!
- Ebates – Ebates is the same idea as Ibotta, but it focuses more on products than groceries. Ebates also offers a $10 sign up bonus.
Best Money Making Apps
In Store Savings
We all want to save money and retail chains know it. Take advantage of loyalty cards, fuel perks, in store coupons, price match guarantees, and other money saving promotions. It can take a little extra work sometimes, but the savings are worth it.
Start a Side Hustle
Sometimes cutting expenses just isn’t enough. That’s where the side hustle comes in. Explore ways to make a little extra income on side. There are many companies that offer part-time work from home jobs that can be done in the evenings or on the weekends. As for myself, I have a part time job where I wait tables a few days a week in the evening. I didn’t exactly go to college so that I could ask people if “fries are okay with that”, but its quick and easy money that can be made after my husband gets home from work (and most of the time, my son is in bed). I also started a blog (this thing that you’re reading)! It’s only a few months old, but it’s already started to pull in some extra income. I knew absolutely nothing about blogging when I started out, but I was on a mission to find work I could do from my home, in my pajamas, when my son was sleeping. 8 months later, I’m making as much as I do at my side job (which means I could quit, but now I’m on a crazy mission to pay off our student loans in record time). I learned almost everything I know from signing up for BBC (an online community that offers courses, ebooks, and challenges). To learn more about starting your own blog, visit the BBC website!
It’s officially been a year since I left work on maternity leave and never went back. Living off one income is not easy and has taken a lot of sacrifice. Almost all of our income is spent on things we need, not things we want. My part time job means that my husband and I don’t get to spend a lot of time with each other throughout the week. He drives an old truck, our son wears hand me downs, and we don’t have DVR. But, our bills our paid, we have a home of our own, food in our bellies, and I get to spend my days watching our son grow, learn, and change. It’s not for everyone, but it works for us. If you really want to find a way for your family to live off of one income, I truly believe it’s possible.
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