Budgeting to Support a Stay-At-Home Parent
Kudos to Mary for choosing to stay-at-home despite a drastic income differential. She's seeking your advice on preparing for the changes in income and budget advice. She writes:
We are expecting our first child the beginning of July and we are planning on me quitting my job to be a stay-at-home-mom. And, with thoughts of having one more and wanting to stay at home with them until they are both at least two years old, we are looking at a dramatic shift in income and the lifestyle that goes along with it for at least 4 years. This is a very scary step for us as our income will drop by over 40%. Does anyone have tips and recommendations for preparing for this income change and for living within a much smaller budget over the next few years?