Did you just have a baby? That’s usually when parents start to consider staying at home. But for many parents being a stay at home mom or dad or work at home parent is a dream that they have. For others they have horrible hours, jobs they hate or may have just been laid off and then begin to think about being a stay at home parent. Sure, they know they will save money on daycare/childcare but what are some other finance factors you and your significant other, partner or spouse should consider?
The decision to stay home or return to work after having children is one hot topic. Not only do people talk about it a great deal, but there are also some very strong feelings offered up to both men and women as they consider becoming a stay-at-home parent. In our case, it was sort of an easy answer to the question of staying home. A nice salary from a university position, didn’t offset the cost of two young children needing daycare, which would cost approximately $2500 a month in child care and made our decision somewhat easy. But there are also many other factors to consider before parents make a final decision about staying home. The most important one may have to do with money. Here are a few finance factors to consider before you write your two week notice.