Are you thinking of quitting your job to become a stay at home mom? It's not an easy decision to make, but there are some signs that can help you decide if it's the right time for you. Stay at home moms have a lot of responsibilities, but they also get to enjoy the benefits of spending all day with their kids. If you're wondering if making the switch is right for you, read on to determine if it might be time to quit your job and become a stay at home mom.
1. Weigh the pros and cons of staying at your job. Which one has the more pros – your job or staying at home?
2. Consider whether you're happy or not with your current situation. Would leaving your career make you happier or is it your current employer that is unsatisfactory more than your career?
3. Evaluate whether you feel like you're able to balance work and family life successfully. There’s no shame in admitting to yourself and your spouse that the attempt at balancing is not working.
4. Ask yourself if you feel fulfilled by your job or if you're just doing it for the money. If it’s all about the money, determine how much money you need to live. If it’s about fulfillment, can you get that in other areas?
5. Talk to other mothers who have made the decision to stay at home and get their perspective. Definitely talk to those who have made the transition well and those who may have struggled. Get the real story, not the one viewed through rose-colored glasses.
6. Make a list of all the potential benefits of being a stay-at-home mom and then evaluate the list. Will it be enough for you?
So, what’s a mom to do? It’s not an easy question to answer. There are pros and cons to both staying at your job and quitting to stay home with the kids. The important thing is for you to weigh the options and make the decision that will make you happiest. If you decide that staying at your job is the best choice for you, great. But if you feel like quitting your job is the right decision for you, know that there are plenty of other moms out there who have made the same choice and are happy with it. No matter what you choose, remember that you’re not alone in this journey.
Leaving your career to stay at home with your kids is a big decision. It's one that can be filled with endless amounts of happiness and satisfaction...or regret and frustration. Before you make the switch, here are a few things to consider from a financial perspective.
How much money do you need to live on each month?
This question can be a difficult one to answer. On the one hand, by staying at home, you will not be spending money on child care costs, which can be a significant expense for working mothers. On the other hand, stay at home moms often have a lot of other monthly expenses, such as groceries, gas, and entertainment. The amount of money that stay at home moms need to live on each month can vary widely depending on their individual circumstances. Track your expenses for a month and see where you spend money that you wouldn’t spend if you were not working.
What is your family’s estimated yearly income if you were to stay home with your kids full-time instead of working outside the home?
Take your spouses yearly income and see if there are any expenses currently being paid out of it that would go away if you were not working. Think about gas money, eating out at lunch (although you may still do that from time to time), dry cleaning for clothes, dress cloths and shoes, etc.
One way to test if you can manage on one income is to take your income and put it into savings and then use it only to pay those expenses related to you working (child care, gas, etc). Pay all other bills through your spouse’s income. Will it work? Trying it out before you make the final decision can help you see how realistic leaving your job can be from a financial perspective.
How will leaving your career impact your plans for retirement?
If you leave your career, you are likely to end up with less money saved since you won't been working. On the other hand, you may have more time to focus on how your savings and investments are doing. Ultimately, it will come down to a balancing act between saving and spending. Stay at home moms who are leaving their careers need to make sure that they have a solid plan in place for how they'll continue to save for retirement. They may also need to adjust their expectations for what their retirement will look like. but with careful planning, it is possible to make a successful transition into retirement regardless of how you've left your career.
Before you quit your job to stay at home with your kids, these are a few money issues you should consider. Although your yearly income may drop down to zero, that doesn't mean you're not worth anything! Stay at home moms are definitely worth their weight in gold.
If you’re feeling unsure about transitioning to stay at home mom life or just want some support in making this decision, join my group and let’s chat about it.
