Is the daily grind…grinding your gears? 😩⚙️ Would you rather stay home with the kids? As Michael Jackson once said, youuuuu are not alooooone! #heehee 😎
If you’ve been kicking around the idea of leaving your full-time job to be a full-time caretaker, there’s a few things you’ll wanna think about first. 💭
Here’s Five Fast Facts on transitioning to a stay-at-home parent:
- 👨👩👦👦 The Parent Trap - Juggling a career and parenting isn’t a cakewalk. In a survey of working parents, one in five respondents said they turned down a promotion to maintain a work-life balance. Out of those respondents, 23% of them were women. Another survey revealed that 42% of new moms thought about quitting the workforce once they had kids.
- ✂️ Trimming the Fat - Without your paycheck, you’ll likely need to adjust your family budget. If you have an emergency fund, you could tap it to help with bills during the transition, but make sure to scale back on unnecessary spending. On the flip side, depending on your previous job, you could wind up saving money on gas, work clothing, and childcare (which is a biggie).
- 📉 When Less is More - Along with making family budget cuts, downsizing wherever possible makes a huge difference. Downsizing can be as small as looking for cheaper cable and internet options or as big as moving into a more affordable home. If you have more than one vehicle, getting rid of one can save you a ton, especially when it comes to that monthly insurance payment.
- 🩺 What’s Up, Doc? - One of the biggest things to consider when leaving a job is your health insurance. Many families rely on coverage provided by an employer, which disappears when you hand in your pink slip. To extend your workplace coverage, you can pick up COBRA, but it only lasts a few years and it’s very costly. If your spouse or partner is working, consider hopping on their employer-sponsored plan, or shopping around for insurance through your state’s health insurance marketplace.
- 💰 The Long Run - Without a full-time job, saving for retirement may get tricky, too. Data shows Americans feel they need around $1.4 million to retire comfortably, so don’t stop putting that cash away! If you leave your employer, roll your company retirement plan into a traditional or Roth IRA, and continue making contributions.
🔥Bottom line: Although there’s a ton to think about, many Americans trade in their paychecks to care for the kiddos full-time. It’s common and totally do-able! Just make sure you’re weighing all the pros and cons and have your ducks in a row. Got someone nagging you about your career choices? Avoid their bad advice with these tips.
Are you a stay-at-home parent?
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