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If a woman wants to leave work and stay home there are a lot of financial things to take into account. The woman may make a salary, but pay for eating out more, professional clothing, child care.....what else financially would a woman have to take into account when deciding on whether or not to stay home. Have you transitioned to staying home? Where do you find you actually save money because you are home? What were some of the hidden financial costs of working?
Answer
I recently went from working full-time outside of the home to staying home with our almost 3 y.o son. Like everything else in life, it has its good and bad points.
You will probably save money by eating at home and shopping smarter. Pre-SAHM, I'd never have bothered clipping coupons - who had the time? These behaviors extend to larger purchases as well (I shopped around for a great price on our new garage door opener, for example), so it can add up.
If you wore business or business casual clothes to work, then there may be some slight savings. My experience was that I actually had to buy jeans, tees and sneakers - I only owned a few things for the weekends, not enough for the daily grind.
Commuting costs may decrease, too. My husband now hops the train, and my son and I walk nearly everywhere. This had made a big savings, and if it means we don't replace our car for an extra year or two, then that's some major bucks.
I also think that thinking about your budget simply leads to spending less money. And now that there's time to make better decisions, most of us do. I don't feel deprived if I can't have that sweater, for example, because the 15 sweaters I already have are neatly laundered and stored in the right place. Less chaos, more calm - it can't be bought! :)
There are a few areas, though, that might surprise you.
* We still pay for childcare. Now that our son is nearly 3, he needs time with other kids - more than he was getting in a once-weekly playgroup or story time at the library. Part-time nursery school can be expensive, but it's worth it.
* Now that you have time to take your kid to lessons, you might want to enroll in Gymboree or swimming ... even with a smaller kid. Some things are free or cheap, but that's not always the case. (My hockey-obsessed 3 y.o. wants ice skating lessons. Cha-ching.)
* Some women have also mentioned to me that they finally have the time to take on those projects around the house - planting a garden, painting the study - but realize that they're breaking the budget taking them on. Likewise, if you're a recreational shopper, watch out! It's an easy trap, especially when you have the time and the mall has that great kids' playspace in the center.
* When your primary role is caregiver, you'll need to budget in some bucks for luxuries - a latte, a movie, a pedicure. Taking care of yourself is important, especially when you've just taken on a 24/7 kind of job.
* Lastly, and this is the big one, you'll need to figure out how to save for retirement now that you don't have an income. In addition to looking at your monthly budget to see where you can make cuts, examine your long-term financial position. If you're not saving for retirement at all, now's the time to start. And if you're saving through automatic payroll deduction, you'll need to figure out how to replace those dollars.
I recently went from working full-time outside of the home to staying home with our almost 3 y.o son. Like everything else in life, it has its good and bad points.
You will probably save money by eating at home and shopping smarter. Pre-SAHM, I'd never have bothered clipping coupons - who had the time? These behaviors extend to larger purchases as well (I shopped around for a great price on our new garage door opener, for example), so it can add up.
If you wore business or business casual clothes to work, then there may be some slight savings. My experience was that I actually had to buy jeans, tees and sneakers - I only owned a few things for the weekends, not enough for the daily grind.
Commuting costs may decrease, too. My husband now hops the train, and my son and I walk nearly everywhere. This had made a big savings, and if it means we don't replace our car for an extra year or two, then that's some major bucks.
I also think that thinking about your budget simply leads to spending less money. And now that there's time to make better decisions, most of us do. I don't feel deprived if I can't have that sweater, for example, because the 15 sweaters I already have are neatly laundered and stored in the right place. Less chaos, more calm - it can't be bought! :)
There are a few areas, though, that might surprise you.
* We still pay for childcare. Now that our son is nearly 3, he needs time with other kids - more than he was getting in a once-weekly playgroup or story time at the library. Part-time nursery school can be expensive, but it's worth it.
* Now that you have time to take your kid to lessons, you might want to enroll in Gymboree or swimming ... even with a smaller kid. Some things are free or cheap, but that's not always the case. (My hockey-obsessed 3 y.o. wants ice skating lessons. Cha-ching.)
* Some women have also mentioned to me that they finally have the time to take on those projects around the house - planting a garden, painting the study - but realize that they're breaking the budget taking them on. Likewise, if you're a recreational shopper, watch out! It's an easy trap, especially when you have the time and the mall has that great kids' playspace in the center.
* When your primary role is caregiver, you'll need to budget in some bucks for luxuries - a latte, a movie, a pedicure. Taking care of yourself is important, especially when you've just taken on a 24/7 kind of job.
* Lastly, and this is the big one, you'll need to figure out how to save for retirement now that you don't have an income. In addition to looking at your monthly budget to see where you can make cuts, examine your long-term financial position. If you're not saving for retirement at all, now's the time to start. And if you're saving through automatic payroll deduction, you'll need to figure out how to replace those dollars.
What will be a good woman watch for Valentine day present?
saalanghae
I'm looking to buy my wife a new watch for upcoming Valentines day. She already have few luxury watches (Omega w/ diamonds, Fendy, Gucci, Rolex SS.. etc). She is in mid 30s and don't like it too flashy. I'm somewhat interested in Technomarine Ceramique watch but open for anyother recommendations. What are popular brands nowadays anyway?
Thank you in advance.
Answer
She really want another watch? Since she had already had so many of it. I found some silver bracelets are really amazing. The one named "butterfly loves flowers forever" is best to express your love to your real soul mate at that special day.
She really want another watch? Since she had already had so many of it. I found some silver bracelets are really amazing. The one named "butterfly loves flowers forever" is best to express your love to your real soul mate at that special day.
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Title Post: What should a woman take into account financially when wanting to become a stay at home mother?
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Thanks For Coming To My Blog
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