Stay At Home Parent and An Affordable Home

How To Be A Stay At Home Parent

It’s not often these days for one parent to have the ability to stay at home with the children. More often than not, the family can’t afford to do without the second income. That is because of the cost of living. The cost of a mortgage or rent, the utilities and incidentals, and the cost of food adds up. We all got to have a place to live and have food on the table.

Many parents would love to be able to stay home while their kids are young. They would love to be there to witness all the momentous events and occasions. Unfortunately, too many parents miss out on the “firsts”; watching them grow and learn.

More often than not, the parents have no idea how to make it happen. How one of them can afford to become a stay at home parent, so nothing changes and no one is content with life as it is.

What if I told you it is possible?

The first thing you need to do is determine what you can afford on one salary. Start with your biggest expense and work on the plan from there.

A mortgage on a large traditional house usually takes up a good chunk of take-home pay. Lowering your mortgage payment would go a long way to easing the demand on expenses.

Consider downsizing from a large house to a small or tiny house. You will be amazed at how that one decision creates a snowball effect to reduce most of the other expenses your household incurs.

A tiny house doesn’t have to be simple. There are many plans to choose from or you could design your own tiny house to suit your exact needs.

Think about it like this, a tiny house is equivalent to an affordable home.

• When you live in a small house, there is less square footage to heat and cool. That means considerably reduced utility costs.
• The cost of insurance would also be less.
• Your property tax would reduce because your house is not as large.
• Your cost of living is reduced therefore you don’t need as much income coming in.
• Also, you may also have more money to pay down and pay off any debts you may have.

In short, you save money with:

• A reduced or non-existent mortgage.
• Lower utility costs.
• Fewer insurance fees.
• Reduced property tax.

If you have owned your home for awhile, you may have enough equity in the house to buy a tiny house outright – meaning, no mortgage!

Also, when one parent stays at home instead of working, you’ll save money on:

• Transportation costs – fuel and parking expenses.
• Extras – breakfasts, lunches, coffee, gifts for co-workers, dining out or bringing home supper.
• Luxuries – cut back or eliminate things like a manicure, a pedicure, hair highlights, a massage, and the maximum amount of cell/text messaging minutes.
• Coupons – you could help cut the expenses of food and accessories by using coupons. One coupon on its own may not help much but when you add up all the pennies from all the coupons, it can add up to considerable savings.
• Childcare – Childcare is expensive. Probably at the top of your expenses list.

By reducing all these expenses, you will have eliminated a good portion (perhaps all) of the need for the second income.

Making adjustments to your expenses could mean the difference between following your dream of living in an affordable home and staying home with your kids or having two incomes and not enjoying life with your children while you can.

http://affordablehousingdesigns.com/the-latest/stay-at-home-parent-and-an-affordable-home/ Joanne