stay at home parent

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6 Tips to Manage Your Finances With a Stay-at-Home Parent

The decision for one parent to stay home can cause tremendous heartburn. Many feel strongly about staying home with kids, but don’t know if they can make it work financially. However, with careful planning and a keen eye on the budget, having one stay-at-home parent can work for many families. According to Amy, a stay-at-home mom in the Midwest, the key to managing finances when one parent stays home is open communication and a solid budget. These six tips will help you shore up your budget and manage your finances when one parent stays home. Include Activities in the Monthly Budget When budgeting, leave wiggle room for outings and extracurricular activities. Becoming a stay-at-home parent doesn’t literally mean saying at home. Account for the memberships, entrance fees and supplies you’ll need to create an engaging and fun schedule for your family. You don’t have to break the bank. There are…

Stay-at-Home Parents Need Life Insurance Too

Stay-at-home parents deserve a great big round of applause. From chauffeur to cook, counselor to bookkeeper, they wear many hats. The 16th annual Mom Salary Survey by Salary.com showed moms could hold 20 titles and work more than 90 hours a week as a stay-at-home spouse. While a stay-at-home parent doesn’t see a paycheck roll in each month, their financial contribution to the family is significant. Salary.com calculated the typical stay-at-home mom in the U.S. would earn a salary of $143,102. A handy calculator makes it easy for anyone to determine their stay-at-home paycheck. While Salary.com’s survey may have focused on moms, the role of stay-at-home parent falls to men and women alike. A growing number of dads are choosing to stay home with the kids, while their wives take on the role of sole breadwinner. So how does an individual’s employment status correlate to their need for life insurance? The…

The Childcare Choice: Costs and Benefits of Nannies and Daycares

When you have young children, choosing the best childcare situation – and figuring out how to pay for it – can be a major cause of stress. Some families choose to have a parent stay home while their kids are young, but many just can’t make the numbers work … or simply don’t want to. Whether you work because you have to, because you find it fulfilling or because you want to continue contributing to longer-term financial and career goals, you’re faced with the decision of finding a childcare situation that makes the most sense for your family. According to the Care Index, a significant portion of a family’s pay with children under 18 goes to childcare. Nationally, “the cost of full-time care in child care centers is 85 percent of the monthly U.S. median cost of rent.” In four states, the average cost is more than the average cost…

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