How do you financially handle going from two to one income after a baby?

Question

My wife and I would love to start having kids, but we're not the type to jump into something without planning it out. Together, we do well enough to pay all the bills with a little left over every month. If she were to stop working after having a kid (which is the plan), I would need to be making a bunch more to accommodate that loss in income.

So, first question - after having a child, did you/spouse stop working entirely?

If you both continued working, how much were you spending on daycare, and did you spend almost as much as you were bringing in from working? We don't have family to watch the child, so we would need to pay someone.

Is there any 'kid-friendly' jobs that would get at least some income but the kid could be there, such as if she worked in a daycare or something?

Thanks, I appreciate any and all answers.

Answer 1

I'm pregnant and will stay home 3 months.My husband and I are saving money now for the months that we will only have his income coming in.  We hope to save at least $3000 for that time.

We have started looking into daycare for when I go back to work and it can run anywhere from $500 to $1000 a month just dependin on what type of care you choose.

I have heard of couples saving a lot before the baby and then the mother staying home; but they also had change their lifestyle.

Answer 2

I was able to stay home with 2 of my children and it is an adjustment when you are used to 2 incomes.  Since you're both planners, sit down and take a look at what you are spending on gas, lunches, clothes for work and any other expenses directly related to her working.  Then add at least $100 per week for the cost of infant day care (it may be more where you live so check out prices).  When my husband and I did the math, we figured the expenses vs. income ratio was too high.  I also figured that since I was staying home, sticking to the budget and finding ways to save money was my "job".  I became a major coupon clipper and would plan menus weekly based on grocery specials.  We stopped eating out except for maybe twice a month and my husband bown bagged it for lunch.  I did a lot of "shopping" for baby items at garage sales and resale shops.  Entertainment was free concerts in the park or a movie rental and microwave popcorn.  There are also ways your wife can make money from home - examples are child care for one or more children besides your own, working online, selling thru companies like Avon, Pampered Chef, Tupperware, etc.  If it is feasible for your wife to stay home, I highly recommend it.  I am so glad that I was able to be there for their first years.  It is worth more than any job could ever pay.

Answer 3

I was a stay at home mom until my kids were in school. We rarely ate out in restaurants, we had to buy store brand generics instead of name brand items. I drove cars my mom gave me when they were 10 years old. We never paid for babysitters, we always took the kids with us to friends' houses or had friends over. We rented videos instead of going to movies. Day care was out of the question for us, both financially and on general principle, we felt children should be raised by their parents. My brother and his wife did things differently, she worked nights, he worked days, one of them was always home.

Answer 4

You already have some good ideas. Like your wife working in a daycare so she can take the baby with her. She can also have a part time job.

After my first son was born, I did quit my job to be at home with him. He was going to be my only child. We had to pinch pennies but it was worth it to stay home with my son. He was hardly sick at all his first year. He was put in daycare when I went back to work when he was 17 mos. old. He was constantly sick but he got socialized with kids his age.

Hope this helps.

Answer 5

personaly i am going back to work after my baby is born, 2 or 3 days a week, and at NIGHT ONLY. this way there is no need for paying a sitter, as there is no point in working if you do pay one, and also, if she is a reasonable woman, she should have no problem doing htis for her family and kids. it is only 2-3 nights a week, i am going to do about 6-12 or so. and this is half of what i made fulltime and i am fine with it, untill he is old enough to be going to school. there shouldnt be an issue. so see if you can work out where she can work part time, and an opposite shift as you. sitters are wayyyy to expensive. average child care for someone full time is 400-500 a month just part time,  depending where you live, so obviously it is no different than just cutting to part time and working seperate shifts. honestly i dont want anyone caring for my baby anyways, i dont trust them. and everyone makes it work somehow. if you wait for the "right" time to have kids, you never will. also, because of this, i may be able to go to night school part time for something if i feel i want too. so it is great. blessings

Answer 6

I worked tons of overtime while i was pregnat to prepare for my 12 weeks off. I went back to work at 10 weeks, and then i would work nights 4-12AM  in medical records in a hospital while my husband was home. Got very old after a while no sleep, picking up baby at Grandmas. She could apply for a listed license for a home day care. Costs nothing to become listed with the state you are in. That way she can stay home, and make some money watching 2-3 kiddos. She would more than likely come out even than putting the baby in daycare and working full time. Infant daycare in our area is $184 weekly, Toddlers $145. Charge $125 week per kid and stay home and enjoy that baby!

Good Luck!