Making the decision to be a full-time stay at home mom can be difficult in many regards. While many moms truly feel it is in the best interest of their children and families to remain at home with their children, there is never the less the reality that it is difficult in today's society to make it on one income. Fortunately, there are several techniques you can follow that will make it easier for you, and your family to enjoy the benefits of being together, without breaking the bank.
When the decision has been made for a mom to stay at home, one of the first tasks that should be handled is to call a family meeting. It is imperative that every family member, regardless of age, understand that in order for mom to stay at home, some changes must be made. This is a great way to begin teaching children the value of money.
Another important step in making the transition to being a stay at home mom, is to sit down and consider possibilities where you can possibly save money. There are actually a lot more than you may originally think! First, let's take a look at some of the big ticket items that you may be able to work with in order to begin trimming the family budget. If you own your own home, consider whether it would be possible to refinance it in order to shave some off your monthly mortgage.
Two simple ways that you can save with this technique are to refinance at a lower interest rate and/or refinancing your mortgage in order to lengthen your terms; such as moving from a 20 year mortgage to a 30 year mortgage. In addition, if your family owns two vehicles, you may consider either selling the second vehicle or trading it for a vehicle that is less expensive. This can save you money in the monthly payment as well as maintenance and insurance fees. If your vehicle is a late model; however, you may be better off either keeping it or selling it outright in order to avoid being upside down on your note.
Many stay at home moms have also found they can save at least fifty dollars a month or more by cutting down on expenses that are not all-together necessary. Of course, this will vary from one situation to the next but possibilities you may be able to eliminate include satellite/cable television, cell phones (if not under contract) and optional telephone options such as call waiting, call forwarding, etc.
Making the decision to become a stay at home mom is also the perfect opportunity to begin exploring bargain shopping. You might very well be surprised at the great deals you can find at consignment shops, thrift stores and garage sales. In many cases, you can walk away with name brand clothing with tags still attached for a fraction of the original cost.
Finally, in order to shave some money off the family household budget, be sure to give some thought to items that you have traditionally spent money on but now may be able to either cut down or make yourself in order to save money. For example, instead of purchasing pre-packaged cookie mixes, dinner helpers and other types of foods that can eat up your grocery budget; make it a point to begin preparing more meals and snacks from scratch. Make it an adventure and you'll not only save some dough but have fun as well.
