- There's a lot to consider before deciding to pursue stay-at-home parenthood, including things like how you'll keep saving for your financial goals, afford healthcare, and keep saving for retirement.
- A family that can afford it will have an emergency fund, income left over each month after paying the bills, a low debt-to-income ratio, and an understanding of their potential childcare costs compared to lost income.
- Read more personal finance coverage.
People choose to be stay-at-home parents for different reasons.
Maybe childcare is prohibitively expensive. Maybe you don't like the idea of sending your child to daycare. Maybe you run the numbers and find that childcare is essentially the price of one person's salary. Maybe your child has special needs that require more than a caregiver can do.
Whatever your reason for considering stay-at-home parenthood, going from two incomes to one is bound to be a change. As you start to consider whether or not it's right for your family, consider the following signs you can afford to be stay-at-home parent: