Are you a stay-at-home parent or want to be? Good news! While you may not be earning and income, chances are you are saving a ton of money. Here is how.
Child Care Fees
Let us start with the obvious, child care fees. If you aren’t staying home with your children, you will probably need to pay for child care. The cost of child care can be high, sometimes wiping out any income you are gaining by working. Obviously this depends on your position and income level, but it is the first expense you should allow for in your budget.
Clothing
Working outside the home generally means a work wardrobe. As a stay-at-home parent, you can often get away with a much smaller clothing allowance, and that clothing can often last longer. I’m not saying that a stay-at-home-parent should be a slob, but easy wear clothing is in general less expensive compared to clothing needed for meetings, presentation and promotion.
Transportation
In this age of high gas costs, the expense of transportation to work is another cost to consider. Unless you can walk or bike to work, you will have to spend money to get there. The cost of maintaining a second car, if you currently only need one, can be an expensive proposition.
Food Costs
By being at home, you can avoid the costs of eating out at work. In fact, if you want to increase your savings, you can prepare lunches for a working partner and for school-aged children. You may also have time for menu planning, shopping grocery sales, cutting coupons and cooking from scratch, all strategies that can have a large impact on the amount of money that you spend.
Do It Yourself Tasks
One way to save while you are at home is on do-it-yourself tasks. This can be anything from mowing the lawn to designing a room in your home. Typical fees that can be saved include lawn maintenance, minor home repair, preschool or private school instruction, and cleaning services.