Hi everyone. I've been a lurker on these boards for awhile, but this is my first time posting. Right now I'm a working mom of two. I run a family business. Currently my DH is out of work because of an illness, but should be able to return within the next couple months. I would really like to be a stay at home mom because I feel like I'm missing out on my kids lives. I'm really having a hard time with this partly because my family is all about money and success, and secondly because I feel that if I leave this job I won't be able to make what I make anywhere else if I ever needed to. My current salary is $4,000 a month. So take a look at our would be budget once DH returns to work..

Take home Pay: We don't know if it's going to be $7000 or $8000

Expenses:

House 2,000
Electricity 150
Water 50
Gas 400
Groceries 400
Tithe 800
Trash 15
Cable Internet & Phone 150
Cell Phones 85
Car Insurance 150

Total: $4,200

Right now we have a car payment and one small credit card bill, but I would pay that off before I quit. I guess I'm just scared to leave the security of a once in a lifetime job behind. Oh I forgot to mention that we also have goals to be financially independent within the next 10 years or so and we figure we should be able to accomplish them by saving at least $25,000 a year. That is very important to us because DH's job isn't ideal. So what do you think, should I take the plunge?

Welcome to mommysavers!! I don't have much financial advice for you, i'm sorry. but i just wanted to say we are glad you decided to join us here at mommysavers!!

Hi and welcome to Mommysavers. We're glad you joined us.

My advice would be to

a) Pay off the credit card.
b) Pay off the car.
c) and then take the plunge if your husband's illness is temporary (not cancer, mental health related, or something that recurs)

Your kids are only young once and you have a desire to be home with them. The numbers you gave are reasonable and you have extra if you need to change your goals slightly (ie pay off $20,000 a year and have $5000 extra margin in your budget for extras).

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Welcome! I have a lot to say so I'll really try to be brief. This all depends on the ages of your children, as well as the ability of your husband to return to work. Then look at the work, is it dependable....steady, will it be there or is there any possibility of a lay off in the future (I'm saying this because of the economy, current recession and the general instability of the market today). Also, do you have at least 6-9 months of emergency savings built up, just in case? I personally have a lot saved and I [i]still[i]get nervous. Is there any way you can cut back your time in the business and do it part time...with help from family or someone you hire? I don't see anything on your list for clothing, misc (gifts, trips, just stuff that happens), medicine (or health insurance), taxes. I can completely understand your desire to be with your children, and since you want to, you can make it happen. Just make sure you outline everything. Add in things that happen (washer breaking, new fridge, etc). Once (or if) the kids are in school, there are other expenses (for school, sports, field trips, etc), things people forget about. Good luck in your plans!

I agree with everything she said.

I was also thinking .. make sure you have wills and 20 yr term life insurance to cover his lost salary, just in case, before making the plunge.

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Look aroung for another cable, internet, phone option. Sometimes they are only $99. Can you get on a budget for your gas company? Shop around for the best deals with food shopping. Pay off any credit cards. The interest is a killer. Are you putting money away for a rainy day? Pay off any old bills. I am reading a book on all this. Welcome to Mommysavers.

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I see that you tithe, so I am going to give you my advice that helped us when making this decision:

God will provide! Be a good steward of what he gives you and pray about your decision. When I quit working, we were way worse off than you would be, and now almost 7 years later, we are doing great and I am SO thankful that I am home with my boys. You can always make money, but life is short and you cant get back these years with your kids.

Good luck with whatever decision you make!