Budget impact of stay-at-home parents

If you want to do it, but can’t afford it, there might be a few places where you can cut costs:

  • Membership fees: Cancel memberships you don’t use or that you can replace with something which won’t cost you money. For example, a gym membership can be replaced by a home training plan that includes playing with the kids, skipping, and jumping on the trampoline.
  • Subscriptions: Subscriptions to magazines can be expensive and can be replaced by a library membership. This can give you and the children the opportunity to visit the local library and read different types of books and magazines. 
  • Paid television: Cancel your paid television. This will save you money and help you cut down the family’s television time. 
  • Phone bills: Keep a close eye on phone and internet bills and set a limit if you struggle to keep the bill within your budget. 
  • Make use of promotional days at the hairdresser or at restaurants when you want to go out for dinner.
  • Be careful of how much small things like a cappuccino every day costs. 
  • Domestic worker or gardener: These are luxuries that can be cut back on if you need some more places to save.

Things you will save on when not working:

  • Petrol
  • Parking
  • Bus or train fares
  • Work clothes and dry cleaning
  • Child care, nanny or driver

If you can’t afford to stop working altogether try to negotiate flexible working hours or a part-time job from your employer. You can work mornings when the kids are at school and have the evenings free when they get home to help with homework and take them to extra-murals.