are we stable enough for me to stay home?

Question

Here’s a quick summary. I’m a stay at home mom and my husband makes 80k a year (plus a 5-6k bonus). Rent is roughly 900$ a month, we have three kids. We don’t pay the water bill and his company pays for HIS phone and bill. We take a vacation every 2 years, his car is payed off and his student loans almost as well. We lease my car for 300$ a month ad my old car my daughter drives. We do spend a lot, nothing too expensive. My daughter just got a phone (cost around 970$) but it was a birthday +Christmas gift and she plans to buy her next phone herself (most expensive thing we bought this year). I’d say we live comfortably, no big debts. We have 30k for retirement and 10k in savings. We live in a town in Wisconsin. Should I get a job to help out or are we stable enough for me to stay home and take areof my toddler?

Jakob Littel · Accepted Answer

HE makes enough money for you to stay home. Based on your COMPLETE lack of information regarding STABILITY, I suspect you are not stable enough for that choice to matter.

Jakob Littel · Answer

To me, the question of having a parent stay home usually boils down to a basic cost/benefit equation. Is the cost of you working outweighed by the benefit of you working? For example, child care is super expensive unless a family member does it for free. If your job only pays, say, $15 an hour, you might actually LOSE money by going to work. It’s not just about stability. It’s also about the financial value that having a SAHP can bring.As far as other financial issues, I agree, your savings sounds pretty light. I also see some less than ideal financial situations. Leasing a car, for example. That’s $300 a month ($3600 a year) down the toilet and you don’t even get the benefit of owning the car when you’re done paying for it. When you say “we spend a lot, but nothing expensive,” it sounds like you might not have a household budget in place. If that’s the case, you’re long overdue. A good budget will help you figure out where the money’s going and how you can save better.

Jakob Littel · Answer

You are pretty light on savings for ra famile making 80K income

Jakob Littel · Answer

IMHO, if you were really stable, you’d be buying a house and not renting. Have you thought about getting a part-time job? Maybe you could provide child care to one or two children in your home.

Jakob Littel · Answer

You have go sit down & look at your budget, no where did you mention saving for your retirement, savings in case of a job loss or medical emergency.

Jakob Littel · Answer

I think you are doing well. You should be fine if you stay home.

Mr. Toni Zulauf Sr.

are we stable enough for me to stay home?

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