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 earns $80,000 a year, plus a bonus of $5,000 to $6,000. Our rent is approximately $900 a month, and we have three children. We don’t pay the water bill, and his company covers his phone and bill. We take a vacation every two years, and his car is paid off, with his student loans nearly paid off as well. I lease my car for $300 a month, and my old car is driven by my daughter. While we do spend a fair amount, it’s generally on affordable items. For instance, my daughter recently received a phone that cost around $970 as a combined birthday and Christmas gift, but she plans to buy her next phone herself. Overall, I would say we live comfortably with no significant debts. We have $30,000 saved for retirement and $10,000 in savings. We reside in a town in Wisconsin. Given our financial situation, should I consider getting a job to contribute, or are we stable enough for me to continue staying home to care for my toddler?

Anonymous · 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.

Anonymous · 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.

Zella Bode · Answer

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

Anonymous · 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.

Anonymous · 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.

Daron Rolfson · Answer

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

Mr. Damon Heaney

are we stable enough for me to stay home?

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