When someone is considering being a work at home mom, the question of finances is the first thing that comes up. Sure, they want to spend time with their children, and it would be great to be there for their family all the time – but is it really feasible? Can you really afford to give up that big paycheck and strike out on your own?
As a work at home mom, you will save a ton of money! Remember, there are several things you have to do to bring home that big paycheck, and not all of them involve the actual work itself.
By being a stay at home mom, you will save money on the wardrobe you would need to have for your former job. You might have dressed up to go to the office, or purchased uniforms that your job required. When you work from home, you will still need nice clothes for the occasional meeting from time to time, but if you choose to work in your pajamas, nobody is going to notice! You will save a fortune in wardrobe costs.
You will also save on transportation. If you were one of the lucky ones who used public transportation to get to your job, you will save the money of your train or bus fare. However, if you were like many people who commuted to work in their vehicles, imagine the money you could save by being a work at home mom! You will avoid high gas prices and car maintenance.
You might be able to save on a car payment and car insurance as well – do you really have to have a second car if you’re going to be working from home? It’s something to consider when you sit down to look at your finances and decide if you really can afford to be a work at home mom.
The biggest savings that comes with being a work at home mom is the savings in day care. You might choose to have your children home with you while you work, and if so, you have just saved a bundle! Besides that, you have the peace of mind of knowing that you are the one who takes care of your children day in and day out.
Finally, consider the tax breaks. You might actually get a deduction on your taxes! If you work from a home office, you might be able to claim it on your tax return. You can definitely claim your office supplies and tools of the trade, such as a dedicated computer for your business. Consult your tax advisor about just how much money you might be able to save.
Can you afford to be a stay at home mom? You probably can! Sit down and go over the finances with your family and decide what will work for you. You might be pleasantly surprised!
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