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This is another guest post from Joe Plemon from Plemon Financial Coaching. Joe is the Money Columnist for The Southern Illinoisan.
Q: We are expecting our first child in six months and are wondering if we can afford for my wife to quit work and be a stay at home mom. Can you help us think through this decision?
A: You are wise to be considering the financial ramifications of this change. Failure to do so could create huge debt and huge problems for you. Here’s what you need to do:
1. Prepare a Working Budget
The first thing you will need to do is prepare a working budget with life as it is today. Then, subtract her salary to see if you can continue your current lifestyle on your salary alone. If you are like most couples, you won’t be able to. However, don’t despair. Once you know how much your negative shortfall is, you will also know exactly what you need to do to make it on one salary. Here are some tips: […]
