I agree with your DH 100% that a long-term hit to your financial well-being likely isn't worth it. And I say this as someone who would love to be home full-time.

One option is the good one that PPs suggested - starting 1 October adjust your budget and live on one salary for six months.

I didn't quit but did go to part-time. We had our financial advisor run the numbers regarding what it meant to us day-to-day as well as the long-term outcome in terms of retirement and college savings. He gave us the thumbs up before I dialed back my hours.

Anonymous wrote:No, we did not have to reduce savings for me to stay home. DH's income doubled and then trippled in the years after I left my job and started managing everything at home so he could travel and rapidly be promoted in a high-paying private sector field.

It would make me very nervous to stay at home in your situation.

LOL.

No, we did not have to reduce savings for me to stay home. DH's income doubled and then trippled in the years after I left my job and started managing everything at home so he could travel and rapidly be promoted in a high-paying private sector field.

It would make me very nervous to stay at home in your situation.

We put my entire salary into a savings account for six months and solely lived off DH's income. When that went smoothly plus had a decent chunk left over, we knew we'd be fine.

When my husband and I got married, I was finishing up a PhD program. While enrolled, I had fellowships to cover tuition and some living expenses. We saved any extra money that I earned through part time jobs and lived off of his salary for 4 years. We have no debt except for some low interest student loans and our mortgage. He doesn't make a lot for this area, but we've just gotten really disciplined about how we spend our money. I'm now a stay at home mom, but I work part time in my field (at night and one some weekends when my husband can be home with the kids) and everything I make goes into our kids' college funds. We have a pretty simple lifestyle. How we live isn't for a lot of people, but we're comfortable. Day care costs would have eaten up my salary anyhow.

If you can't go back to your current career after leaving and if DH's income alone won't cover enough savings (or if his job is not secure), you need to a plan for what your next job will be once the kids are in school, and you might need to start preparing for it while SAHMing. I think staying in your current field part time would be much better if at all feasible, but if you're going to jump ship, you need a long-term plan since it doesn't sound like your family can make it on one income indefinitely.

I think having one parent staying at home is the best thing for a lot of families, but I would not do so in the scenario you describe. Staying at home is for rich people (of which I am not one, so I work).

If your DH is not 100% on board, don't do it. This isn't the lifestyle change you should talk someone into. They need to decide it's right for themselves.

If once you leave your job, you can't go back, what would you do if you HAD to enter the workforce again? DH loses his job, something happens and he's no longer able to work, etc.
do you have enough savings to cover a major medical or otherwise catastrophic event?

Could you work part-time? I work 60% and am able to contribute fully to my 401k, and get health benefits.

What type of career is such that if you take time off, you're out completely? What happens if someone is ill and can't work for a period of time in your field?

Anonymous wrote:I would try and live on the working person's salary for 6 months. Then ask yourself if you like the lifestyle.

This is a really good idea. And while you do this, put all the money you are saving into the 529s, so you have a jump start in them if you do decide to stay home.

I would try and live on the working person's salary for 6 months. Then ask yourself if you like the lifestyle.

I think it's incredibly short-sighted not to fund college and reduce your household income, especially knowing you likely wouldn't be able to re-enter the workforce. Your DH is right.

I would LOVE to stay at home but it would require we quit the kids 529 plans and reduce our other savings outside of our 401K plans (which we both max out). My DH doesn't think doing those things in order for me to stay at home is the fiscally prudent decision. FWIW, staying at home for a few years and then reentering the work force would not be an option given my career. Once you are out, you are out.

So I guess my question is did you have to reduce savings in order to stay home? Or did you only decide to stay at home after making sure your savings goals could still be met?