Transitioning to the role of a stay-at-home mom can be filled with emotion, practical considerations, and potentially significant lifestyle adjustments. The idea of leaving behind a career or professional identity to focus on raising children full-time is  both daunting and deeply fulfilling. Whether it’s a lifelong dream or a recent consideration, the path to becoming a stay-at-home mom is a unique journey. Months back, before I actually made the leap, I wondered if we could do it financially. Here are some of my best tips on how our family is making it work on one modest income. We’ll explore practical strategies, budgeting tips, and mindset shifts. I want to empower you wherever you are on your journey as a stay-at-home-mom. 

I’m Holly, a stay at home to two awesome, very busy boys. I left my dream job in January, deciding not to return to work after my maternity leave was over. The decision was difficult to make, but also so easy. I was feeling quite torn. If this is you, I’m hoping that I can shed some light on how our family makes the financial side of things work. I also hope to ease your fears – you CAN do this. When I first started thinking about leaving my job and becoming a stay-at-home-mom, I googled to find out how people could swing it financially. I remember reading blog after blog feeling fairly defeated because it seemed like these moms had always wanted it to be this way and had planned it for years. Deep down I feel like I really did always dream about being a SAHM, but the financial realities always held me back.

People gave tips like pretend you’re already living on one income for a year while you’re still working and bank the extra money. While this isn’t bad advice, it really stressed me out because I hadn’t prepared that much in advance. Did this make me a terrible mom? I knew deep down that I wanted to stay at home with my kids, but I never dreamed that we could make it work financially. If this is sounding familiar, know that you’re not alone and know that you don’t have to have guilt over wanting to go back to work or wanting to stay at home with your kids. Moms have enough pressure to face from the outside world. We don’t need it from ourselves too. Go easy on yourself, Mama.

These next practical strategies are things you can start right now, today that can help you on your way. The main takeaway for our family was this: money will come and go, but our children will only be young once. I haven’t regretted my choice of staying at home for a second, even though I loved my job, even though some days at home are really hard. I know I will look back on these years (tantrums and all) and know that these were the best years of my life.

Practical Strategies For Becoming A Stay-At-Home-Mom On One Income

Create a budget

Start by assessing your current financial situation and creating a detailed budget that outlines your monthly income and expenses. Identify areas where you can cut back or adjust spending to live within your means. The key here is to create a realistic budget. To do that, you’ll need to understand your family’s financial situation and finding a balance between income and expenses. Here’s how you can approach it:

1. 1. Start with Income: Take stock of all the money coming into your household. This includes your partner’s salary, any side hustle income you might have, and any other sources of income like investments or rental properties. Make sure to account for taxes and deductions so you have a clear picture of what you’re working with.
   2. Track Your Expenses: Next, it’s time to get down to the nitty-gritty of where your money is going. Track your expenses for at least a month to see exactly how much you’re spending and where. This means everything from bills and groceries to dining out and entertainment. There are plenty of apps and tools available to help make this process easier.
   3. Differentiate Between Needs and Wants: Once you have a handle on your expenses, categorize them into needs and wants. Needs are things like rent or mortgage, utilities, groceries, and insurance – basically, the essentials for daily living. Wants are more discretionary spending, like eating out, subscription services, or shopping for non-essential items.
   4. Set Realistic Goals: With a clear understanding of your income and expenses, you can start setting realistic financial goals. These might include saving for emergencies, paying off debt, or saving for big-ticket items like a vacation or a down payment on a house. Prioritize your goals based on what’s most important to your family. If you’re not in a financial space to do any saving right now, don’t panic. We’ll talk more in the maximizing income on how to make this work.
   5. Budget for Irregular Expenses: Don’t forget about those irregular expenses that tend to sneak up on you – things like car maintenance, medical bills, or holiday gifts. Set aside money each month in a separate fund so you’re not caught off guard when these expenses arise.
   6. Be Flexible and Adjust as Needed: Remember, your budget isn’t set in stone. Life happens, and unexpected expenses can throw a wrench in even the best-laid plans. Be flexible and willing to adjust your budget as needed to accommodate changes in your financial situation or priorities.
   7. Review Regularly: Finally, make it a habit to review your budget regularly – ideally, at least once a month. This will help you stay on track with your goals and make any necessary adjustments along the way.

Reduce Expenses

Now that you’ve got a budget to work with and you know where your money is going, start by trying to trim that back. Dining out less frequently, cancelling unused subscriptions or memberships, and finding ways to save on utilities, groceries, and other essentials are fantastic ways to save money. I do a deeper dive on how to do that here.

Spending a lot during holidays and special occasions? Try thrifting! My kids do not get brand new toys from us. I pick up things at Value Village as I see them and put them away. I also grab whatever I can on Facebook Marketplace. We do not go overboard on Holidays. This saves us from having huge bills in January.

Love having a home that looks beautiful? Me too! I’ve learned how to do a ton of stuff by myself over the years which has saved a lot. Something as simple as spray painting candle sticks from the thrift store can give them new life. Most of our lamps are spray painted saves from the thrift store and I love that they are unique. If I get tired of the colour, giving them a new spray instantly makes them new again.

Maximize Income

Explore ways to maximize your household’s income on a single salary. This could involve seeking out opportunities for freelance work or side hustles, or finding ways to monetize your skills or hobbies from home. There are tons of side hustle options out there that can get you extra income every month. I review a bunch on my blog you can check out.

Once I discovered that there were things that I could do from home whenever I have spare time has been huge. I’m able to be creative and feel like like I’m actually using my brain again. While I’m still in the “under construction” phase of my hustles, I have learned so much in just a few months. I’m currently trying Etsy but I have lots to learn. Learning is a process. Give yourself grace!

Live below your means

Again, I’m going to preach about the beauty in embracing a frugal lifestyle. When you make a habit of prioritizing needs over wants, it gets easier and easier to save every month. Focus on spending money intentionally on items that add value to your life. Consider alternative ways to meet your family’s needs, such as buying second-hand or borrowing instead of buying new.

I worked at a retail store for years during and after high school. Impulse buying when I saw a good deal was something I did often because I was surrounded by products every day. Now, I do not go to the mall for fun because it can be tempting to treat yourself when you’re there. If you do see something you REALLY want, try the 24 hour rule. Leave it, go home and think about it for a day. If you still feel a strong pull to the item after that time, get it if it is within your budget. If not, it wasn’t meant to be and something better will come along.

Living frugally gives us the freedom to live debt free and helps put money in the bank. That way, when there is something that comes up, we’re not super stressed or living pay check to pay check. I would much rather have this piece of mind than having the newest flashiest thing.

Meal planning and batch cooking

Planning your meals in advance and preparing larger batches of food will not only save you time, but it will also save you money on groceries. Win/win! I look for budget-friendly recipes (tuna and lentils are my go-to proteins!) and do meal prep to minimize food waste and make mealtimes easier. With two littles running around, having quick, healthy, cheap meals that I can make or heat up has been huge.

Spending a lot of money on groceries? Creating a weekly meal plan and a shopping list will chop that down for you. Check out the flyers before creating that meal plan to save even more. I live in Canada and the cost of buying most fruits and veggies in the winter is HIGH. I buy frozen when I can. If something is on sale that can be frozen, I grab a few and stock up. We are a family of four and our grocery bill is about $150 per week just by being really mindful about what we’re buying and having a plan.

Batch cooking and meal prep is great to also save you on those nights where you’d rather eat nails than cook supper again. I get it. On those nights in the past, we’d order a pizza or grab takeout. Now, I can just grab something from the freezer to heat up. It’s healthier and way cheaper.

Downsize or simplify

Evaluate your housing and transportation expenses to see if downsizing or simplifying your lifestyle is feasible. Consider moving to a more affordable home or area, downsizing to a single vehicle, or exploring alternative transportation options like public transit or biking. My husband works from home and it didn’t make sense to have two cars sitting in the yard every day. By downsizing to one, we made money that we could put into our savings and also save on insurance payments every month.

Remember, this downsizing does not have to be permanent. My mindset is that a few years of frugal living will set us up for better stability in the future.

Time to make it happen!

To the mom who dreams of embracing the role of a stay-at-home mom, know that your desire for a more fulfilling family life is both valid and achievable. You CAN make this happen with a little planning and sacrifice. I promise you, it has been 100% worth it for our family. By prioritizing your family’s needs, embracing frugal living practices, and staying focused on your goals, you can create a nurturing and supportive home environment while maintaining financial stability. Trust in your ability to adapt, grow, and thrive in this new chapter of your life, and know that the rewards of being present for your children and building lasting memories together are well worth the sacrifices along the way. Embrace this opportunity with confidence, knowing that you have the strength and resilience to succeed as a loving and dedicated stay-at-home mom.

I’d love to hear from you wherever you are in your journey of motherhood. Please let me know if you’ve tried any of these strategies or if you’re still not sure if you can do it. We’re in this together! For more practical tips on how to save, earn, and flourish in your role as a mom, join the community! I’d love to have you.