How to save money as a stay-at-home parent

Category: Personal Finances

Mother and son playing with blocks

Quitting your job to take care of your child can be more than just a rewarding experience—it can also help you save money. Although you’ll have one less salary in your household, you have to calculate the costs of childcare. For many families, it might not be worth keeping your job after you factor in the costs of childcare, and it allows you to stay at home and take care of your kids. Even though there can still be a strain on a household budget after a parent decides to stay home, there are other ways to save money that you might not even think of, especially if you’ve been working for many years and you’re set in your ways. To help make up for that lack of income, try some of the following tips, which can help you save money as a stay-at-home parent:


Preparing all or most of your meals at home can save you a lot of money, and now that you’ll be at a stay-at-home parent, it will be easier than ever to eat at home during the day. If you’re accustomed to getting take-out or ordering in, it could be difficult to break this habit immediately and you might still be tempted to leave the house for lunch or to have food delivered. Take the opportunity to cook all of your food at home and you can eventually notice a substantial savings.


If you’re paying for a car that you won’t be using for a daily commute anymore, evaluate your need for it. Even if your car is paid in full and you aren’t making monthly car payments, there are still other expenses to consider, such as insurance payments, gas costs, maintenance, and so on. Getting rid of your car can free up a lot of your money, and it could be easy to do if you have other transportation options. If you’ll only need a car once in a while, consider joining a car share service instead. If you live in a city with a great public transportation system, take advantage of it. And if you can walk or ride your bike to the places you need to get to, it’s not only a free way to get around, but it’s a good way to get in some exercise.

Cut your shopping budget

You may be used to spending a certain amount of money on things you need for work, such as clothing. Now that you’ll be at home a lot of the time, restructure your budget and consider your new lifestyle. It may take some time getting used to, but by adjusting your shopping budget or completely cutting out what you know you won’t need to buy anymore, you’ll save money.

Sell things you don’t need

In addition to cutting down on what you buy, go through your belongings and determine what you really don’t need anymore as a stay-at-home parent. For example, if you have a closet full of suits that you used to wear to the office, consider selling some of them and making some extra cash.


Do you need extra money to take care of expenses and bills? At Peachtree Financial Solutions, we help people by purchasing annuity payments and getting them their money sooner. If you’d like to learn more about how you can sell some or all of your future annuity payments, contact Peachtree Financial Solutions today.

Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

Tags: cars, childcare, commuting, food, shopping, transportation

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