Now a days a Parent stay back to look after the kids as a stay-at-home mother and a homemaker! In such cases only one Parents earnings has to be managed for the household expenses. Where savings and be able to spend within the earnings is important!. Below are some tips to help this,
• Daycare. It costs more than $2,000 a month for a kid to be put into a day care. If you have more than one kid, you save that multiple amount by one Parent stay at home. Also can look after neighbours kids and can earn by staying at home.
• Diapers. Disposable diapers cost a lot. Use Cloth diapers instead, by which you can save a lot of money each month.
• Fuel Charges. You can save on Fuel charges as one person is not going to work and back. The partner who work can arrangement to have carpooling when possible. By this you can save half of you’re Gas budget!
• Tax Saving. Can save by way of one Parent staying at home.You will be getting a Tax exemption/ Credit for the small one. Also as there is only one income there will be less earnings than previous from two working people, hence lower the Tax burden.