How to afford to be a Stay at home mom?

[migirl]

Re: How to afford to be a Stay at home mom?

"Live like a doctor now, live like a student later. Live like a student now, live like a doctor later."

I can't figure out what this means. :huh:

[Auspicious]

Re: How to afford to be a Stay at home mom?

"Live like a doctor now, live like a student later. Live like a student now, live like a doctor later."

I can't figure out what this means. :huh:

I think it's "[If you] Live [extravagantly] like a doctor now, [you'll be forced to] live like a student later. [If you] Live [frugally] like a student now, [you'll be able to afford to] live like a doctor later."

[MathMum]

Re: How to afford to be a Stay at home mom?



It means you shouldn't live beyond your means. In otherwords, if you make sacrafices now (like eating in instead of going out all the time) you'll be able to have fun and enjoy life when you have a salary, instead of paying off twice the loans .

Basically, live frugally and don't charge it just because you can.

Sorry, I thought the quote was pretty self explanitory. :huh:

[MathMum]

Re: How to afford to be a Stay at home mom?

Julie we must have been posting at the same time, lol.

Re: How to afford to be a Stay at home mom?

How we did it: Had enough kids, one after the other, to make it so I would have to pay to work outside the home. Seriously, I can't make enough money to cover daycare costs for three kids under age two.

Our first year of med school was HARD when it came to money. I was working, but I also had thought I was pregnant when I took the job, so it was supposed to be a "temporary" situation, and it didn't bring in much money at all. What we should have done, IMO, is take out as much in loans as we could. But DH hates loans with a passion, so we took out minimal amounts and pinched pennies mercilessly. Wal-Mart shopping took twice as long as it should have, just because I would stand in front of the aisles, literally with a calculator in my hand to find the cheapest product per ounce, etc.

One thing we did do was take out a loan for working in a rural area after DH was done. Maybe your state has something like this for dentistry. Basically, DH had to go into a primary care specialty and repay the loan after residency by working in an underserved area in the state. As it turned out, DH decided not to go into one of those specialties after all, so we are now paying big-time interest on that loan. But we're more able to pay it back at this point anyway.

I ended up working for six of DH's 8+ years of training. By that time, he was bringing in enough money (moonlighting) for me to stay home comfortably, and we had our first child (twins). I would have endured just about anything to be in your shoes and stay home to raise my kids earlier, though.

Best wishes! Tutoring sounds like a great option!

[Rapunzel]

Re: How to afford to be a Stay at home mom?

How we did it: Had enough kids, one after the other, to make it so I would have to pay to work outside the home. Seriously, I can't make enough money to cover daycare costs for three kids under age two.

You can almost say that's what we did, too.

By the time medical school was over we had three children with a fourth on the way (I was pregnant at his graduation).

And, by the time residency was over we had five children.

Now training is finally over! And, we have six kiddos.