Now it’s time to talk this over with your spouse and decide on a timeline. When Allison stops working, she saves $2,232 in child care costs for her two children. These represent the Amount Remaining After Work-Related Expenses are subtracted. You might need to build savings, pay down debt to save on monthly payments, or make some significant lifestyle changes. Whatever you do, don’t make the mistake of looking at staying home as a yes or no question. (This isn’t a yes or no question!). You can never be replaced. There is a special section in the spreadsheet to help you calculate commute-related transportation expenses. For many stay at home moms, that is the case. Or they simply show you how much you stand to lose, financially speaking, by staying at home. The calculator uses a variety of factors (gender, current age, salary, age when you started working full-time, age you plan to take time off for caregiving and years planned to be out of the labor force) to determine how much you'd lose, down to the dollar. Life Happens, a nonprofit life insurance awareness company, provides a free calculator. On the other hand, if the number is positive and the cell turns red, you need to find a way to boost your family’s income. The calculator will then give you an idea of what each situation looks like, financially. Whichever the case, I hope you’ll be enjoying more time with your little ones in the very near future. Most insurance experts recommend, in general, you multiply your annual salary by 10. Balance tip: Me-time is important to any parent. Six figures, according to a new survey. Simply enter the total number of miles you commute daily, and the cost will be calculated for you. In fact, in their most recent report (2014), salary.com concluded that a Stay-At-Home Mom works, on average, 94 hours per week and has the earning potential of $118,905. Or leave a couple of hours early to be able to pick up your kiddos and have some fun together before jumping into homework and dinner? As mentioned, I’ve been a full-time stay-at-home mom since my first son was born 14 years ago. It might be parking fees or dry cleaning costs — even the impulse purchases you make because you’re dead tired from your nine to five and not in the best frame of mind. However, if something were to happen to you, the financial impact to your family could be devastating. Calculate pay for an incomplete month of work For monthly-rated full-time employees to calculate your salary for an incomplete month of work. When you become a member of the Affording Motherhood community, you’ll get the info and inspiration you need to budget successfully – so you can spend more time with your family. Plus you’ll get my free mini-course, “6 Budget Myths that Keep You Stuck (and what to do instead).”, Serving you online and in the Coeur d’Alene – Spokane area, 2600A East Seltice #123 Post Falls, Idaho 83854. It's okay to leave it at the assumed value if you are not sure. You may love being a stay-at-home mom, but there will be times when you wish you could steal some moments for yourself. Again, I’ve included some averages to get you started. Single Moms - 4 Reasons Why It's Extra Important You Get Life Insurance, Life Insurance Calculator for Stay At Home Moms (SAHMs). Business. My husband and I didn’t want our kids in daycare and my husband made a good living so it worked for me to stay home. For about a dollar a day, a healthy 30 year old mom, can receive $500,000 in coverage. Or the results might show that you need some supplemental income to come out ahead as a stay at home mom. 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