Stay At Home Calculator: Can I Afford To Be a Stay At Home Mom or Dad? According to 2019 data from Salary.com, if you are a stay-at-home mom (or dad), and paid for your services, you would be looking at a median annual salary of $178,201. I know plenty of IT people who would justify their awesomeness by telling you all their qualifications and years of experience. She opens her mouth with wisdom, and the teaching of kindness is on her tongue. Simply enter the total number of miles you commute daily, and the cost will be calculated for you. How much is a stay-at-home mom worth? Finally, enter any additional costs you know you could cut once you’re home with a little extra time and energy. Again, I’ve included some averages to get you started. You will be able to fill in your spouse's (or partner's) income. And the result they give you is whether you can afford it or not (which in most cases, is not). Many expenses will drop to zero; others will be significantly reduced. 2014;32(3):443-467. Fortunately, calculators exist to help you decide on a dollar amount for a life insurance policy. Our value isn’t even determined by our kids or by other moms. Tagged: SAHM, stay at home mom, insurance, insurance happens, limra, calculator, term insurance policy, motherhood, money, What cannot be said will be wept. Remember, your transportation cost represents way more than just gas. You may love being a stay-at-home mom, but there will be times when you wish you could steal some moments for yourself. We would like to recognize both professional and stay-at-home Moms on their unwavering dedication to their families and other responsibilities. Match your mom job: Number of children: Pre-school age(0-5 yrs) School age(6-18 yrs) Type of Mom : Stay-at-Home: Working mom: Calculate: What about Dad? Next Step Resource: 77+ Ways to Save Money as a Stay at Home Mom. For the record, I’ve been both a stay-at-home Mom and a working parent. The ‘Stay at Home Mom Calculator‘ helps you assess how you can afford to be a stay at home mom. Required fields are marked *, Join the 15,313+ Affording Motherhood moms and get your free budgeting course: ‘6 Budget Myths that Keep You Stuck.’ 2. When all you want to do is be at home with your babies, those aren’t very satisfying results. Salary.com decided they would estimate the worth of a stay at home moms by looking at "a handful of jobs that reflect a day in the life of a Mom," in order to calculate what a stay-at-home mom would earn if she was paid fairly. No one decides to be a stay-at-home mom for the paycheck—but if we were to earn one, it would put us in league with some CEOs. My kids spend time after school and summers with my retired in laws. And this is exactly why I can't afford my wife being a Stay-At-Home Mom. The others will be automatically calculated for you. If the number is negative and the cell turns green, this means you would come out ahead by leaving your job. It's easy to use and works even if you aren't a wage-earner in your family. With this article, I go in-depth to calculate the costs and benefits of a stay-at-home parent by: Outlining the financial and lifestyle benefits. For many moms, this means working from home part-time to make up the difference. Strength and dignity are her clothing, and she laughs at the time to come. Interestingly, I’ve never taken the time to calculate the cost of that decision… until now! There is a special section in the spreadsheet to help you calculate commute-related transportation expenses. 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. As mentioned, I’ve been a full-time stay-at-home mom since my first son was born 14 years ago. Laundry operator — true. Put another way, this number is the amount of additional income you or your husband would need to bring in to allow you to stay at home without significantly changing your current financial situation. Use our stay at home calculator to find out if you could. How Becoming a Stay at Home Mom Saves Money, 77+ Ways to Save Money as a Stay at Home Mom, How to Start a Profitable Blog on a Budget, How this calculator is different (and more helpful) from others you might have seen, The steps to to use the Stay at Home Mom Calculator, step by step, How to use the results to create a plan for how you can make staying at home work for your family, Any other income or benefits you receive now, Any other funds withheld from your paycheck. Journal of Labor Economics. You can find the calculator here. These represent the Amount Remaining After Work-Related Expenses are subtracted. The Stay at Home Mom Calculator Plug in the costs and savings associated with being a working parent, then do the same for being a stay at home parent. In the meantime, you can look for ways to add greater flexibility to your schedule, whether at your current job or a new one. 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? The fields are already populated with amounts based on the national averages, so you can leave any of these you’re not sure about. Or your company has a long list of benefits that are tough to replace, including health insurance. Calculate average monthly earnings; Calculate medical leave wages Most insurance experts recommend, in general, you multiply your annual salary by 10. The wizard assigns an hourly rate to different types of “jobs” you do as a stay-at-home parent and then assigns them an hourly rate based on real salary data. Although it doesn't do much for the bank account, a survey that calculated what the average salary would be for a stay-at-home mom is mighty validating. Yet, the calculator seemed to be telling me I should be getting paid like a CEO. This calculator will help two-income households to determine the financial effects of transitioning to a one-income household. Give it a try at the link below. What is surprising to everyone except mothers is that amount was a whopping $162,581! Some questions are specific, such as your tax bracket. Bettinger E, Hægeland T, Rege M. Home with mom: The effects of stay-at-home parents on children’s long-run educational outcomes. I hear from moms all the time who even have teenagers, and they still want to be at home for them. However, for the most accurate results, grab your most recent pay stub. Calculate pay for work on a rest day Calculate your pay for working on a rest day. But I’ve got some great news: Just because you aren’t the primary breadwinner doesn’t mean you can’t save for retirement thanks to two magic words— 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. It's okay to leave it at the assumed value if you are not sure. Dream of quitting your job to stay home with the kids? That's a fraction of the cost of a daily latte! As a stay-at-home parent, you might think saving for retirement isn’t an option for you. To get started on an application, or to learn more about our process, click here. I guess that’s the point, and it’s also just a function of how it’s calculated. By now, I hope you have filled in the numbers to do your own analysis of your income and expenses as a stay at home mom versus as a working mom. According to the ATUS, married moms with full-time jobs spend 1.32 hours a day providing childcare. When you stay home, you get to be the one to care for your babies, and you don’t have to pay for daycare. Remember, an economist would calculate the marginal value (the additional value) of the childcare a stay-at-home mom provides by subtracting the amount of time working moms spend doing the same task. There’s a whole spectrum of scenarios that could give you more quality time with your kiddos. Next Step Resource: How Becoming a Stay at Home Mom Saves Money. You might need to build savings, pay down debt to save on monthly payments, or make some significant lifestyle changes. 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. If that’s you, take one step today toward filling in any gaps in your income. However, if something were to happen to you, the financial impact to your family could be devastating. Jeynes H. A meta-analysis: The effects of parental involvement on minority children’s academic achievement. Batman or Carol Brady? Advertisement. I was a stay at home mom while my children were young. Here's what to do: Who Needs More Life Insurance? Today, we've released the results of our annual Mom Salary Survey – just in time for Mother's Day! Any parent will tell you being a stay-at-home IS a job – it’s just not a paid job. Your email address will not be published. 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. When both parents work outside of the home, it often adds the need for a second vehicle, daycare services, and a host of other expenses that wouldn't be necessary if only one parent worked outside of the home. Unlike most calculators that ask ‘Can I afford to be a stay at home mom?’, this one doesn’t give you a yes or no answer but helps you discover the steps you would need to take to make it work for your family. Stay-at-home moms work nearly nonstop, and they wear a lot of different hats. The ‘Stay at Home Mom Calculator‘ helps you assess how you can afford to be a stay at home mom. Maybe you make a great income, so losing it seems even scarier. Start Here >>. The national average weekly salary for a full-time nanny is $705. This could be anything from shopping for cheaper car insurance to baking your own bread. Find out if you can make the numbers work for your family with our stay-at-home calculator. SAHMs work for "free". Mar 1, 2020 - The 'Stay at Home Mom Calculator' will help you discover HOW you can afford to be a stay at home mom and the steps to take to make it work for your family. Computer operator — iffy. For many stay at home moms, that is the case. Life Happens, a nonprofit life insurance awareness company, provides a free calculator. Whatever you do, don’t make the mistake of looking at staying home as a yes or no question. 2003;35(2):202-218. Again, there’s a lot to factor into your decision; this is just a tool to help you along the way. Natural Disasters on your mind? Then, enter the numbers under the Working column for the following: Enter your withholding listed on your paystub including: Next consider other work-related expenses, including: I’ve just listed a few, but you should include any spending that results from you going to work. See the link below for a thorough discussion of this topic. Salary. You care about being there for your children, and you want to know if this will work for your budget. by Shannon Clark in Stay at Home | 0 comments | Contains affiliate links. Don't use commas when filling in dollar amounts. Click here to try it out. After all, I’ve never seen a kid offer a 401(k) plan, no matter how many hours a parent has spent caring for them. It might seem as if staying at home will never happen for you. As a stay-at-home mom, you may write off the idea of a life insurance policy for yourself because you're not the one bringing home the bacon, so-to-speak. (This isn’t a yes or no question!). For parents in the workforce, the process is pretty straightforward. Or they simply show you how much you stand to lose, financially speaking, by staying at home. Balance tip: Me-time is important to any parent. Don’t be concerned if this is you. After including all of your income and expenses, the results will be calculated for you. There are many other calculators out there that help you answer the question ‘Can I afford to stay at home?’ The only problem is, that it’s a yes or no question. On the left side, you’ll list the income and expenses as they are now while you’re working at your job. This number also takes into account a portion of the purchase cost, insurance, and maintenance for your commute. After my kids reached school age, I started working part time and finally worked my way up to full time. In other words, you’d actually end up with extra funds at the end of the day by not working. Update these with your actual numbers for greater accuracy. When Allison stops working, she saves $2,232 in child care costs for her two children. Instead, the Affording Motherhood SAHM Calculator helps you calculate how much you’ll save by staying home and how much you need to make up in order to make it work, so you can make a solid plan for how you can be at home with your kids as soon as possible. Calculate pay for an incomplete month of work For monthly-rated full-time employees to calculate your salary for an incomplete month of work. -Sappho, SAHMs - 9 Things You Need To Know About Life Insurance. What if you don't earn a salary? However, the impact of losing you would not only be emotionally shocking for your family, but it could also be financially devastating. 5. MOM Entry Approval and Stay-Home Notices Extended to More Countries 3 March 2020 Employment practices Foreign manpower Work passes and permits In view of the surge in the number of confirmed cases around the world, the Multi-Ministry Taskforce will put in place further precautionary measures to limit the risk that affected regions may pose to Singaporeans. Click here to have your copy of the calculator sent to you by email. 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. Get my salary estimate . Stay-at-home parents who don’t earn incomes are also providers whose contributions should be considered as families think about their life insurance needs. Be sure to click File, then Make a Copy to create your own copy. Education and Urban Society. You may have discovered you can afford to quit your job sooner than later. Click here to have your copy of the calculator sent to you by email. 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. 3. Unlike most calculators that ask ‘Can I afford to be a stay at home mom?’, this one doesn’t give you a yes or no answer but helps you discover the steps you would need to take to make it work for your family. Remember, the calculator exists to provide you a general idea of how much insurance you should get. Send Me Lesson #1, I provide families with the guidance and support you need to manage your finances with confidence—so you can pay off debt, save for the future, and stop stressing about money. If stay-at-home moms earned an annual salary for all the jobs they perform on a daily basis, how much would they earn? Important: As you edit the spreadsheet, only change the cells with the aqua background. (Remember this next time anyone asks what you do all day.) From an economist’s point of view, a mom would still spend 1.32 hours caring for … There is also a space for total family income, in case there are additional sources of income. Using the calculator, you have already taken the approach of becoming curious about how you could become a stay at home mom. Personal What are you worth? Even though you're not paid for the tireless work you do, your value is immense. Depending on your situation, it may take some time to prepare to become a stay at home mom. Single Moms - 4 Reasons Why It's Extra Important You Get Life Insurance, Life Insurance Calculator for Stay At Home Moms (SAHMs). That's $36,660 a year. Whichever the case, I hope you’ll be enjoying more time with your little ones in the very near future. Remember these tips for filling it out: 1. On any given day, a mom might have to do the equivalent work of a … Pro: As a stay-at-home mom, the chances are good that you will always be there when your child needs you as opposed to being stuck in a cubicle at work. 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. How do you measure the value of, or place a dollar amount on, the contributions of a Stay-At-Home Mom (SAHM) to her family? ; Con: Always being there can sometimes feel like you're trapped. Six figures, according to a new survey. Thank you Tawcan. We selected a handful of jobs that reflect a day in the life of a Mom, and using Salary.com’s Salary Wizard we uncovered that the medium annual salary of a mother is $162,581– rising nearly $5,000 from our 2017 calculations . Once you click the link in your email, it will open as a Google spreadsheet. 4. Find out what you should earn with a customized salary estimate and negotiate with confidence. Ultimately, you should decide an amount you feel comfortable with. This year, results indicate that stay-at-home moms would earn a base salary of $36,968 plus $78,464 in overtime, totaling $115,432--down $2,424 from last year's estimation of $117,856. You might need to start the search for a solid work from home position. But the value of a stay-at-home-mom isn’t determined by the working world, the critics, or the uninformed. Finally, it's important to know that life insurance premiums (monthly or annual cost) are cheaper than you think. Your email address will not be published. Business. First off, let's acknowledge the necessity of life insurance for Stay at Home Moms. 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. For about a dollar a day, a healthy 30 year old mom, can receive $500,000 in coverage. The stay at home mom may oversee the household's finances and everyday operations, but those duties don't compare to what a CEO has to do every day. Or the results might show that you need some supplemental income to come out ahead as a stay at home mom. But take heart, while it might not happen tomorrow, but don’t give up. Next Step Resource: 25+ Ways Moms Make Money from Home. Calculate gross rate of pay; Work injury compensation. Your babies will always need you whether they’re six months or sixteen years, so don’t give up even if you have to do daycare for a time. Considering being a stay-at-home parent? Now it’s time to talk this over with your spouse and decide on a timeline. Could you work three or four days a week instead of five? Explore different work from home opportunities and consider which might be best for you. You can never be replaced. Fortunately, calculators exist to help you decide on a dollar amount for a life insurance policy. 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