We are thinking about becoming a one income family and wanted to get some advice, thoughts, guidence from those of you who are already in that situation.
This is why we are concidering it:
It's going to cost us anywhere from $14,000 to $24,500 per year just in child care/preschool once this baby is born. If we find an in-home child care for the baby it will be on the lower end and if we put her where Josh is currently it will be the higher. The cost is outrageous around here!
If we did this, Greg would stay at home with the kids and Josh would go back to the preschool where my MIL teaches, so there would be no cost to us (because she pays for it). He also has an oportunity to get a part time job working some nights and weekends that would probably bring in close to $20,000/per year. Of course we would need to cut out some of our spending and really stick to a budget, but is it worth it? It also scares me to rely on one income godforbid something happen and I lost my job, what would we do? That is highly unlikely as my job is very steady and reliable, but you just never know.
How do you make it work? What advice can you give me?