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Dream of quitting your job to stay home with the kids? The first step is understanding your expenses. The second? Seeing if your family can cover them comfortably on just one salary. Remember, the more accurate the information you enter, the more confident you can be about the results.* Not sure what to put in each slot? Click on the ? for tips. If something doesn't apply to you, go ahead and leave the field blank.

Your Income

STEP 1a: Enter Your Monthly Income
Your after-tax monthly income: ?
Your partner's after-tax monthly income: ?
Total: This is your after-tax (net) annual earnings now
STEP 1 b: Enter Your Potential Stay-at-Home Monthly Income
Your after-tax work-at-home monthly income: ?

Your Expenses

STEP 2: Enter Your Monthly Home and Living Expenses
Mortgage ?
Rent ?
Car Payments ?
Utilities ?
Groceries ?
Insurance premiums ?
Other household bills combined ?
Debt payments ?
Contribution to retirement funds account(e.g. IRAs) outside of those automatically deducted from your paycheck ?
Contribution to college funds ?
Dinners out, take-out, movies, other entertainment ?
Emergency fund for unexpected expenses( car or home repairs, etc.) ?
Total: This is your total yearly outlay for basic living expenses
STEP 3: Enter Your Monthly Childcare Expenses
Childcare expenses incurred by working ?
Total: This is your total yearly childcare cost
STEP 4: Enter Your Monthly Work Expenses
Commuting expenses ?
Lunch/snacks/coffee/after-work drinks out ?
Work clothes ?
Dry cleaning ?
Total: This is your total yearly work cost
STEP 5: Enter Any Other Annual Expenses
Yearly vacations ?
Holiday and birthday gifts ?
Beauty and family upkeep ?
Clothes(non-work related) ?
Child-related expenses ?
Medical expenses not covered by insurance ?
Gym/club membership dues ?
Everything else you spend money on ?
Total: This is your total yearly extras cost

Calculate

* Disclaimer: This is meant to be a basic tool for estimating expenses and the economic feasibility of stay-at-home parenting. You should confer with your accountant or financial planner before making decisions about living on one full-time salary or two.



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