Hey all Mustachians! Wasn't sure where the best place was to ask this question, but I'm hoping I could get some well needed advice. My DH and I are expecting our first child in September, and I would really love to be a stay at home mom. It has always been my dream "job." But, I don't know how realistic it is for me to do so.
Our current Financial Situation:
I am currently working part time (25 hours a week) making about $1000 a month (no benefits or retirement plans with this position.) If I were to continue this job, at the schedule and rate that I am at now, we would be breaking even with childcare and commuting costs. Unfortuantely, there is no family/friends that live close to us for a discounted rate on childcare. I recently had a interview with a company closer to home (3 miles from our house). I would be working full time as a Project Coordinator, making $14.50 an hour at 40 hours a week (~30,000 a year before taxes). This position also includes vacation, sick leave, 401K and EOPS plans and a 6 week unpaid maternity leave. I just don't know if I would enjoy it that much and only having 6 weeks maternity leave doesn't make it any better. My currently part time job would allow me to have as much time off as I want up to 14 weeks (unpaid) if I stay working with them.
My husband makes $53,000 a year in his full time job along with an extra ~15,000 - 20,000 a year in farming (depends on how well the crops are each year that it varies).
Monthly Expenses and savings:
Mortgage 1,300 on a ten year mortgage at 3.9% (118,000 left to pay on a 127,200 loan)
Electric: ~50.00
Propane: ~100.00
Fuel: ~150.00
Phones: 90.00 (switching to republic wireless once contracts are up in August)
Health Insurance: 250.00
Groceries (including eating out): ~175.00
Dog: 30.00
Student Loan: 60.00 (5,500 left to pay at 2.9%)
General Savings: 200.00
HSA Account: 50.00
Husband's 401K: 200.00 (would love to contribute more, but this is what we are contributing currently - has about $3,000 in the account as husband recently started the job.)
Tithes and Offerings: 100.00 (this is something we don't not want to dwindle or exclude, it is very important to the both of us and wish we could do more.)
Sinking Fund: 300.00 (Car insurance, maintainence, property taxes, christmas/birthday gifts, etc.)
I also set up a Roth IRA for myself (it currently only has $100 in it), but will be contributing to it when DH is paid from farming as he is only paid twice a year for his farm work. We plan to contibute the max amount.
We don't have cable tv or internet and we barely go out or do anything for entertaining that cost money.
I should also clarify that there aren't very many job oppurtnities where we live without commuting over 30 minutes one way. That is why I interviewed for this position and was interested in it, it is also a great company to work far as I am told.
So with knowing all of this, what would you do in my situation. Accept the full time job that you know you wouldn't really like, but help out alot financially? Or, be a stay at home and make it work because it has always been my dream? Thank you in advance. Please, let me know if you need anymore information.