Although we are still in our late 20s, we have entered the childbearing/baby/young kid years with the arrival of our daughter. We are also a one income family (I’m a SAHM). It is definitely true you won’t be able to save as quickly with kids in tow, unless your income is also rising. For us, we are lucky to have a high income and my husband’s routine raises, bonuses, and promotions keep us on the savings upswing. So even though our expenses are higher, we are still saving more and more each year. Yes we would be saving a bit more if I was also working, but we aren’t cutting back or downshifting our goals – we are still accelerating (although at a slightly slower pace than if we had 2 incomes).
I think having a SAHP during the baby years is 100% worth it if you can afford it and still save a bit. Many mothers absolutely hate leaving their babies in daycare. It is something that is really hard to explain if you are not one of those women, but many women become very upset, distressed, resentful, and distracted if they are forced to be away from their infants. Full time work can also interfere greatly with breastfeeding, which is very distressing to those women who want to breastfeed for an extended period of time and can make things worse. The baby years are hard enough as it is without this type of festering resentment.
Also, something to remember – having a SAHP often allows the other partner to be more involved in their career. My husband has fewer home responsibilities now that I am home full time, so he can spend more time chasing promotions and raises during the work week. At home, I spend more time actively managing our money, looking into investments, and planning out future goals. As a result, he is making more and our finances are far more organized and goal-oriented than they ever were when both of us were working. In many ways, our finances are better now in part because I stay home.
As for tips - best thing we did hands down was practice living on one income for a year before baby arrived. We did this by finding a way to essentially save my entire income (or most of it) given that my income was going to be eliminated. You have 2-3 years to get super motivated. Find new ways to save/cut costs. Try to bank most if not all of her income or use it to pay down the rental debts. This will not only give you an idea of how much wiggle room you will have on just your income, but it will help you accelerate your savings before the hit comes.