Many parents juggle career and family life. In fact, 46 percent of households with two spouses said they were both working full time in 2017, up from 31 percent in 1970.
But … having a parent stay home to care for the kids is also a popular choice. After all, childcare is NOT cheap, and many find great joy in being able to stay home to enjoy moments big and small.
There are pros and cons to either scenario, but if you opt to have one parent stay home for caregiving, you need to create a financial game plan that will ultimately benefit the entire family.
Here are some financial tips to consider if you have a stay-at-home parent in the family, or wish to create this scenario in the future:
The parenting years are expensive, so establish a plan for the lifestyle you want to have while the kids are living in the home, as well as when they leave the nest. Surviving on one income is certainly doable, but just ensure you think about all expenses and the savings you will want longer term so both parents can enjoy the retirement years.
No problem. Just phone our Contact Center at 877.254.9328, available 24/7, and a UNIFY Representative will assist you.