2020 back to school fever is unlike any previous year. Many school districts are enforcing partial or remote learning programs, which means that students need to stay at home during the school day. If you have young children, they’ll need someone to watch over them. Many working parents are considering becoming stay-at-home parents to take care of their kids during the school day.
One survey indicated that almost 75 percent of parents would need to change their current home setup if their children can’t return to school. About 15 percent of total parents reported that they would quit their jobs and stay at home.
Prior to quitting your job, you’ll need to consider whether being a stay-at-home parent is the best choice. Are you financially prepared?
One of the first considerations is whether you have any alternatives. Some people may be eligible for paid leave. A leave of absence allows you to leave work for up to twelve weeks to care for your child. You don’t have to take all twelve weeks at once. It’s possible to alternate weeks, possibly if there’s another caregiver who can take care of your child on the weeks while you’re at work.
Another thing to consider is whether you can adjust your work schedule, especially if you can’t take time off work. Is it possible to shift your schedule so you’re at home with your child during the school day? Can you switch to part-time work or reduced hours instead of quitting entirely? Can you work nights and weekends instead of days?
If you’re seriously considering quitting your job, you’ll need to do some serious calculating. It’s important to make sure that your family will still be able to live on your income if you work as a stay-at-home parent.
To assess this, you’ll need to add up all of your expenses and see how they compare to your stay-at-home income.
If you quit your job, you’ll need to cut certain expenses to help maintain your budget. You can use coupons to reduce grocery prices. Using recipes and planning your meals also makes it easier to shop for specific grocery items. Experts recommend that you avoid eating out too often and don’t make many impulse purchases.