Making Sacrifices as a Househusband
The cost of raising a child is considerable and the extra expense often has to be met just as one parent has given up work to look after the baby. A growing family may mean buying a bigger house or car too, and sometimes there is no option but to take cost-cutting measures.
One of the biggest bills many families face is the mortgage. By remortgaging and extending the term of the mortgage, it may be possible to reduce monthly outgoings. This will mean paying more in the long run and will probably rule out any chance of an early retirement, but the mortgage term can always be reduced at a later date, if finances allow.
Parents on a variable rate mortgage may want to consider a switch to a fixed rate, as this will remove the threat of any nasty surprises caused by hikes in interest rates and make it easier to budget.
Be PracticalIt may be dad's pride and joy, but a hot hatch or soft-top sports car is not really compatible with family life. Most parents, however reluctant, tend to give in to practicality and opt for an estate car or people carrier to ferry about their offspring.
The shock comes when looking at the prices of these vehicles. Buying second hand can save thousands of pounds, as new cars depreciate rapidly the moment they leave the garage forecourt. Also, there is no need to buy a minibus to cater for one small addition to the family, so don't get carried away.
Stay-at-home dads can have a social life, but must accept it will be a scaled down version of the one enjoyed before the baby arrived. For starters, there will simply not be the time for so many nights out on the town - and there will not be the funds available either. On top of the cost of the night out, parents can be faced with a babysitter's bill. Try to find family or friends willing to babysit for free, or find out if others at the local parent and toddler group are willing to swap babysitting services on a rota basis.
Make the SacrificeTrendy dads with a taste for designer gear will have to decide how much of the family budget can be spent keeping them in fashionable clothes. Remember a working mum is more likely to need a supply of smart clothes, so househusbands may have to make the sacrifice. Instead of buying the latest music CDs, movie DVDs and video games as soon as they are released, dads might have to wait until the prices drop or hunt for bargains.
A hobby such as golf can be expensive when green fees and equipment are taken into consideration, and those keen on fishing, mountaineering and scuba diving may have to forgo the latest equipment and buy nappies instead.
Even those fanatical about following a football or rugby team may have to give up their season ticket and cut down on the number of matches they attend. After all, stay-at-home dads will have to rely on partners taking over the childcare duties in order to follow their teams.