To get started on an application, or to learn more about our process, click here. We would like to recognize both professional and stay-at-home Moms on their unwavering dedication to their families and other responsibilities. However, if something were to happen to you, the financial impact to your family could be devastating. Mar 1, 2020 - The 'Stay at Home Mom Calculator' will help you discover HOW you can afford to be a stay at home mom and the steps to take to make it work for your family. For many moms, this means working from home part-time to make up the difference. This calculator will help two-income households to determine the financial effects of transitioning to a one-income household. Six figures, according to a new survey. Any parent will tell you being a stay-at-home IS a job – it’s just not a paid job. Yet, the calculator seemed to be telling me I should be getting paid like a CEO. Thank you Tawcan. 5. Many expenses will drop to zero; others will be significantly reduced. For about a dollar a day, a healthy 30 year old mom, can receive $500,000 in coverage. The wizard assigns an hourly rate to different types of “jobs” you do as a stay-at-home parent and then assigns them an hourly rate based on real salary data. You might need to build savings, pay down debt to save on monthly payments, or make some significant lifestyle changes. Dream of quitting your job to stay home with the kids? Simply enter the total number of miles you commute daily, and the cost will be calculated for you. Pro: As a stay-at-home mom, the chances are good that you will always be there when your child needs you as opposed to being stuck in a cubicle at work. Find out what you should earn with a customized salary estimate and negotiate with confidence. Fortunately, calculators exist to help you decide on a dollar amount for a life insurance policy. The others will be automatically calculated for you. You can find the calculator here. It might be parking fees or dry cleaning costs — even the impulse purchases you make because you’re dead tired from your nine to five and not in the best frame of mind. MOM Entry Approval and Stay-Home Notices Extended to More Countries 3 March 2020 Employment practices Foreign manpower Work passes and permits In view of the surge in the number of confirmed cases around the world, the Multi-Ministry Taskforce will put in place further precautionary measures to limit the risk that affected regions may pose to Singaporeans. For the record, I’ve been both a stay-at-home Mom and a working parent. Update these with your actual numbers for greater accuracy. The cost of child care for a 4-year-old ranges from $399 to $1,593 each month. Remember, an economist would calculate the marginal value (the additional value) of the childcare a stay-at-home mom provides by subtracting the amount of time working moms spend doing the same task. It's okay to leave it at the assumed value if you are not sure. Click here to have your copy of the calculator sent to you by email. We selected a handful of jobs that reflect a day in the life of a Mom, and using Salary.com’s Salary Wizard we uncovered that the medium annual salary of a mother is $162,581– rising nearly $5,000 from our 2017 calculations . With this article, I go in-depth to calculate the costs and benefits of a stay-at-home parent by: Outlining the financial and lifestyle benefits. You care about being there for your children, and you want to know if this will work for your budget. Interestingly, I’ve never taken the time to calculate the cost of that decision… until now! I hear from moms all the time who even have teenagers, and they still want to be at home for them. The stay at home mom may oversee the household's finances and everyday operations, but those duties don't compare to what a CEO has to do every day. The calculator will then give you an idea of what each situation looks like, financially. For parents in the workforce, the process is pretty straightforward. Don't use commas when filling in dollar amounts. Strength and dignity are her clothing, and she laughs at the time to come. On the left side, you’ll list the income and expenses as they are now while you’re working at your job. For many stay at home moms, that is the case. In fact, in their most recent report (2014), salary.com concluded that a Stay-At-Home Mom works, on average, 94 hours per week and has the earning potential of $118,905. However, the impact of losing you would not only be emotionally shocking for your family, but it could also be financially devastating. You can never be replaced. Get my salary estimate . Finally, enter any additional costs you know you could cut once you’re home with a little extra time and energy. The national average weekly salary for a full-time nanny is $705. 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