Before my wife and I got married, we used to talk about what we wanted in our future. For the most part, we were in sync. We both wanted kids. We both wanted to move away from the city and into the suburbs to raise our family. And we both wanted to retire early.

One thing my wife really wanted was to be a stay-at-home mom. However, we agreed that going from dual-income to single-income would put a strain on us financially and would likely delay us (really me) from being able to retire early. We agreed to revisit this subject again when we had our first child. In the meantime, we would start focusing on building additional income streams that would replace her salary when the time comes.

When our son was born last year, we had just closed our online business (side business) and only had a handful of passive income streams through stocks and bonds. Our additional income streams were not generating much money – certainly nowhere close to replacing my wife’s salary. We did, however, have some money saved up and could have potentially lived off my salary, but my wife and I agreed that it made more financial sense for her to go back to work after her maternity leave and continue working for at least 2 more years.

It’s been almost a year and a half since that conversation and our son will be turning 18 months old in just a couple of weeks. As we are now starting to talk about trying for our second child, my wife is starting to drop not too subtle hints and reminding me that she would like to be a stay-at-home mom – especially since she missed out on some of our son’s major milestones such as him taking his first steps and him saying his first words.

The more we discuss our future plans and next steps, the more it makes sense for my wife to be a stay-at-home mom.

Current Arrangement

Currently, my mother comes over to our house on weekdays to watch our son from the time we leave for work (around 7:30am) until we get back from work (around 6:30pm). While we are paying my mother for her time, it is more affordable and much less than the thousands of dollars that we would need to pay monthly for daycare or a nanny.

Our current arrangement works out well for everyone. We have someone to watch our son so my wife and I can both go to work. My mother is retired so it gives her something to do plus she gets to earn some extra spending money. She is also thrilled to be able to see and play with her grandson regularly.

However, as our son gets older, he is getting more and more mobile and more and more active. It’s starting to get to a point where my mother is having a little trouble keeping up with him. I imagine it will only get more difficult for her by next year.

And if we do add a second child to our little family, I think my mother will have a tough time taking care of them both. Even if I were to send our first to daycare part-time and ask for my mom to watch our second, the cost of the two practically offsets my wife’s salary.

So Now What?

So, our plan now is my wife will continue to work until our second one comes along – hopefully within 10 months to a year’s time. That is assuming my mother can still handle our son until then.

While our additional income streams are still not generating enough money to even remotely replace my wife’s salary, we have managed to stash away more money into our savings and invested in more stocks and bonds over the past couple of years – will definitely be looking to continue to do more of these things before my wife quits.

Additionally, we will be looking into other ways to make more money (I will be sure to share what we tried and our experiences, especially the ones that work!), business ventures, more passive income streams, and ways to monetize Penny Wise Dollar Wiser. Will be providing updates on all of these in the weeks and months to come.