The following is an excerpt from the book Quit Your Job! You Really Can Afford Stay at Home Parenthood! by V. Jeanne Gormick.
To be successful in your pursuit to stay home and raise your own children--to watch their games, lessons and recitals, i.e., be involved parents*, you'll probably need to find ways to save money. Start by living within your means, working with the money you do have (or will have left when you leave your job.) When you make your money go farther, you need less of it.
We've all heard the saying, "A penny earned, is a penny saved." Remember that you aren't taxed on the money you save. In John 6:12 Jesus is pretty clear... "When they had all had enough to eat, he said to his disciples, 'Gather the pieces that are left over. Let nothing be wasted.'" You had been helping provide income for your family. Now that's gone. Don't worry! Your "means" have simply changed. You really can make it!
Researcher, Bill Danko, doing a study on millionaires comes up with this advice: "'Live below your means.' By setting aside 15% of after-tax income for savings, forgoing some luxuries and investing wisely, almost anyone can become a millionaire over the course of a working life."
Learn to buy only what you absolutely need and wait for prices to come down on the other stuff! Do everything you can to wipe out what Dr. James Dobson calls "the disease of materialism."
Spend Less by Cutting Expenses: Saving money on groceries, buying second hand furniture, recycling children's clothing and purchasing other things at garage sales can help you reduce expenses in an attempt to stay at home with your children.
*Though I am mostly writing to mothers, it is critical that both parents be involved with their children. Rabbi Daniel Lavin explains, "A profound insight to reality is disclosed by there being no singular word in Hebrew for 'parent.' The word horim, only exists in the plural. An individual is a mother or a father, an individual can valiantly try to fill both roles, but being parents is possible only for a couple."11
