Practically Speaking: Stay at Home Now and Get Ready for the Future

So, you've decided to stay at home and listen to the sweet coo of your new little angel instead of the steady whine of co-workers.  Before you write that resignation letter, keep a few things in mind.  There are more than just salary and daycare dollars to consider.  Some things aren't quite so tangible but are equally as important.

Marketability

Your biological clock has stopped chiming but you can still hear a steady tick tock, tick tock clicking in the back of your mind.  What IS that?  It's your desirability in the marketplace telling you to hurry up.  If you aren't ever going to go back to work you have nothing to fear.  If you want to be back in the game someday, though, you do.  Having to start again at a lower rung on the proverbial ladder can cost you a good chunk of the earning power you currently have.  Do your homework and talk to co-workers and people who would hire you again.  Find out how long is too long in your industry and be sure not to burn bridges on the way past your bosses office.

Keep your foot in the door by keeping current and staying connected.  People like to hire and recommend people they know and people who are dedicated.  This doesn't mean you can't be a dedicated parent as well.  It does means you need to do your homework.  Here are a few basics:

• Invest in a couple of magazines that will keep you posted on the current trends.  Read them.
• Continue to attend meetings of organizations you belong to.  Or use this as an excuse to finally join that organization you didn't have time to participate in before.  Offer to present at a meeting.
• Write some articles and submit them to your organization's newsletters, websites, or an industry magazine.  This can give you the excuse you need to keep current and can have the effect of making you even more desirable when you return to work.  Maybe you'll even create a new career for yourself.
• Join a networking group.  Maybe you'll be introduced to something even more interesting than what you were doing before, if that's possible.
• It's no fun to think about but what would you do if something unfortunate happened to require you to work?  Keeping involved in the industry could be akin to having insurance for your family.

Income

Perhaps you can afford to quit working the full-time job you had but you still need some money coming in.  Get creative!  There are lots of options out there; you just need to find them. Or, heck, create one.  Maybe this is the chance you've been waiting for to try something on your own.

I don't recommend going out and trying to start a company to compete with Microsoft, but if you keep it small and focused this could very well be the thing you grow after the kids go to school.  It also could be something that brings in enough money to keep your savings growing instead of being stagnant because all of your partners' money is going towards expenses.  There are lots of night jobs, odd shifts, and work from home options now.  Call your friends, check on-line, read the paper (please be leery of "low investment" postings), leverage your hobbies.

Maybe you can do some consulting work on the side at night or on weekends.  If you want to try it part time, I recommend looking into daycare options first.  Lots of places don't do part-time, have tough restrictions, and charge a premium.   You will also want to consider a plan B when junior and/or you get sick.  (Kids get all kinds of cooties - especially when they gang up on you like in a daycare setting.)  An employer may be less flexible, too, since there's already a reduced schedule in play.

Aside from the loss of income, you may have also lost the option to invest in a retirement fund.  Even if you are only home for a few years, you will lose out on some compound interest $.  I recommend contacting a financial advisor and sorting through options such as spousal IRA's and life insurance.  (And, please, remember that you don't have to have loads of money to have a financial advisor.  They can help you manage your money to get there though.)

Sanity

After working 60 hours a week for however long you've been doing it, staying at home cuddling the yummy little bundle 12 hours a day by yourself sounds like a great idea!   The thing is, reality will settle in at some point and it will surely be quite different than you expected.  To ward off some tough times, consider joining some sort of mother's group.

Sorry dads, that's what they're usually called.  They don't really mean it though and openly welcome fathers, too.  Many are free and you can find great advice for how to handle issues from colic to the best playgrounds to a new best friend.  More and more professionals are staying at home and knowing that you aren't alone can really help.  This could be a whole new type of networking opportunity as well.  Most groups are listed at pediatrician offices, hospitals, and local papers.  Don't have one in your area?  Start one!

Don't forget those professional organizations.  They can help to keep you intellectually challenged beyond the issues of Ferberizing and the art of Playdough molding. 

Heather Montanaro: Money Correspondent:

Heather's column, Practically Speaking, published 3 times a month to Gather Essentials: Money presents practical advice for everyday living and provides insight on how to pair lifestyle choices with financial realities.

Heather Montanaro holds an Executive MBA from Northeastern University and has held senior positions with local technology and service companies.  Now she enjoys staying at home with her 2 young children.  She's made the adjustment from 2 to 1 incomes and enjoys helping others reach their personal goals as a Budget Coach.

You can find all of Heather's Practically Speaking columns at tag: budget coach

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