Being a stay-at-home-dad (SAHD) is neither a honeymoon nor a part-time job. You can’t wake up at any time you like. A SAHD is not a job for every man.

But, more and more men want to be a SAHD today. Here are a few key reasons:

• To take an active part in their child’s upbringing.
• They are comfortable raising children.
• They are unable to find work after accepting a VSS, or other economic challenges.
• Their spouse wants to build a successful career.

Though the above are valid reasons to be a SAHD, they are not strong enough to sustain for the long term. To be a truly successful SAHD, you need:

• Your spouse’s genuine approval
• A non-financial reason
• Affordability

First and foremost, your wife must agree to this arrangement. Get her opinion. She has to like working and advancing her career.

She should want it more than you. If your spouse rejects the idea of a SAHD, then stop reading here.

Next, you need to review the money considerations. From a two-income household to one, are your finances strong enough to sustain the new lifestyle?

Before you make that leap of faith, consider these nine questions.

1. Have you discussed the household finances?

Moving from two incomes to one is a major decision for any family. Husband and wife must be in total agreement about the family finances.

Talk about how you want to live and the changes you need to make to strengthen your new lifestyle.

2. Does your wife’s job benefit the family more than your job?

If your better half is the higher-earning parent, it is worthwhile for her to keep on working.

Aside from the salary, it is prudent to consider what other benefits come from your respective employments.

3. Is there a budget and monitoring of expenses?

To control your money and to know your readiness to be a SAHD, you will need to know your current income and the minimum expenditure you need to cover the loss of your income.

You also need to figure out what expenses need cutting back and how much you need to save for an emergency fund.

Monitor every cent you spend monthly. After a few months, you will get a sense of what amount you must have for a viable SAHD situation, and what you must change to remain living within your means in your new lifestyle.

4. Do you have emergency funds for six months?

You’re not prepared to be a SAHD if you don’t have an emergency fund. Unfortunate events can happen. Be prepared as your family relies on only one breadwinner now.

5. Is your debt to income ratio low?

You can not be a one-income family if you carry a large amount of debt. If you want to be a SAHD, reduce your debt now to minimize your annual living costs once you have only one income.

You can either pay off your lowest debts first or the debt with the highest interest.

6. Can you continue to save for retirement?

Actively working or not, you must save for your golden years. It is important to have adequate money to live on when you’re older.

Take this into account in your monthly budgeting and find ways to save. If you become a SAHD but are not able to save for retirement, then you are not financially ready.

7. Do you have a plan for side income?

Though a stay-at-home-dad is a full-time job, you will still have some free time. You might as well use this time to earn some side income to help with the monthly budget.

This will help lessen the burden on your wife and provide a financial cushion to fall back on.

8. Do you have a sufficient nest egg?

Aside from your emergency fund, you need to save sufficient money to sustain your family for at least two to four years with no income coming in.

It is risky for the family to have only one income from a single breadwinner. You cannot foresee what will happen.

An economic downturn can occur without notice. A one income family could become a no income family.

Save whatever money you can and invest it. In the interim, keep your lifestyle in check so that your expenses don’t outrun your income.

Increase your nest egg by focusing on consistent saving and investing. This is your safety net in case of tough times.

9. Have you factored in medical insurance?

Medical care costs are steadily getting higher. It is becoming nearly impossible to afford. Many parents spend a considerable amount on healthcare.

It is not simple to plan for, particularly if the working spouse does not enjoy the benefit of conventional employer health insurance.

Look into ways to pay for it with only one income. When you lose coverage provided by an employer, the plan will probably be more expensive under your own coverage.

Conclusion

Can you still be a SAHD without a firm “yes” to these questions? It is possible you may have no alternative as your life situation dictates it.

Nonetheless, the more you can check off these financial boxes, the better the chance of success you have to become a SAHD.

This article first appeared in MyPF. Follow MyPF to simplify and grow your personal finances on Facebook and Instagram.