Cutting A Paycheck In Half

In advance of my wife having our baby in May, we are starting to prepare financially for the new baby.
One of the things we are preparing for is for my wife leaving the workforce. She is going to be a stay-at-home mom. We had always agreed that when we started our family, that this would be the way. The main reason from a financial perspective is that she doesn’t make a lot in her field. She works in child care, and that isn’t a high paying profession. We did the math, and for her to work, and us send our child to day care, the net income would be less than $7,000 per year. We decided that wouldn’t be worth it.
Plus, since she’s already in child care, I have full confidence that at least one of us will know what we’re doing once the baby comes home. It still blows my mind that they’ll just let us take him/her with us afterwards!
Anyways, since we’re about two months out from when we expect her to stop working, we are phasing out her income. No, we’re not giving it back to the company, but we’re applying it right to savings rather than even let it hit our checking account. By the time that the last few checks come through, hopefully we’ll have ‘weaned ‘ ourselves of her paycheck, and the transition to a one-income family will be relatively seamless.
Wish us luck!

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