Looking at Being a Stay-at-Home Parent? Four Financial Factors

With childcare costs rising, more parents are considering staying home with the kids. To help with that big decision, here are some things to keep in mind.

A dad gets clothes out of the dryer while holding his infant son.
(Image credit: Getty Images)

One of the most common questions that every new parent faces is, “Should one of us stay home and care for our child(ren)?” It may not be with the first child, but as your children multiply, life becomes more expensive.

According to Motherly’s 2023 State of Motherhood report, 25% of survey respondents referred to themselves as stay-at-home parents, compared to 15% in 2022, which shows this question is becoming more seriously discussed in families, especially as childcare costs are rising at nearly twice the rate of inflation. Before making any major decisions, it’s important to focus on all of the financial considerations.

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Kelli Kiemle, AIF®
Managing Director of Growth and Client Experience, Halbert Hargrove

Kelli Kiemle holds multiple roles with Halbert Hargrove. As Managing Director of Growth and Client Experience, she sets the tone for the quality and character of Halbert Hargrove's client service relationships. She also manages the associate wealth advisers and client service managers. Kelli is also responsible for overseeing the firm's wide-ranging marketing and communications initiatives, including their mentor program.