Home Economics No. 16: A Stay-at-Home Mom & a Medical Resident with 2 Kids Living on $77k a Year
$975 for daycare, $1,289 for rent, $60 for hospital indemnity insurance
Good morning, and welcome to the monthly paid edition of Home Economics! We really appreciate each and every paid subscriber as all of our subscription revenue is funneled back into the business. We use it to do fun things like events! And also pay for boring things like filing beneficial ownership information to FinCEN. Truly, entrepreneurship sometimes feels like death by a million small expenses!
Paid subscribers are also automatically entered to win a monthly giveaway. November’s prize is a copy of
’s book, Better Faster Farther, and a Some Lines A Day five-year journal.1 The prize was inspired by this month’s In Her Purse, which featured Maggie and , in case you missed it!Regular readers know how much I adore the Home Economics series and the chance to interview women about their financial experiences. Today’s entry is a little different because it’s not anonymous!
I picked this one because I was so interested in the financial choices Taylor and her husband made. They were very intentional in their decision to time having kids to when he was doing his medical residency. While many people feel like they need to wait until they have financial security before taking the parenting plunge, they decided to do all the hard stuff at once, as Taylor explained it to me, sort of the way people get a puppy right after having a baby. Of course, I think the demands of a medical residency are a bit more intense than getting a new dog! FWIW, they also have a dog!
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Age: 30
Location: Eastern North Carolina
Relationship status: Married
Age of partner: 30
About me: I have two kids (an infant and a toddler), and I’m on a self-created maternity leave with my second. We moved to Eastern North Carolina from Northern California about two years ago when my husband matched here for his medical residency. Prior to the move (and the kids), I worked as an applied scientist. Post-move, l continued some of that work remotely, but I wrapped it up with the birth of our son. I am planning to stay home with him for his first year before returning to some kind of work.
In this season of life, my joys are trying a new recipe on the weekends, long walks listening to podcasts with a sleeping baby in the carrier, and growing my personal finance acumen. I have a Substack,
, where I write about the intentional choices we’re making as a family of four.