Can I afford to stay home?

[mom-from-missouri]

I say go for it, I did, and I don't regret it . We have adapted by less toys and simpler fun things that really are just as fun.
By my not working outside of the home full time, we went down a tax bracket, saved on childcare, saved on gasoline to and from work, saved on meals out, saved on my work clothing (by homeschooling we have also saved on kid clothing as well), I volunteer at the camps the kids go to in the summer (church camp, music camp, 4H and science camp), and by doing that some of the camps give reduced tution. These are camps my kids would go to regardless of if I worked or not. My husband has not had to hire someone to mow or help during hay season.
I do some babysitting and sub teach. That brings in some money without the expenses of working outside the home full time.

[zetta]

But you're right about the discretionary income and savings-they come from my income. We like toys, our house is in desperate need of updating, we like to travel.

This is what I mean about tradeoffs -- financially you could probably find a way to make it work if you really had to (or really wanted to.) Since your son is already in elementary school and you are looking at part-time work, it seems the immediate trade off for you is whether you'd rather have money for travel, redecorating, and toys, or more free time for yourself, the gym, and home projects. The long term tradeoff is for free time now vs employment security, college savings, and paying off the home equity loan early.

[My English Castle]

I'd pay off the Hone Equity Loan and see if you can crunch some other numbers before I'd commit to it. Can you get better rates on your insurance? Your internet? And I'd be a little nervous about retirement plans, but I am a cautious soul.

I'm all for part time if you can swing it, but no work makes me a nervous nelly.

[PennySaved]

Start a side biz that you can do from home.... write articles for people or something. Based on what you posted, your writing style looks clear and correct.

I'd have some small income stream going before I made the leap. That's just me.

[buildmybudget]

Build a Budget

You simply must start by creating a budget to see if you can continue living your life the way you want to. And not just any budget--a budget that helps you see where you are headed so you can make adjustments today to make things work out tomorrow. Systematically look at where every dollar goes and identify if each will help you get where you want to be.

[memorama]

I'd probably go the writers way, you could go onto elance or any of those sites and offer your services (there is a lot of competition just for attention though).