It costs money to work. Figure out your actual costs, and you might find that it pays to stay home. It could be worthwhile for one parent to stay home or for a single parent to work from home.

Are you paying for un-reimbursed childcare? In 2008, professionals say this can cost $1400 per month. Is someone else is spending more time raising your kids than you are? Must you hire domestic help to take care of your home and yard?

Do you need a 2nd car for that 2nd job, with its attendant costs like insurance, maintenance, repairs, licensing, and storage?

Do you often eat out for work plus buy take-out family meals for home because you don't have time to cook?

Do you need special clothing for work - like uniforms or suits - that require dry cleaning?

Have you looked at your actual take-home pay lately? After taking out taxes, social security, health care, union fees, etc., what are you actually bringing home?

Add up your work-related expenses and see just how much you would save if you stayed home. If you took care of your own children and house and saved on food costs (making home-cooked meals is usually healthier), transportation, and household maintenance (like painting, repairs, lawn care), could you afford to stay home?

Here are several possibilities on saving money to make up for the loss of that second income.

Could you refinance your mortgage rate? Let's take an example from financialplan.about.com: If you refinance a $100,000 loan borrowed at 9.5% and get it lowered to 7.5%, you'll save $142/mo. or $1704/year. You'll save $50,991 over the life of a 30 year mortgage.

For that same $100,000 mortgage: If you would consider a 15-year rather than a 30-year mortgage, at 9.5%, you would save $114,747 on the life of the loan.

Could you buy a smaller house and/or a smaller car? Associated initial costs are less and such choices cost less long term. Don't overextend yourself.

How about saving big on utilities? We see these tips quite often, but don't realize how much we can save by practicing them. The "potential money savings" is offered by http://financialplan.about.com:

Replace regular bulbs with the new compact fluorescents: Save $10 to $50/year.

Lower the temperature on your hot water heater to 110 or 120 degrees: $20 - $40/year.
Keep home temperature around 68 in winter and 78 in summer: $325 500/year.

Use clothes dryer least amount possible and line dry lighter weight items: $25 - $50/year.

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